MVH 7.50% 8.6¢ medic vision limited

jv with apollo hospital enterprise ltd

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    Company Announcment
    11 November 2008

    Apollo Joint Venture

    Medic Vision Limited (“Medic Vision” or the “Company”) (ASX & AIM: MVH), announces the signing of a binding heads of terms agreement with Indian company Apollo Hospital Enterprise Limited (“Apollo”) to establish a 50/50 joint venture company (the “Apollo Joint Venture”) to co-own and operate a roll out of medical and surgical skills training centres across India and other countries.

    Medic Vision, since its inception seven years ago, has successfully penetrated the burgeoning market in medical skills training centres, as a specialist in the design and development of outsourced skills training centres and training technology across Australia, NZ, UK and Asia. The foundation of Medic Vision’s success can be partially attributed to the strong relationships the Company has formed with key medical and surgical establishments globally, which, the Company believes, will form the catalyst for the delivery of high quality training courses in the future.

    Apollo is the largest private hospital owner in Asia consisting of over 8,000 beds across 41 hospitals. The hospitals are multi specialty tertiary care facilities with centres of excellence in every medical and surgical discipline. Apollo is a leader in healthcare across Asia, having provided a wide variety of healthcare services to over 5 million people to date.

    The Apollo Joint Venture will be owned and operated by Medic Vision and Apollo and a board of directors (the “JV Board”) will be appointed in the coming weeks, which will oversee the roll out of strategy in India and abroad. Further announcements will be made when the Apollo Joint Venture is formally constituted and when the JV Board has been appointed.

    The first skills training centre is already under construction in Chennai and it is expected that this centre, (which it is envisaged will be included in the Apollo Joint Venture) will be fully operational and running medical and surgical training courses in Q1 2009.

    The Company envisages that subject to, inter alia, financing, there will be four skills training centres operating in India by the end of 2009.

    Medic Vision continues to be in negotiation to own and operate skills training centres in the other regions in which the company operates and further announcements on these developments will be made as appropriate.

    “With Apollo’s expertise in healthcare and Medic Vision’s experience in skills\development, simulation and training, the Apollo Joint Venture is an ideal partnership to offer world class training courses, in all specialties, to all healthcare professionals.

    Medic Vision is extremely honoured to be working with such a highly regarded and enormously successful healthcare organisation as Apollo.” commented Medic Vision’s Managing Director Mr Ross Horley.

    For further information contact:

    Ross Horley Managing Director Medic Vision
    Tel: +61 3 8508 8288 Mob: +61 400 209 899

    Stuart Faulkner/Victoria Milne-Taylor Strand Partners Limited
    Tel: +44 20 7409 3494

    Ruari McGirr St Helen’s Capital Plc
    Tel: +44 20 7628 5582

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