MedMira Completes Settlement of Debt



    HALIFAX, Sept. 2 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ:   MMIRF) a developer and marketer of rapid diagnostics, announced today
that it has reached an agreement with debt holders to settle a total of
$100,383 owing for debts to the Company through the issuance of common shares.
The Company will issue 818,118 common shares at a price of $0.1227 per share
calculated as a discount on the previous 10 day volume weighted average price.
This agreement is subject to the approval of the TSX Venture Exchange. Shares
issued under this agreement will be subject to mandatory four month hold
period.

    About MedMira

    MedMira is a leading developer and manufacturer of flow-through rapid
diagnostics. The company's tests provide hospitals, labs, clinics and
individuals around the world with reliable, rapid diagnosis for diseases such
as HIV and hepatitis C in just three minutes. The company's tests are sold
under the Reveal(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in
global markets. MedMira's rapid HIV test is the only one in the world to
achieve regulatory approvals in Canada, the United States, China and the
European Union.
    The company's corporate offices and manufacturing facilities are located
in Halifax, Nova Scotia, Canada with a representative office in China. For
more information visit MedMira's website at www.medmira.com.

    This news release contains forward-looking statements, which involve risk
and uncertainties and reflect the company's current expectation regarding
future events. Actual events could materially differ from those projected
herein and depend on a number of factors including, but not limited to,
changing market conditions, successful and timely completion of clinical
studies, uncertainties related to the regulatory approval process,
establishment of corporate alliances and other risks detailed from time to
time in the company quarterly filings.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this statement.
    %SEDAR: 00013053E




For further information:

For further information: Dr. James Smith, Investor Relations & Corporate
Affairs, (902) 450-1588, ir@medmira.com

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MedMira Inc.

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