The Shareholders of Imagin Molecular Corporation ("IMGM") have approved, through a consent of over 51% of shareholder vote, certain transactions wherein IMGM completed the acquisition of 3,100,000 Class B Preferred Shares of Positron Corporation which shares are convertible on a 1 for 100 basis into Positron common shares. This position marked to the current market price for Positron Corporation common shares has a value of in excess of $35 million. It is IMGM's intention to hold the Positron Class B Preferred shares for investment purposes. The consideration for the exchange of the Positron investment position is the issuance of 310,000,000 common shares of IMGM to IMAGIN Diagnostic Centres, Inc. (IDC) a private Canadian company that is in the PET scanning business in Canada and a historical owner of the 3,100,000 Class B preferred block equity position. IMGM simultaneously announces its intent to build Cardiac Disease Reversal and Prevention Clinics across Canada and, after initial success, across the USA and globally. The new subsidiary will be named "Positron Cardiac CARE Clinics". These clinics will base its imaging technology on Positron's Attrius™ dedicated cardiac PET scanners.
Currently IMGM holds approximately one Positron common share equivalent for each IMGM common share outstanding. Positron preferred shares have been held by IMGM since 2005. Upon completion of the exchange of Positron preferred shares for IMGM common shares, IMGM will own the equivalent of 386,235,800 Positron common shares and upon completion of this transaction IMGM will have 405,000,000 common shares outstanding with no significant debt or preferred stock outstanding.
About Imagin Molecular Corporation:
Imagin Molecular Corporation (IMGM) is a company dedicated to socially responsible issues. IMGM main areas of interest are focused on medical and environmental. IMGM through its subsidiary Positron Cardiac CARE Clinics ("PCCC") is planning to open Cardiac Disease Reversal Clinics across Canada and after initial success across the USA and globally.
IMGM through a newly to-be-formed 51% owned subsidiary The Planet Green Bottle Corporation has developed and is introducing globally through a subsidiary, the world's first and only oxo-biodegradable PET (polyethylene terephthalate) plastic bottle. The Planet Green oxo-biodegradable technology was developed by Wells Plastics Ltd of the UK and is proprietary with patent pending trademarked by Wells as Reverte.
Imagin Molecular Corporation strategy and focus in its medical segment is dedicated to capitalizing on opportunities in positron emission tomography (PET) directed toward the diagnosis of cancer, heart disease and neurological diseases. PET is an advanced medical diagnostic imaging procedure used by physicians in the detection of certain cancers, coronary disease and neurological disorders including Alzheimer's disease. IMAGIN Molecular Corporation has a large strategic equity block position in Positron Corporation. The Positron technology is considered to be the gold standard for cardiac disease diagnosis.
About Planet Green Bottle Corporation
Planet Green Bottle Corporation ("PGBC") initiated with Wells Plastics Ltd. of the UK, the development of a masterbatch additive which causes a PET plastic bottle to become oxo-biodegradable in the environment. The Planet Green concept is to promote its "The PLANET BOTTLE" logo as a brand enhancer wherein the consumer will search for "The PLANET BOTTLE" logo on a brand owner's label as a sign that the plastic bottles and packaging are eco-friendly and will oxo-biodegrade over 10-20 years as opposed to perhaps over 1,000 years for non-treated PET plastic. Planet Green markets its product to brand owners globally. Planet Green is also working with governmental agencies around the world in order to influence legislation mandating that all plastics be treated with oxo-biodegradable additives as a step toward curtailing the pollution of the Planet with Plastic. IMGM acquired the proprietary position and intellectual property of PGBC of Canada in exchange for giving up a 49% interest in its corporate venture to be also called PGBC, a Delaware-incorporated subsidiary.
Contacts:
for Imagin Molecular Corporation
Patrick J. Rooney
Director
of Corporate Development
416 941-9955
