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MEDWELL GRANTED INTERIM COURT ORDER IN RESPECT OF PLAN OF ARRANGEMENT

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^{Published in Health and Fitness on Friday, July 15th 2011 at 14:10 GMT by Market Wire}  

EDMONTON, July 15, 2011 /CNW/ - Medwell Capital Corp. ("Medwell") (TSX-V: MWC), today announced that is has been granted an Interim Order by the Court of Queen's Bench of Alberta in respect of its plan of arrangement with Spectral Diagnostics Inc. ("Spectral").  Pursuant to the Interim Order, Medwell will hold an Annual General & Special Meeting of shareholders on August 26, 2011 where shareholders will consider and vote upon, among other things, the plan of arrangement.  Medwell also announces that the plan of arrangement has been amended to provide for the re-pricing of stock options held by persons who are not insiders of Medwell (the "Non-Insider Options").  The 1,995,125 Non-Insider Options with an exercise price of $0.50 per share will have their exercise price reduced to $0.24 per share, the 415,000 Non-Insider Options with an exercise price of $0.37 per share will have their exercise price reduced to $0.178 per share and the 817,500 Non-Insider Options with an exercise price of $0.295 per share will have their exercise price reduced to $0.142 per share.  None of the options held by insiders will have their exercise prices reduced as a result of the plan of arrangement.

Further details of the arrangement are set out in the joint news release of Medwell and Spectral dated June 28, 2011, and will be included in a proxy circular mailed to the Medwell shareholders in due course.  The arrangement agreement and amendment thereto have been filed on SEDAR at [ www.sedar.com ].

About Medwell Capital Corp.
Medwell Capital Corp. is a Canadian-based merchant bank that provides  capital and advisory services to the healthcare industry.

For further information please visit [ www.medwellcapital.com ]

Forward-looking statement

Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of Medwell, and anticipated events or results, are assumptions based on beliefs of Medwell's senior management as well as information currently available to it. While these assumptions were considered reasonable by Medwell at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of Medwell to take advantage of business opportunities in the biomedical industry, the granting of necessary approvals by regulatory authorities as well as general economic, market and business conditions, and could differ materially from what is currently expected.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.