MISSISSAUGA, Ontario, Aug. 24 /PRNewswire-FirstCall/ —
Zacks Equity Research initiated research coverage on CardioGenics
Holdings Inc. (OTC Bulletin Board:
CGNH) with a six-month target price of $1.22 per share.

The 25-page Zacks report, which gives the company an investment
rating of ‘Outperform’, details CardioGenics’ portable QL
Care™ Analyzer, initially for emergency room heart attack
testing, and its paramagnetic bead supply agreements with
Merck-Chimie. The company expects to file for FDA 510K approval of
its portable QL Care™ Analyzer in 1Q 2011. The Zacks report
discusses the market potential of the QL Care™ Analyzer and
the broad range of immunoassay tests it will be capable of
performing, as well as the market potential for the company’s
proprietary paramagnetic beads.

For copy of the report visit:  
http://redingtoninc.com/emailattach/Zacks-CGNH-initiation.pdf

About CardioGenics Holdings Inc.

Through its operating subsidiaries, the Company develops
ultra-sensitive analyzers and other products targeting the
immunoassay segment of the Point-Of-Care IVD testing market. It has
developed the QL Care™ Analyzer, a proprietary and
ultra-sensitive Point-Of-Care immuno-analyzer, which will run a
number of diagnostic tests under development, the first of which
will be a series of cardiovascular diagnostic tests. As part of its
core proprietary technology, the Company has also developed a
proprietary method for silver coating paramagnetic microspheres (a
fundamental platform component of immunoassay equipment), which
improve instrument sensitivity to light. The Company’s principal
offices are located in Mississauga, Ontario, Canada. For more
information please visit

SOURCE