IMI announces decision not to pursue IBEX Technologies Inc.

IMI announces decision not to pursue IBEX Technologies Inc. 


TORONTO, Dec. 16  /PRNewswire-FirstCall/ -- IMI International Medical
Innovations Inc. (TSX: IMI, Amex: IME) today announced that it has decided not
to further pursue the acquisition of IBEX Technologies Inc. (TSX: IBT).

"We have determined that there is no reason to amend, extend or increase the
consideration to be offered for IBEX," said Dr. Brent Norton, President and
Chief Executive Officer. "Certain conditions of our Offer were not met and we
are no longer interested in acquiring IBEX."

As a result, IMI has allowed the Offer to Purchase, dated November 4, 2004, to
expire and has not and will not be taking up any shares of IBEX that were
tendered to the Offer.

About IMI

IMI is a world leader in predictive medicine, dedicated to developing rapid,
non-invasive tests for the early detection of life-threatening diseases. IMI's
cardiovascular products, which are branded as PREVU(x) Skin Sterol Test, will
be marketed and distributed worldwide by McNeil Consumer Healthcare. The
Company's cancer tests include ColorectAlert(TM), LungAlert(TM) and a breast
cancer test. IMI's head office is located in Toronto, and its research and
product development facility is at McMaster University in Hamilton, Ontario.
For further information, please visit http://www.imimedical.com/.

This press release contains forward-looking statements. These statements
involve known and unknown risks and uncertainties, which could cause IMI's
actual results to differ materially from those in the forward-looking
statements. Such risks and uncertainties include, among others, the lack of
operating profit and availability of funds and resources to pursue R&D
projects, the successful and timely completion of clinical studies, the
successful development or marketing of IMI's products, reliance on third-party
manufacturers, the competitiveness of IMI's products if successfully
commercialized, the ability of IMI to take advantage of business opportunities,
uncertainties related to the regulatory process, and general changes in
economic conditions. While IMI routinely obtains patents for its products and
technology, the protection offered by IMI's patents and patent applications may
be challenged, invalidated or circumvented by our competitors and there can be
no guarantee of our ability to obtain or maintain patent protection for our
products or product candidates.

Investors should consult IMI's quarterly and annual filings with the Canadian
and U.S. securities commissions for additional information on risks and
uncertainties relating to the forward-looking statements. Investors are
cautioned not to rely on these forward-looking statements. IMI is providing
this information as of the date of this press release and does not undertake
any obligation to update any forward-looking statements contained in this press
release as a result of new information, future events or otherwise. 

DATASOURCE: IMI International Medical Innovations Inc.



CONTACT: Company Contacts: Ron Hosking, Chief Financial Officer,

, [phone]; Sarah Borg-Olivier, Director,

Communications, , [phone]; IMI's U.S.

Investor Relations Contact: Jane Lin/Andrea Faville, The Investor Relations

Group, [phone] ,

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