QUEBEC CITY, June 13 /CNW/ - Medical Intelligence Technologies Inc.
(TSX-V: MIZ), a pioneer in the mobile telesecurity industry and in the
application of information and telecommunications technologies in the
healthcare sector, today announced that it has received firm purchase orders
for 500 Vega GPS Bracelets from Reial Automobil Club de Catalunya (RACC), the
largest Automobile Association in Spain who also provides teleassistance
services to its older members, and Vidisa, a leading Spanish distributor of
wireless phones and accessories.
"Our recently introduced Vega GPS bracelet allows our customers to
provide their members with value added services by providing a solution that
ensures enhanced safety and mobility", says Mr. Philippe P. Huneault,
President and CEO of Medical Intelligence Technologies. "RACC has over one
million subscribing members, which represents an exciting opportunity to
continue to penetrate the Spanish market. These orders demonstrate our ability
to drive sales in a short period of time from the recently installed sales
team and operations in Madrid."
The value of this purchase order is 185,000 Euros (286,750 CAD$), which
excludes any subscription revenue that will be generated by these units once
activated with eventual subscribers. Delivery of units is expected in the
third quarter of 2008. The proceeds will be posted to the balance sheet as a
deposit until the units are sold to subscribers of the telesecurity service.
Revenue recognition will begin when the buyer of a Vega GPS bracelet
subscribes to the Company's mobile telesecurity service and the proceeds from
the sale of the device will be amortized over the estimated length of the
The Vega GPS Bracelet offers freedom and mobility to individuals with a
degenerative disease. Its features include a minimum security zone of
750 meters around the home of the wearer, an automatic alert in case of exit
from the security zone, two-way wireless audio communication with the wearer
and GPS and GSM location linked to a specialized call center. The bracelet can
also be used as an indoor/outdoor panic button.
About Medical Intelligence Technologies Inc.
Medical Intelligence is the early innovator in the personal telesecurity
industry, integrating information and telecommunications technologies to the
healthcare sector. The firm designs portable medical devices for the benefit
of people having health or safety concerns. Based in Quebec City, the Company
also has subsidiaries in France, Spain and the United Kingdom (Medical Mobile)
where it commercializes the Columba, a GPS bracelet designed to prevent
Alzheimer wandering. For further information, visit www.medicalintelligence.ca
Any statement in this press release that does not relate directly and
exclusively to historical facts can be considered a forward-looking statement.
Such statements reflect the intentions, plans, expectations and beliefs of
Medical Intelligence Technologies, and are subject to risks, uncertainties and
other factors that are largely beyond the Company's control, to the extent
that actual results may differ significantly from those contemplated by such
statements. Medical Intelligence Technologies neither intends nor is required
to update or revise such forward-looking statements based on new information
or future events, or for any other reason.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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