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Molecular Diagnostic Services, Inc. (MDS) Announces New CFO

10/19/2005 5:12:48 PM

CHICAGO--(BUSINESS WIRE)--Sept. 26, 2005--Molecular Diagnostics, Inc. (OTCBB: MCDG.OB - News) announces that Robert McCullough, Jr. has been appointed Chief Financial Officer.

Mr. McCullough has an MBA in finance and is a Certified Public Accountant. He was an executive at Ernst & Young, (formerly Ernst & Whinney), and served as CFO at two privately owned Health Care companies. Mr. McCullough has been in the investment business for the last 18 years, and currently as President of Summitcrest Capital Management.

CEO Dr. David Weissberg said "We are very pleased to have Bob McCullough's financial experience now overseeing Molecular's financial growth as he brings years of financial controls experience in the healthcare sector. Bob's investment background and focus in the health care sector will be most helpful to our subsequent financing efforts."

Robert McCullough said, "I am pleased to accept the CFO position at this time of transition for Molecular Diagnostics. This next period of time is going to be marked with financial progress as the company enters into the commercialization phase with one or more of its products. New financing will be required, and with the restructuring that has taken place and the gathering of new people and resources, I can make a positive contribution in this area, which will allow Molecular to move development and commercialization forward with all three of its key products. Like the new CEO David Weissberg, I do not intend to take a salary until this restructuring with new financing has been successfully completed and there is a significant improvement in the Company's operating results."

About Molecular Diagnostics, Inc.

Molecular Diagnostics develops cost-effective cancer screening systems, which can be utilized in a laboratory or at the point-of-care, to assist in the early detection of cervical, gastrointestinal, and other cancers. The InPath(TM) System is being developed to provide medical practitioners with a highly accurate, low-cost, cervical cancer screening system that can be integrated into existing medical models or at the point-of-care.

More information is available at:

Certain statements in this release are forward-looking. These statements are based on Molecular Diagnostics' current expectations and involve many risks and uncertainties, such as the company's inability to obtain sufficient financing, the possibility that clinical trials will not substantiate Molecular Diagnostics' expectations with respect to the InPath(TM) System, and other factors set forth in reports and documents filed by Molecular Diagnostics with the Securities and Exchange Commission. Actual results may differ materially from Molecular Diagnostic's current expectations depending upon a number of factors affecting the Company's business. These factors include, among others, risks and uncertainties detailed in the Company's periodic public filings with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2004 and its Quarterly Reports on Form 10-QSB for the quarters ended March 31, 2005 and June 30, 2005. Except as expressly required by law, Molecular Diagnostics undertakes no obligation to publicly update or revise any forward-looking statements contained herein.

Contact: For Molecular Diagnostics, Inc. Gene Martineau, 212-348-1852

Source: Molecular Diagnostics, Inc.

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