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IVMD Inc. Announces Fundamental Balance Sheet Restructuring.
Date:4/24/2008

(OTCBB: IVME; Frankfurt: I7VF)

INVERNESS, Scotland, April 24 /PRNewswire-FirstCall/ - In Veritas announces that it has secured a fundamental balance sheet restructuring leaving it free of all loan note indebtedness, and that it has secured a further equity capital line to enable it to move forward. The Company has been frustrated under the pressure of excessive debt since late 2005.

Medical Diagnostic Innovations Ltd, a UK investment company formed by Mr. Graham Cooper, the Company's Chief Executive Officer, and others to facilitate the restructuring, has entered into agreements to purchase $3,316,324 of the Company's debt (convertible loan notes and other indebtedness to the Company's various loan note holders) and has agreed to convert that debt into shares of the Company's common stock. The balance of the Company's indebtedness under convertible loan notes has been converted into Common stock by those Loan Note holders. All conversions took place at 5 cents per share.

Mr. Cooper has agreed to personally purchase $300,000 of shares in the Company's common stock by way of a private placement at a price of 5 cents per share.

In addition key employees, directors and contractors of the Company have been granted warrants to purchase shares in the Company's common stock in a move designed to secure the commitment and ongoing mutuality of interest between the Company and key people who will be associated with its future success.

This restructuring eliminates liabilities of approximately $5,487,279 from its balance sheet, representing some 68% of the Company's net liabilities reported in its consolidated financial statements at January 31, 2008.

Mr. Cooper, commenting on these important events said:

"I am delighted that after many months of deadlock the Company is now free of its overbearing burden of debt and able to explore its true potential. We now plan to transform the Company into a profitabl
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SOURCE In Veritas Medical Diagnostics Inc.
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