NIR Diagnostics signs regional agreement with European medical device distributor for HemoNIR(TM)



    - Additional North American companies in negotiations for HemoNIR(TM)
    rights -

    TSX Venture: NID

    CAMPBELLVILLE, ON, March 17 /CNW/ - NIR Diagnostics Inc. (TSX Venture:
NID), an innovator in the development of handheld healthcare diagnostic
devices, announced today that it has signed a regional distribution agreement
for its portable CO-oximeter device, HemoNIR(TM), with a European based
medical device distributor company. The multi-year agreement stipulates that
the Distributor must meet a defined set of sales performance criteria. NIR
Diagnostics is currently not disclosing the name of the Distributor pending
the completion of negotiations with North American medical device companies
also interested in distribution rights to HemoNIR(TM).
    "The recent interest in our in-vitro handheld hemoglobin technology from
global distributors is predominantly due to the growing awareness of the
capability of our technology, as well as consolidation within the hemoglobin
detection diagnostics industry," said Duncan J. MacIntyre, President, Chief
Executive Officer and Executive Vice Chairman of NIR Diagnostics. "The
accuracy and ease-of-use of our technology as well as the broad range of
monitoring options arising from both our in-vitro and in-vivo platforms is
driving renewed interest in HemoNIR(TM). In particular, significant interest
has been expressed in the application of our technology for the detection of
bilirubin for use in neonatal clinics and we are exploring the addition of
such capability to our existing HemoNIR(TM) device."
    HemoNIR(TM) is a handheld portable CO-oximeter that has received market
clearance from the U.S. Food and Drug Administration and a medical device
licence from Health Canada. It enables the user to monitor Total Hemoglobin,
Met-Hemoglobin and Carboxy-Hemoglobin from a single droplet of blood.
HemoNIR(TM) does not require direct interaction with the sample or the use of
chemical reagents and is capable of detecting anemia, carbon monoxide
poisoning, smoke inhalation, drugs, chemicals, and enzyme deficiency.
    NIR Diagnostics continues to work with Lifescan specifically in relation
to its in-vitro detection of glucose, as previously disclosed.

    About NIR Diagnostics

    NIR Diagnostics is a leader in the development of near-infrared
spectroscopic medical diagnostics. The Company has an extensive portfolio of
optical, electronic and algorithm related patents in the field of in-vitro and
in-vivo blood analysis.

    Forward-looking Statements

    This press release contains information that is forward-looking
information within the meaning of applicable securities laws. In some cases,
forward-looking information can be identified by the use of terms such as
"may", "will", "should", "expect", "plan", "anticipate", "believe", "intend",
"estimate", "predict", "potential", "continue" or the negative of these terms
or other similar expressions concerning matters that are not historical facts.
Particularly, statements about the planned development of diagnostic devices
and the sufficiency of funds available to finance ongoing operations are
forward-looking information.
    Forward-looking information, by its nature necessarily involves risks and
uncertainties including, without limitation, the difficulty of predicting
regulatory approvals, market acceptance and demand for new products, the
protection of intellectual property connected with devices, the impact of
competitive products, and other similar or related risks and uncertainties.
Additional risks and uncertainties affecting the Company are discussed in the
Risks and Uncertainties section of the MD&A for the year ended December 31,
2006 available on SEDAR at www.sedar.com. If any of these risks or
uncertainties were to materialize or if the factors and assumptions underlying
the forward-looking information were to prove incorrect, actual results could
vary materially from those that are expressed or implied by the
forward-looking information contained herein. The Company disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.





For further information:

For further information: Duncan MacIntyre, President, CEO and Executive
Vice Chairman, NIR Diagnostics Inc., (905) 854-5727, (905) 854-5729 Fax,
E-mail: info@nirdiagnostics.com, Internet: www.nirdiagnostics.com; Ross
Marshall, Investor Relations, (416) 815-0700 ext. 238, (416) 815-0080 Fax,
E-mail: rmarshall@equicomgroup.com, Internet: www.equicomgroup.com

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NIR DIAGNOSTICS INC.

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