Medical Device Technologies Inc. Signs Letter of Intent for Acquisition of Ultra MRI.

SAN DIEGO--(BW HealthWire)--Aug. 5, 1999--

Medical Device Technologies Inc. (OTCBB:MEDD) announced today the signing of a Letter of Intent to acquire the equity/assets in ULTRA MRI & DIAGNOSTIC SERVICES (ULTRA) in exchange for common stock of MEDD and other consideration to be finalized in a definitive agreement.

This Letter of Intent, which is non-binding, is subject to due diligence by both parties, completion of a funding by MEDD and final approval by both Boards of Directors.

MEDD is an owner and operator of MRI diagnostic imaging centers in the U.S., currently pursuing a growth strategy through acquisition of existing MRI sites.

ULTRA is a fast growing multi-site diagnostic imaging business located in Tampa, St.Petersberg, and Palm Harbor, Fla. with projected sales of over $1.8 Million for 1999.

M. Lee Hulsebus, chairman of Medical Device Technologies Inc. stated, "ULTRA is an exceptional acquisition candidate for MDT. The company is experiencing strong growth in sales and profitability with outstanding management. The acquisition strengthens our presence in the Florida market where we now have operations in Orlando and Jacksonville."

This news release contains forward-looking statements regarding the company and its businesses. These forward-looking statements are based largely on the company's expectations and are subject to a number of risks and uncertainties, certain of which are beyond the company's control. The company undertakes no obligation to publicly release the results of any revision to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.