HALIFAX, NS, July 24 /PRNewswire-FirstCall/ -- MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF) a global market leader in premium rapid diagnostic solutions, announced today that Stephen Sham will retire as Chief Executive Officer, a position he has held since the company's inception 12 years ago. Mr. Sham will continue in his role as Chairman of the Board of Directors. The CEO role will immediately transition to Hermes Chan, who has been appointed by the Board of Directors. Mr. Chan, the company's co-founder, has served as President & COO of MedMira for the past two years. "I have thoroughly enjoyed my time as CEO of MedMira and I am looking forward to maintaining my involvement with the Company by leading the Board of Directors," said Stephen Sham, chairman, MedMira. "The time is right for me to retire as CEO. As President & COO, Hermes has consistently demonstrated his drive and determination to make MedMira a success. He has displayed excellent leadership and is extremely committed to our company." Mr. Chan will assume the role of CEO and continue to serve as President of MedMira. He is the inventor of MedMira's core technology platform, upon which all of the company's rapid tests are developed. Mr. Chan moved up through the management ranks of the company including positions of Research Scientist, General Manager, and Senior Vice President. Prior to joining MedMira in 1994, Mr. Chan worked with another Nova Scotia biotechnology company. "I am proud and excited about my new role as CEO at MedMira. Stephen's contribution to MedMira has been invaluable. I thank him for this and look forward to his continued input at the Board level," said Hermes Chan, president & CEO, MedMira Inc. Chan continued "MedMira has many exciting market opportunities ahead and I look forward to leading the management team as we focus on revenue building opportunities and creating value for our shareholders. With a streamlined sales and marketing team in place and new products in the pipeline, we have a re-energized focus on steady growth." About MedMira MedMira is the leading global manufacturer and marketer of in vitro flow-through rapid diagnostic tests. MedMira's tests provide reliable, rapid diagnosis in just 3 minutes for the detection of human antibodies in human serum, plasma or whole blood for diseases such as HIV and hepatitis C. The United States FDA, the SFDA in the People's Republic of China and European Union have approved MedMira's Reveal(R) G2, MiraWell(R) and MiraCare(TM) rapid HIV tests, respectively. MedMira's Reveal(R) G2 and MiraWell(R) rapid HIV tests are currently used in clinical laboratories, hospitals, and clinics where professional counselling and patient treatment are immediately available. MiraCare(TM) is sold through MedMira's distributor network to pharmacies, hospitals and laboratories in the European Union. It is also available over-the-counter (OTC) in pharmacies throughout Hong Kong and Macao Special Administrative Regions, in the People's Republic of China. MedMira delivers rapid diagnostic solutions to healthcare communities around the globe. Its corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada with a representative office and joint venture manufacturing facility in Guilin, China. This news release contains forward-looking statements, which involve risk and uncertainties and reflect the company's current expectation regarding future events. Actual events could materially differ from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the company quarterly filings. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement. DATASOURCE: MEDMIRA INC. CONTACT: visit MedMira's website at http://www.medmira.com/; Dr. James Smith, Investor Relations, (902) 450-1588, ; Andrea Young, Corporate Communications, (902) 450-1588,

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