Vancouver, Canada, July 27, 2006,- Global Immune Technologies, Inc. (OTC Bulletin Board: GIMU) and Primedical International Limited (PMI) announced today that they have closed their reverse merger transaction. The closing of the reverse merger was the final step in bringing the combined Company to the public market.
The Company will be filing its initial Form 8-K report regarding the transaction within next several days and expects to file its required consolidated financial statements not later than 60 days from the date of the merger closing.
GIMU will acquire from PMI its wholly owned subsidiary including iCardia Healthcare Corporation, the North American cardiac monitoring service, for a combination of debt and equity. In addition, as part of the consideration, GIMU will acquire the intellectual property from Medical Monitors Limited, an Australian Stock Exchange listed company that developed the technology, once it is ratified by their shareholders.
Mr. Harry Platt, the Chief Executive Officer of PMI Limited, said, "We are pleased to have the merger completed as this represents a significant milestone for the Company. Our business model represents a paradigm shift in the commercial economics for these services and becoming a publicly-traded Company greatly increases our visibility. We are focused on leveraging our key assets, including our intellectual property and highly motivated management and staff, to accelerate our market expansion in the North America, Europe and the Far East. It also opens up additional sources of financing for the Company's future growth and acquisitions."
ABOUT PRIMEDICAL INTERNATIONAL HOLDINGS INC. The newly merged Company, to be named Primedical International Holdings,Inc., and newly appointed Directors, will be engaged in the telemedicine and remote ambulatory monitoring business. iCardia Healthcare Corporation, located in Lake Forest, Illinois, is set to revolutionize the ECG monitoring service marketplace with its unique 'single-use' approach to ECG monitoring, creating unprecedented convenience for physicians and new levels of security for patients.
ABOUT iCARDIA HEALTHCARE CORPORATION iCardia's Single Use Patient Event Recorder (SUPER) and proprietary application systems are groundbreaking innovations in the diagnosis and treatment of cardiac arrhythmias. The lightweight, simple monitor boosts patient compliance, is absolutely hygienic, and delivers high quality data. The service rapidly receives ECG ransmissions and produces reports that can be viewed, annotated, and stored electronically, enhancing analysis, interpretation, and mean time to diagnosis.
Forward-Looking Statements Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to secure distribution channels, the ability to fund operations, changes in medical monitoring practices and business consumption habits and other factors over which there is little or no control. You should independently investigate and fully understand all risks before making investment decisions.
CONTACT INFORMATION Harry Platt 1-203-654-7093
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