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VSM MedTech: Competitor Protests U.S. NIMH Award to CTF Systems Inc. (CCN Newswire) ... technology for MEG, which gives precise information on the brain`s eloquent function including touch,...... is approved for use in pre-surgical assessment of tumors,... - Jul 19 5:38 PM ET


Posted on: 07/19/2001

"Yahoo - VSM MedTech: Competitor Protests U.S. NIMH Award to CTF Systems Inc."
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Thursday July 19, 5:38 pm Eastern Time

Press Release

VSM MedTech: Competitor Protests U.S. NIMH Award to CTF Systems Inc.

VANCOUVER, BRITISH COLUMBIA--VSM MedTech Ltd. announces that a competitor has filed a formal protest at the U.S. General Accounting Office against the U.S. Defense Logistics Agency's decision to award a sale to VSM MedTech Ltd.'s subsidiary CTF Systems Inc. The award, as reported on June 21st, is to provide the U.S. National Institute of Mental Health (NIMH) with a 275-channel magnetoencephalography (MEG) system. Under the U.S. procurement process it is the right of 4-D Neuroimaging, a competing offeror to dispute an award.

Barry Allen, President and CEO states, "We are disappointed that the award is being protested. The selection of CTF's technology was based upon a thorough review of many factors, which determined that the technical merit of CTF's offering was superior to that of 4-D Neuroimaging Inc., even at a premium price. This is the second protest, by 4-D, that the company has faced for this contract. We will defend this award vigorously and are confident that this protest will be resolved shortly and that the award will be upheld in CTF's favor. This protest does not affect our earnings estimates for 2001."

He continues, "It is unfortunate that the greatest impact of this protest will be on the team of researchers at the National Institute of Mental Health, causing a second delay of their valuable research."

CTF Systems Inc. develops and manufactures proprietary technology for MEG, which gives precise information on the brain's eloquent 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 non-invasive and passive.

VSM MedTech Ltd. specializes in the design and development of ground-breaking medical devices. The Company's growing family of devices enhance patient outcomes through the accurate diagnosis and the improved measurement of human physiological conditions.

VSM MedTech Ltd.
Barry Allen
President and CEO
Phone: (604) 738-8763
VSM MedTech Ltd.
Cori Fiddes
Corporate Communications
Phone: (604) 646-0896

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