MVH Medic Vision

 

TIDMMVH 
 
RNS Number : 5564Z 
Medic Vision Limited 
23 September 2009 
 

Medic Vision Limited 
("Medic Vision" or the "Company") 
 
 
Trading Update 
 
 
London, 23 September 2009 
 
 
Further to the announcement of 3 August 2009 with regard to the Company's 
Chennai training centre, the directors of the Company (the "Board") 
have continued working towards finalising the terms for a joint venture with 
Apollo Hospitals Enterprise Limited ("Apollo Hospitals"), regarding the 
development and opening of the medical and surgical training centre in Chennai 
(the "Chennai Centre"). 
 
 
Apollo Hospitals has indicated that due to the current global economic 
environment, it is reviewing all of its proposed strategic business 
opportunities, of which the Chennai Centre is one. Accordingly, the Company is 
currently awaiting a response from Apollo Hospitals regarding whether, and in 
what form, it will seek to progress the proposed development of the Chennai 
Centre. 
 
 
Following a recent visit to China, the Board believes that there is still a 
strong demand in China for the medical skills courses promoted by Medic Vision. 
However, as training requirements for medical skills centres in both the United 
Kingdom and China are set by the Royal College of Surgeons in London, the 
Board now anticipates that the establishment of medical skills centres in the 
United Kingdom and China will take longer than previously anticipated as a 
result of the need to meet the requirements stipulated by the Royal College of 
Surgeons. 
 
 
A further announcement in relation to discussions with Apollo Hospitals and the 
establishment of medical skills centres in China and the United Kingdom will be 
made in due course. 
 
 
With regard to the Company's other businesses, the Board remains focused on 
areas that generate revenues based on historical performance, namely sales of 
simulators and consulting services, whilst reducing costs wherever possible. 
 The Board is continuing its strategic review of Medic Vision's business units. 
 
 
As announced on 3 August 2009, the Company has raised AU$848,980 (gross) funds 
via the issue of Unsecured Convertible Notes and has substantially reduced the 
Company's cost base. This additional funding and the reduction in the Company's 
cost base provides additional working capital, which the directors believe 
satisfies the going concern requirements and the Company's financial condition 
requirement under ASX Listing Rule 12.2 to enable Medic Vision's reinstatement 
to the official list of the exchange. 
 
 
As announced on 4 September 2009, the Company is in the process of finalising 
its Annual Financial Report for the year ended 30 June 2009 and expects to 
release its preliminary results towards the end of September 2009 / early 
October 2009 with the Annual Financial Report to be sent to shareholders shortly 
thereafter. It is now anticipated that the combined EGM / AGM, referred to in 
the announcement of 4 September 2009, will be held during November 2009. 
 
 
A further announcement in relation to the release of the preliminary results, 
posting of the Annual Financial Report and timing of the AGM / EGM will be made 
in due course. 
 
 
 
 
For further information contact: 
 
 
+--------------------------------------+---------------------------------------+ 
| Vince Leone                          | Email: vince.leone@medicvision.com.au | 
| Chief Executive Officer & President  |                  Mob: +61 421 054 140 | 
| Medic Vision                         |                                       | 
|                                      |                                       | 
+--------------------------------------+---------------------------------------+ 
| Stuart Faulkner / David Altberg      |                 Tel: +44 20 7409 3494 | 
| Strand Partners Limited              |                                       | 
|                                      |                                       | 
+--------------------------------------+---------------------------------------+ 
| Ruari McGirr                         |                 Tel: +44 20 7628 5582 | 
| St Helen's Capital 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 
   END 
 
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Medic Vision (LSE:MVH)
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Medic Vision (LSE:MVH)
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