MedMira Renegotiates Convertible Debenture Terms HALIFAX, March 17 /PRNewswire-FirstCall/ -- MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ:MMIRF) the global market leader in rapid flow- through diagnostic technology, today announced that it has renegotiated certain terms of a convertible debenture issued in August 2004. The Company has negotiated new repayment terms with a fixed conversion price of $1.12 per share. These terms did not result in any new fund advancement to the Company. The debenture features a 15% interest rate with a maturity date of August 9, 2006. The principal is repayable in equal installments beginning in September 2005 and continuing to maturity. The debenture is convertible into common shares of MedMira Inc. at $1.12 per share at any time during the term. These terms are subject to the approval of the TSX Venture Exchange. "This renegotiation of the terms for this debenture demonstrates the continuing support of our investors and their confidence in our continual progress", said Mr. Bill Gullage, chief financial officer of MedMira. "These improved repayment terms will give the Company additional flexibility as we execute our growth and financing strategy over the coming months", continued Gullage. About MedMira MedMira is the leading global manufacturer and marketer of in vitro flow- though rapid diagnostic tests for the clinical laboratory market. 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. The United States FDA and the SFDA in the People's Republic of China have approved MedMira's Reveal(TM) G2 and MiraWell(TM) Rapid HIV Tests, respectively. For more information visit MedMira's website at http://www.medmira.com/. MedMira's Reveal(TM) G2 and MiraWell(TM) rapid HIV tests are currently used in clinical laboratories and hospitals where professional counseling and patient treatment are immediately available. The MiraCare(TM) Rapid HIV Antibody Test is available over-the-counter (OTC) in pharmacies throughout the Hong Kong and Macao Special Administrative Regions, in P.R. China. MedMira markets its rapid tests worldwide in such countries as the United States, Canada, South Africa and China. Its corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada with a representative office in Beijing, 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: For Further Information Please Contact: Investor Relations, Dr. James Smith: (902) 450-1588 or e-mail:

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