Acquisition

 

TIDMMVH 
 
RNS Number : 6430C 
Medic Vision Limited 
17 November 2009 
 

Medic Vision Limited 
("Medic Vision" or the "Company") 
 
 
Update re holding in Red Paragon Pty Ltd 
 
 
 
 
London, 17 November 2009 
 
 
The Board of Medic Vision is pleased to announce that it has entered into an 
agreement with Neil Fleming to 
acquire 29 shares (the "Red Paragon Shares") 
equivalent to 9.29% of the issued share capital in Red Paragon Pty Ltd ("Red 
Paragon"), an Australian based and incorporated private company that 
manufacturers low cost, lightweight, building panels (walls, floors, ceilings 
and roof panels) for the construction of modular buildings. 
 
 
Neil Fleming, a former consultant to Red Paragon, commented as follows: 
 
 
 "I am pleased to have reached this agreement with the Board of Medic Vision and 
look forward to working with the Company in the future". 
 
 
The acquisition of the Red Paragon Shares will be funded via the issue of 
2,000,000 fully paid ordinary shares in the Company (the "Consideration 
Shares"), equivalent to AU$42,000 based on the closing share price of AU$0.021 
per ordinary share on 16 November 2009. The Consideration Shares are to be 
issued within 14 days of the Annual General Meeting. 
 
 
As referred to in the Notice of Annual General Meeting, dated 6 November 2009, 
shareholder approval is being sought for the Directors to allot and issue up to 
100,000,000 ordinary shares for the purposes of raising capital and other 
strategic acquisitions. This approval will enable the Directors to issue the 
Consideration Shares to Mr Fleming without the Company having to utilise its 
discretionary power to issue further shares up to 15% of the issued capital in 
the Company without shareholder approval. 
 
 
Following the acquisition of the Red Paragon Shares, the Company will hold, in 
aggregate, 96.79% of the issued share capital in Red Paragon. The Board has 
resolved that it is in the Company's long term strategic interest to acquire the 
balance of the issued share capital of Red Paragon, being 3.21%, which will 
result in Red Paragon becoming a wholly owned subsidiary of Medic Vision. 
 
 
For further information contact: 
 
 
+--------------------------------------+---------------------------------------+ 
| Vince Leone                          | Email: [e-mail] | 
| Chief Executive Officer & President  |                  Mob: [phone] | 
| Medic Vision                         |                                       | 
+--------------------------------------+---------------------------------------+ 
| Stuart Faulkner / David Altberg      |                 Tel: [phone] | 
| Strand Hanson Limited                |                                       | 
+--------------------------------------+---------------------------------------+ 
| Ruari McGirr                         |                 Tel: [phone] | 
| Astaire Group Plc                    |                                       | 
+--------------------------------------+---------------------------------------+ 
 
 
Background on Medic Vision Limited 
Medic Vision is a technology based company specialising in the application of 
technology for surgical and medical skills training. Medic Vision provides 
consulting services in the development of skills training centres as well as 
developing and deploying computer-based surgical and medical high fidelity 
simulators. 
See www.medicvision.com.au for more details 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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