Update on financial position

    RNS Number : 9404Y
  International Medical Devices PLC
  11 July 2008
   

    International Medical Devices PLC

    11 July 2008


    International Medical Devices plc (the "Company")

    Update on financial position

    The Board wishes to announce that following the suspension of International Medical Devices Plc (IMD) shares on 27 June 2008, the Board
has continued to have discussions with its present bank, other financial institutions, and individuals, in order to provide funding in the
form of loans and/or equity, to support IMD's working capital requirements.

    The funding requirements have not been forthcoming from the parties with whom discussions have been held, and this has clearly been
influenced by the difficult economic conditions, in particular the current economic climate, equity market uncertainties, and tightening of
credit policy and conditions in the banking market.

    The Board has been working closely with IMD's existing bank, in order to protect the assets of the business. The IMD Board has
regrettably taken the decision, to place two of IMD's three trading subsidiaries, being Pro-Care Limited and Response Medical Equipment
Limited, into Administration. BDO Stoy Hayward has been appointed Administrator of these businesses. IMD and the Administrators are working
together to try to find a solution for the IMD group.


    Enquiries:

    International Medical Devices plc - 020 3008 4960
    Lindsay Sanford, Chairman
    Bill McGrath, CEO
    Mike Acheson, Finance Director

    Shore Capital - 020 7408 4090
    Guy Peters  

This information is provided by RNS
The company news service from the London Stock Exchange
 
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