Norwood EyeCare Appoints Distributor for Key Market in Korea and Secures First Product Orders from Asia.

Business Editors/Health/Medical Writers

MELBOURNE, Australia--(BUSINESS WIRE)--May 26, 2004

Norwood Abbey Limited (OTC:NABYY) (OTC:NABYF) (ASX:NAL) subsidiary Norwood EyeCare, the innovative ophthalmic devices company, has appointed a distributor for its Centurion SES(TM) System and EpiEdge(TM) (disposable separator) in Korea.

Norwood EyeCare's exclusive distributor, Damool Systec Corp. Ltd., is one of Korea's leading refractive surgery products suppliers in the country. Damool Systec is also the exclusive representative for complementary refractive surgical products companies in Korea such as Zeiss.

Korea is one of the top three priority markets for Norwood EyeCare and accounts for approximately 10% of the 3 million laser vision corrective procedures carried out each year worldwide. The other priority markets are the USA and key European countries.

Damool Systec has placed an initial order for two Centurion SES Systems for immediate delivery for the purposes of evaluation and a further 20 systems for delivery during the second half of CY 2004.

Richard Walmsley, CEO of the Norwood Devices group, stated, "We are extremely pleased to have Damool Systec as our Korean distribution partner. The securing of such a high quality company in Korea is an integral component of our strategy to launch the Epi-LASIK product into key markets quickly."

Current vision correction surgery, called LASIK, has two stages. The first stage of preparing the eye for the laser procedure currently relies on a cutting device called a 'microkeratome' to create a stromal 'flap' on the surface of the eye, which is then peeled back. The second stage is the laser treatment to correct the patient's vision, which has been used for a number of years and is a widely accepted and proven technology. Finally, the stromal 'flap' is replaced. Industry statistics indicate that complications occur in up to 12 per cent of patients as a result of cutting the eye.

The next generation approach, Epi-LASIK treatment, uses the Centurion SES system and EpiEdge disposable separator, removing the need to cut the eye and hence eliminating associated complications. This unique instrument gently separates a thin layer of living cells, called the epithelium, on the outside of the eye, along a natural cleavage plane. The clinician then moves the epithelial sheet to one side, the laser corrects the vision and the epithelial sheet is then moved back into place with minimal surgical manipulation.

Norwood Abbey is a publicly listed (OTC: NABYY.PK, NABYF.PK, ASX: NAL) medical technology company, based in Melbourne, Australia. It makes a difference to people's lives by recognizing successful late stage science, patenting and protecting it, funding research to prove that it works and then finding the best commercial partner to help take the research to the patients who need it and to maximise shareholder returns. The company has two divisions: Norwood Immunology and Norwood Devices. For more information, visit: www.norwoodabbey.com or www.norwoodeyecare.com.