NIR Diagnostics announces loan financing

    TSX Venture: NID

    CAMPBELLVILLE, ON, Aug. 1 /CNW/ - NIR Diagnostics Inc. (the "Company")
(TSX Venture: NID), an innovator in the development of handheld healthcare
diagnostic devices, today announced that it has completed a loan financing. On
July 31, 2008, the Company issued a promissory note ("Loan") in the amount of
US$250,000 to Clear Light Ventures, Inc. ("Clear Light"). The Company will use
the proceeds of the Loan for continuing research and working capital
    As previously disclosed, NIR Diagnostics is developing an in-vivo
prototype device for Clear Light. The Loan is repayable at such time as
NIR Diagnostics is in receipt of milestone payments in connection with the
Clear Light development project, or in any event, no later than March 1, 2010.
The Loan is non-interest bearing for three months, after which it bears simple
interest at a rate of 10% per annum, payable monthly. As collateral for the
Loan, the Company has provided Clear Light with a second priority interest
over the Company's assets.

    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,
2007 available on SEDAR at 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:, Internet:; Ross
Marshall, Investor Relations, (416) 815-0700 ext. 238, (416) 815-0080 Fax,
E-mail:, Internet:

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