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news release: VSM MedTech Customer Revises MEG Order
Montreal Neurological Institute to Acquire 275-Channel CTF MEG System
Vancouver, BC, Aug. 3: VSM MedTech Ltd. (TSX:VSM) today announced
that the Montreal Neurological Institute and Hospital (MNI) at McGill University in Montreal, Quebec has revised its
outstanding MEG order and will purchase a 275-channel CTF MEG(TM) system rather than the
151-channel configuration announced previously. MNI awarded VSM the original contract for
a 151-channel MEG system in April 2002. Due to delays in the construction of McGill's McConnell Brain Imaging
Centre where the system will be housed, the VSM system has not been delivered as of this date.
"We are pleased that the Montreal Neurological Institute has chosen to upgrade to our flagship
275-channel CTF MEG system," said Jack Price, VSM's President and Chief Executive Officer. "The
superior spatial resolution that this configuration provides, together with VSM's sophisticated analysis
techniques, will offer clinical researchers at MNI unparalleled accuracy in the measurement of
electromagnetic activity in the brain."
The amendment to the purchase order is valued in excess of $500,000, and the overall value of the
revised contract is commensurate with sales of other 275-channel CTF MEG systems to research
institutions. VSM has already recognized as revenue the value of the original 151-channel MEG system in
accordance with the percentage of completion revenue recognition policies in effect prior to September 30,
2003. The 151-channel MEG system that was previously allocated to MNI will be sold to another
customer.
The McConnell Brain Imaging Centre, a leading teaching and research establishment located on the
McGill University campus, maintains strong and rapidly developing linkages with the clinical, clinical research
and basic research communities within the MNI. In addition to providing the highest
available spatial sampling density, MNI's upgraded CTF MEG platform will include a real-time processing cluster, improved
sampling rate and a convenient, user-friendly control console.
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