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VSM MedTech Announces $4.3 Million Sale To NIH Upheld U.S. General Accounting Office Denies Protest (CCN Newswire) ... develops and manufactures proprietary technology for MEG, which gives precise information on the brain`s function including touch, speech, vision, hearing and motor skills.......This technology is approved for use in pre-surgical assessment of tumors, epilepsy tissue and localization of trauma, cognitive and psychological disorders.... - Oct 11 6:08 PM ET


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Posted on: 10/11/2001

"Yahoo - VSM MedTech Announces $4.3 Million Sale To NIH Upheld; U.S. General Accounting Office Denies Protest"
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Thursday October 11, 6:07 pm Eastern Time

Press Release

VSM MedTech Announces $4.3 Million Sale To NIH Upheld; U.S. General Accounting Office Denies Protest

VANCOUVER, BRITISH COLUMBIA--VSM MedTech Ltd. (CDNX: VML), today announced that the U.S. General Accounting Office (GAO) has denied the protest of 4-D Neuroimaging in its entirety and upheld the CDN$4.3 million award to CTF Systems Inc., a subsidiary of VSM MedTech Ltd. The award initially announced on June 21st specifies the delivery of a 275-channel magnetoencephalography (MEG) system to the U.S. National Institute of Mental Health (NIMH) in Bethesda, Maryland.

"We are understandably very pleased with the ruling in this case, as it clears the way for completion of this contract and places us on track to achieve our sales objective for the fiscal year," said Barry Allen, President and CEO of VSM MedTech. "The sale to NIMH is a strong endorsement of the value of our technology and will help to raise our profile within the broader medical community. The decision by the U.S. GAO confirms the awarding agency's determination that, based on technical merits, CTF's MEG system was superior to that of the competitor, even at a premium price."

The National Institute of Health, founded in 1887, is the pre-eminent medical research facility in the U.S. It is comprised of 25 separate institutes and centers that have the goal to help prevent, detect, diagnose and treat disease and disability ranging from rare genetic disorders to the common cold. The MEG system will be used within the Intramural Research Program of the NIMH. This institute is charged with generating the knowledge needed to understand, treat and prevent mental illness.

CTF Systems Inc. develops and manufactures proprietary technology for MEG, which gives precise information on the brain's function including touch, speech, vision, hearing and motor skills. This technology is approved for use in pre-surgical assessment of tumors, epilepsy tissue and localization of trauma, cognitive and psychological disorders. Unlike other imaging technologies such as MRI and PET, CTF's systems are completely passive and non-invasive.

About VSM MedTech Ltd.

VSM MedTech Ltd. is a Canadian medical device company with a growing portfolio of commercial and near commercial diagnostic medical devices. VSM's proprietary, non-invasive solutions include applications for the accurate measurement of blood pressure in both primary and acute care health care environments and imaging systems for the assessment of adult and fetal brain function (electrophysiology).


Contact:
CTF Systems Inc.
Terry Vanderkruyk
Director, Business Development
Phone: (604) 468-3135
Fax: (604) 941-8565
E-mail: tvanderkruyk@ctf.com
Website: www.ctf.com
or
The Equicom Group Inc.
Nick Hurst
Investor Relations
Phone: (416) 815-0700 ext. 226 or Toll Free 1-800-385-5451
Fax: (416) 815-0080
E-mail: nhurst@equicomgroup.com
Website: www.investorlook.com

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