Evolved Digital Systems Inc. announced that holders of series a first preferred shares exercised their retraction rights



    MONTREAL, Nov. 22 /CNW Telbec/ - Evolved Digital Systems Inc. ("Evolved")
announced today that it has received notice of exercise of retraction right
("Retraction Notice") from all the holders of Series A First Preferred Shares,
being LSTF Life Sciences Technology Fund Limited Partnership (formerly known
as MDS Life Sciences Technology Fund Limited Partnership), LSTF Life Sciences
Technology Fund USA, L.P. (formerly known as MDS Life Sciences Technology Fund
USA, L.P.) and Jane Eskind.
    The amount payable to the holders of Series A First Preferred Shares upon
the exercise of their retraction rights is calculated in accordance with the
terms and conditions applicable to such class of shares, as set out in the
Corporation's Articles. Such Articles provide that the Corporation shall,
within ninety (90) days of receipt of the Retraction Notice, retract out of
funds legally available therefor all Series A First Preferred shares then
owned by such holder by paying in cash to the holder thereof an amount per
share equal to thirty-five cents (CDN$0.35). Subject to applicable laws, the
aggregate amount payable to the holders of Series A First Preferred Shares
equal to CDN$4,199,999.
    As previously disclosed, Evolved requires additional capital to continue
as a going concern and is currently pursuing options and continues to have
discussions with its creditors and others with respect to its current
financial position.
    For more information, contact EVOLVED at 1-800-5EVOLVED or visit the
company website at www.evolveddigital.com

    The TSX has neither approved nor disapproved the information contained
    herein.




For further information:

For further information: Linda Willis, Vice President and Controller,
(615) 850-3029, linda.willis@evolveddigital.com; Source: Evolved Digital
Systems Inc.

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EVOLVED DIGITAL SYSTEMS INC.

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