Magna-Lab Inc. Names Health Care Industry Veteran John R. Geisel Chief Executive Officer.

Business Editors

SYOSSET, N.Y.--(BUSINESS WIRE)--Feb. 21, 2001

Magna-Lab Inc. (OTCBB: MAGLA) today announced that it has named health care industry veteran John R. Geisel as Chief Executive Officer of the Company. Mr. Geisel brings to Magna-Lab more than 25 years of experience in developing, growing and managing medical device companies. Throughout his career, he has demonstrated a keen ability to produce increased revenues and market share by fostering new technologies, identifying and exploiting markets and market trends and implementing prudent fiscal and operational practices. Daniel M. Mulvena will remain with Magna-Lab as Chairman of the Board of Directors.

Mr. Geisel, 57, most recently served as Chief Executive Officer of Cadent Medical Corporation, an early-stage medical device company focused on developing personal, wearable defibrillators for patients who are at risk of sudden cardiac arrest. Mr. Geisel was charged with full operations responsibilities, including strategic planning, financing and product development and testing. Cadent was acquired in June 2000 by Cardiac Science, Inc. of Irvine, California.

Mr. Geisel started his career in the medical industry with the Hewlett-Packard Medical Products Group, where he held various positions in marketing and sales.

From 1988-1998, Mr. Geisel served as President of Datex-Engstrom, a U.S. subsidiary of a Finnish manufacturer of anesthesia monitors. He oversaw the commencement of all U.S. operations and Canadian distribution and created a $48 million business with a 25% share of an established market. In April 1998, the company merged with Ohmeda Medical creating Datex-Ohmeda, a company with $200 million in U.S. revenues. During his tenure, Mr. Geisel achieved 95% on-time delivery, spurred 25% annual growth from 1992-1997 (versus 3% industry average) and obtained ISO 9002 certification.

From 1986-1988, Mr. Geisel worked at Puritan-Bennett, a global manufacturer of respiratory care products, and was promoted to General Manager of the company's Spirometer & Monitor division in 1987 where his efforts resulted in significant increased sales. Mr. Geisel also held positions in sales and sales management at Nellcor, a start-up company that developed the market for pulse oximetry monitors and sensors.

Dan Mulvena, the Company's Chairman, commented, "As Magna-Lab continues its evolution from research and development to product commercialization, strengthening our senior management team becomes a greater priority. John's unique breadth of experience has produced superior results at a wide range of companies and he is well-suited to assume this role at Magna-Lab. I look forward to working with John to help our Company realize its potential in commercializing our disposable, non-invasive and minimally invasive devices to assist in the diagnosis of coronary artery disease."

Mr. Geisel stated, "I am very pleased to be joining Magna-Lab, especially at this exciting stage of its corporate history. I am convinced that the Company's products can become an important tool in diagnosing heart disease - the nation's leading cause of death. I am also fortunate to be joining a team of seasoned and accomplished business and research professionals, including Chairman Dan Mulvena, President and Chief Scientific Officer Larry Minkoff, Ph.D. and Jonathan Adereth, a medical imaging industry veteran who serves on our Board. I look forward to this opportunity and am optimistic about the future of Magna-Lab."

About Magna-Lab Inc.

Magna-Lab Inc. is the developer of revolutionary products that are designed to make MRI technology more effective for the detection and diagnosis of Coronary Artery Disease. The products are non-invasive or minimally-invasive disposable medical devices which permit the imaging of the major vessels of the heart and can identify the chemical composition of blockages. The Company believes that there is a multi-billion market opportunity. The Company believes that in the near future its devices will permit physicians to determine not only the existence of Coronary Artery blockages but also the composition of such blockages. Knowing the composition of such blockages is critical in determining the appropriate treatment.

Certain statements in this press release constitute "forward-looking statements" within the meaning of the private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: delays in product proprietary rights; competition; material costs and availability; changes in business strategy or development plans; quality of management; availability, terms and deployment of capital; business abilities and judgment of personnel; availability of qualified personnel; changes in, or the failure to comply with, government regulations as well as other matters discussed in the Company's filings with the Securities and exchange Commission.