Siemens Medical Solutions Leader Joins Zargis Board

PRINCETON, N.J., October 27, 2003

While waiting for the FDA to grant marketing clearance on the Zargis Acoustic Cardioscan System (ZAC™) - a product designed to assist primary-care physicians in the detection and analysis of suspected heart murmurs - Zargis Medical Corp. announced today that Thomas Miller has joined the Zargis Board of Directors.

An expert in the field of medical systems and healthcare solutions, Mr. Miller is president of Siemens Medical Solutions Health Services Corporation.

"Mr. Miller brings to the table a long and successful career in the medical industry, and offers a unique perspective as a business leader - having both a technical background and experience in business development, marketing and sales," said Zargis President and CEO Shahram Hejazi. "I look forward to being able to draw upon his expertise."

Zargis received a fundamental patent earlier this year on a diagnostic support system designed to aid doctors in the detection of heart murmur, a condition that can signify serious heart problems. Zargis has applied for six additional patents. The Company is now awaiting 510(k) clearance from the Food and Drug Administration so that it can market the Zargis Acoustic Cardioscan System (ZAC™).

"The ZAC system is one of the most exciting products I have come across in recent years," Mr. Miller said. "And I am delighted to be part of Zargis."

As president of Siemens Medical Solutions Health Services Corporation, Mr. Miller oversees Siemens health care information technology business worldwide. He holds an impressive professional track record within Siemens and other multinational corporations. During his initial 15 year tenure with Siemens, Mr. Miller headed up Siemens Medical's Magnetic Resonance product division, as well as Siemens Medical's U.S. sales and service organization. Most recently, he was vice president of business development, for Siemens Medical Solutions in Erlangen, Germany.

"Siemens has been a crucial part of our success from the start," explained Dr. Hejazi. Zargis was formed with investment from Siemens Corporate Research Inc. and Speedus Corp. (NASDAQ: SPDE). The two companies co-invested in Zargis to further develop and commercially market an advanced acoustic technology for detecting heart murmurs and other abnormalities.

"It is an honor to have one of Siemens' distinguished professionals on our board to provide guidance and knowledge as we continue to grow our business," Dr. Hejazi added.

In addition to his leadership positions at Siemens, Mr. Miller was also president and CEO of Carl Zeiss, Inc., the American subsidiary of the multi-billion dollar optical company, and simultaneously the general manager of the worldwide medical division of Carl Zeiss, responsible for surgical microscopes and ophthalmology products. Mr. Miller also served as president and CEO of Analogic Corporation, a manufacturer of components and subsystems for the healthcare and security industry.

Mr. Miller also co-founded a company, LightLab Imaging, to commercialize a new diagnostic imaging method called optical coherence tomography (OCT) enabling the acquisition and display of real-time ultra high-resolution cross sectional images with light. During summer 2002, following successful initial clinical trials for vulnerable plaque imaging in coronary arteries, he sold the operation to a Japanese company.

Mr. Miller holds a B.S. in Nuclear Engineering with a minor in English Literature from the University of Massachusetts and a master's degree from Harvard Medical School/MIT's joint program in Medical Physics.

Based in Princeton, N.J., Zargis is developing advanced diagnostic decision support products and services for primary care physicians and other healthcare professionals.

For more information:

About Zargis, visit www.zargis.com on the Internet. Contact: John Kallassy, (609) 734-6510.

About Speedus Corp., visit their website at www.speedus.com.

About Siemens Corporate Research, visit their website at www.scr.siemens.com.

Statements contained herein that are not historical facts, including but not limited to statements about the Company's product, corporate identity and focus, may be forward-looking statements that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, the continuing development of the Company's sales, marketing and support efforts.

The information about this product is preliminary. The product is under development and not commercially available in the U.S., and its future availability cannot be ensured.