end of year achievements report, page-2

Yes, great summary & appetiser for the coming year. Good to see management earlier clearing the decks completely with an honest write-down of goodwill. I think the scene is set now for the turnaround we're all looking for..



December 21, 2007
Company Announcement


MEDIC VISION ANNOUNCES END OF YEAR ACHIEVEMENTS AND PLANNED ACTIVITIES FOR 2008

The Board of Medic Vision Ltd (Medic Vision) is pleased to announce major milestones achieved over the last 12 months and a synopsis of projected activities for 2008.

2007 was a monumental year of change for Medic Vision and a solidification of the business in line with the vision to be a significant global service delivery company in the field of medical education using simulation and advanced technology at the core.

Throughout the change period the company still achieved many milestones all strengthening our foundation for a successful 2008.

These achievements include the following:


Strategic Alliances and Activities

• Signing of MOU (Memorandum of Understanding) with Apollo group, India’s largest private hospital owner to design training facilities that will allow amalgamation of all hospitals in the deployment of medical and surgical education curriculum throughout Apollo hospitals

• Medic Vision was invited to participate on new EU grant funded project called "Competence Assessment for Spinal Anaesthesia: A transfer of the competence based knowledge space theory from the education sector to the medical domain." Partners include Cork University, Ireland, University of Limerick, Ireland, University of Graz, Austria & University of Pecs, Hungary. The grant was successful and is the first EU grant Medic Vision has been awarded.

• Commencement of the HTD project (Health Technology Device) a UK grant funded project for the development and validation of a virtual reality simulator for training in interventional radiological visceral needle puncture procedures. This project is currently in its first year of development. Planned commercialisation of device is 2010. UK partners include Imperial College, London, University of Wales, Bangor, University of Hull, University of Leeds, Royal Liverpool University Hospital Manchester Business School, Manchester Children’s University Hospital.

• Signing with Immersion Medical a Master Distributorship Agreement

• MOU with the Chinese Medical Doctor Association (CMDA) and Huaxi Hospital, Sichuan University to develop and manage at Huaxi Hospital one of the first training and assessment demonstration base in China.

• Establishing Medic Visions own training facility at the Royal Free Hospital in London

• Establishing a collaborative training centre in Macau.


New Markets

Medic Vision has undertaken the following initiatives in relation to new markets:

• Initial discussions with senior health officials in Russia with a view to market exploration and establishment

• Contract with Russian distributor for Mediseus® Epidural simulator

• Proactive focus on promotion of Medic Vision services and products in Ireland

• Extension of University of Miami distribution contract to include UK and Ireland

• Commencement of marketing activities in India

• A ramp up of marketing and distribution activities in Taiwan


Projects July – Dec 07

Projects relating to Skills Centres, Simulators & Integrated Operated Theatres across all territories for 2007 include:

• Royal College of Surgeons of England Phase 1 and 2 design consultancy

• Mater Hospital Brisbane, systems integration for Operating Theatres

• Torbay Skills training centre , design consultancy

• Peter Mac Hospital Melbourne, systems integration for Operating Theatres

• Royal North Shore Hospital , Sydney skills training centre , design consultancy

• Singapore General Hospital skills training centre, commencement

• Macquarie University skills training centre, and

• Supply of simulators to Foshan Medical University, Southern Medical University, Beijing 301 Hospital, Huaxi Medical University, Chongqing South West Hospital, Auckland University, Deakin University, Shenzhen Maternity and Child Health Care Hospital and Shenzhen Nursing School.


2008 Prospects

• Commencement of the design and development of a number of skills centre in China India Singapore Ireland, UK and Australia

• Market launch of Mediseus® Temporal Bone simulator in UK and China

• Finalise negotiations with UK hospitals to deploy management training services business model

• Product development projections for at least 1 new epidural module and commencement of computer based on line trauma simulator using gaming technology. New business venture to offer consultancy simulator training in UK for all existing customers

• Negotiation for new suppliers to extend product offering to cover off on gaps in the market

• Conclude negotiations with industry partners and commence deployment of the temporal bone simulator

• Further ramp up in business activities in the UK, China, South East Asia and India


Significant progress has been accomplished in developing long-term business solutions in 2007 and we look forward to exciting developments in business growth and revenue in 2008. I’d like to take this opportunity to thank all our new and existing shareholders for their dedication and commitment to Medic Vision.

Wishing you all a very Happy Christmas and Prosperous New Year.


On behalf of the Board

Ross Horley
Managing Director
Medic Vision Limited