ImaSight Announces Proposed Corporate Restructuring and Operating Results

    GATINEAU, QC, Feb. 24 /CNW Telbec/ - ImaSight Corp announced today that
it intends to make a proposal to creditors, unaudited sales results, closure
of the Liponex operations and a change in auditors with subsequently not
having audited statements available to meet the May 1 filing deadline.
    Unaudited sales results for the fiscal year ending December 31, 2008 (14
months) were $1.14M compared to no sales revenue the previous year. All
revenues were from the sale of digital x-ray sensors. "We are pleased to have
had a successful product introduction with very satisfied customers" said John
Brooks CEO. "The proposed restructuring should put us in a good position for
strong growth".
    The previously announced temporary shutdown of the Liponex operations has
been made permanent with the termination of Liponex related employees.
ImaSight acquired Liponex through a reverse take-over on June 24, 2008 with
the intent to primarily pursue the development and sales of the ImaSight
product. The Liponex Management Information Circular dated May 15, 2008, which
was used by the shareholders to approve the transaction, called for $150,000
to be expended over 6 months to attempt to find value from the Liponex
intellectual property. Talks are continuing with potential buyers. Dr. Robert
Roberts, CEO of the University of Ottawa Heart Institute, has resigned from
the ImaSight Board of Directors. In his letter of resignation, he wrote the
reason for his resignation was that we had stopped actively developing the
Liponex Product and he felt that he did not "have anything to contribute to
    ImaSight has received a verbal indication from PricewaterhouseCoopers,
our auditors, that they do not wish to continue their engagement. ImaSight
anticipates that it will be unable to meet the requirement to file our audited
statements by May 1, 2009. There are no accounting issues in dispute between
ImaSight and PricewaterhouseCoopers.

    About ImaSight

    ImaSight markets its patented digital x-ray sensor at a price affordable
to veterinarians and chiropractors. Its hospital grade sensor has been
approved for sale by Health Canada. Further information can be found at

    Some of the statements made herein may constitute forward-looking
statements. These statements relate to future events or our future financial
performance and involve known and unknown risks, uncertainties and other
factors that may cause ImaSight's actual results, performance or achievements
to be materially different from those expressed or implied by any of the
Company's statements. Actual events or results may differ materially. We
disclaim any intention and assume no obligation to update these
forward-looking statements.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    %SEDAR: 00022196E

For further information:

For further information: John Brooks, CEO, (819) 777-7979 ext. 223,

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