VentriPoint Diagnostics Ltd. Secures $1 Million Bridge Loan to Support Beta Trials



    SEATTLE, Oct. 20 /CNW/ -- VentriPoint Diagnostics Ltd. (TSX Venture: VPT)
announced today that its wholly-owned subsidiary, VentriPoint, Inc., has
secured a $1,000,000 (USD) one-year term loan from Joseph Ashley, VentriPoint
president and CEO.
    

    
    Proceeds from the loan will be used in part to support the beta trials of
the VentriPoint Diagnostic System, which commenced this past week. Funds will
provide the Company with working capital to finance the expansion of the beta
trials into three other key sites, two in the U.S. and one in Europe, and to
prepare for commercialization.
    

    
    "We are optimistic that we will receive the necessary regulatory
clearance to proceed with commercialization of the VentriPoint Diagnostic
System in Canada and Europe in January 2009," said Ashley.  "We look forward
to the months ahead as we advance toward the introduction of this break
through technology that will generate accurate heart measurements in a rapid,
cost effective manner that is not currently available."
    

    
    Interest on the loan will accrue at eight percent per annum, deferred to
loan maturity on October 20, 2009. Optional conversion into subsequent
offerings, contingent early retirement provisions and general terms and
conditions are subject to requisite TSX Venture Exchange approval.
    

    
    "This loan from Mr. Ashley represents a significant vote of confidence in
VentriPoint's position.  We are pleased with the reasonable and competitive
terms of the loan given the current market conditions," said Ed Garth, chief
financial officer. "This working capital will allow us to expand our beta
trials in preparation of the planned January 2009 launch of the VentriPoint
Diagnostic System."
    

    About VentriPoint Diagnostics
    
    VentriPoint creates diagnostic tools to monitor patients with heart
disease - the number one cause of death in developed countries. By using
images produced from existing medical imaging systems, the VentriPoint
Diagnostic System generates accurate heart measurements in a rapid and
inexpensive manner not currently available. This breakthrough diagnostic tool
is based upon patented technology received by VentriPoint through its
exclusive technology license with the University of Washington. The
VentriPoint Diagnostic System, together with its associated online service, is
being developed for a variety of heart related disease states, including
congenital heart disease.
    

    For further information, please contact:

    

    
    Edward Garth, Chief Financial Officer
    VentriPoint Diagnostics Ltd.
    Telephone:  (206) 283-0221, ext. 402
    Facsimile:   (206) 283-2309
    

    
    CHF Investor Relations
    Christopher Haldane, Account Manager
    Telephone: (416) 868-1079 ext. 237
    Facsimile: (416) 868-6198
    Email: chris@chfir.com

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

    
    FORWARD-LOOKING STATEMENTS: The statements made in this press release
that are not historical facts contain forward-looking information that
involves risk and uncertainties.  All statements, other than statements of
historical facts, which address VentriPoint's expectations, should be
considered forward-looking statements.  Such statements are based on
management's exercise of business judgment as well as assumptions made by and
information currently available to management.  When used in this document,
the words "may", "will", "anticipate", "believe", "estimate", "expect",
"intend" and words of similar import, are intended to identify any
forward-looking statements.  You should not place undue reliance on these
forward-looking statements.  These statements reflect a current view of future
events and are subject to certain risks and uncertainties as contained in the
Company's filings with Canadian securities regulatory authorities.  Should one
or more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results could differ materially from those
anticipated in these forward-looking statements.  The Company undertakes no
obligation, and does not intend, to update, revise or otherwise publicly
release any revisions to these forward-looking statements to reflect events or
circumstances after the date hereof, or to reflect the occurrence of any
unanticipated events.  Although management believes that expectations are
based on reasonable assumptions, no assurance can be given that these
expectations will materialize.
    


    Media Contacts:

    VentriPoint Media Contacts:

    Russo Partners LLC
    Ian Stone
    (619) 814-3510
    ian.stone@russopartnersllc.com



    




For further information:

For further information: Ian Stone, Russo Partners LLC, +1-619-814-3510,
ian.stone@russopartnersllc.com, for VentriPoint

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VENTRIPOINT DIAGNOSTICS LTD.

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