IVME In Veritas Medical Diagnostics Inc (CE)

In Veritas, a novel medical device company (OTCBB:IVME), today announced it has signed a Commercial Agreement on a joint project with The Ness Foundation, a Scottish based neuro-developmental research organization. IVMD will apply its patented, low cost, measurement systems together with The Ness Foundation's intellectual property to develop a rapid, low cost, non-invasive diagnostic product for the early and effective detection of mental illness. The joint development will focus in the area of phospholipid spectrum disorders and the breakdown in communication between brain cells to evaluate simple, quantitative and diagnostic tests. Currently the process is imprecise, requires skilled interpretation and is costly, preventing any widespread use. It has been estimated that one in six people worldwide will suffer from a medically identified neuro-developmental illness with one in one hundred having a serious condition (Source: "Counting the Cost": Northern Ireland Association for Mental Health) The WHO statistics show 24 million people worldwide suffer from schizophrenia (0.7% of the adult population) and the cost of treatment alone is $1.44 billion per year. If diagnosed early there are significant improvements in outcome to the patient and reduced healthcare costs John Fuller, President and CEO of In Veritas, said, "In line with our strategy of addressing global healthcare problems this is an exciting project for us. Our technology is already proven to measure blood parameters and was the subject of a recent patent application for non-invasive measurement. There is tremendous synergy between our measurement techniques and the type of diagnosis required by the scientists at the Ness Foundation". Douglas Mundie, Chairman, Ness Foundation said, "We hope that by using IVMD's technology with our own Intellectual Property we can further the understanding and effective treatment of neuro-developmental disorders". About The Ness Foundation The Ness Foundation is a charitable organization, formed in 1998 from an internationally recognized research group. The Ness Foundation's mission is to improve the quality of life of individuals with neuro-developmental disorders and other related conditions, by conducting research to discover safer, more effective diagnostics and treatments. The conditions that their research is focused on include schizophrenia, bipolar disorder, autism spectrum disorder, dyspraxia, dyslexia, depression and ADHD. About IVMD, Inc. IVMD, Inc. consists of two wholly-owned subsidiaries based in the UK, IVMD (UK) Ltd. and Jopejo Ltd. IVMD (UK) is in the final stage of its first groundbreaking medical device for the multi-billion dollar cardio-vascular market. Other medical conditions being addressed by IVMD's patented technology include the diabetes market and other areas where imaging is essential. Although the Hall Effect, the basic phenomena behind much of IVMD's technology, has been known since 1875, it is only through recent developments in semi-conductor technology and computing power that scientists have been able to apply it to the measurement of the magnetic properties of bone and tissue - thereby enabling the Hall Effect to be considered in medical uses. The Hall Effect is a principle of physics discovered by E.H. Hall that is the measurable transverse voltage that occurs when an electric current flows through a conductor in a magnetic field. IVMD has a substantial portfolio of patents and patent applications relating to its technology. Jopejo Ltd. is also in the late stages of developing new and technically superior monitoring devices that utilize signal processing for the late-term pregnancy market. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words "believe", "expects", "projects", "forecasts", "intends", "will", "anticipated", "could", or "may", and similar conditional expressions are intended to identify forward-looking statements within the meaning of the act and are subject to the safe harbor created by the act. Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties.