August 3, 2009 (FinancialWire) — JAG Media Holdings, Inc. (OTCBB: JAGH) (Current Market Cap: $26.80 Mil.) said it’s Ontario, Canadian-based CardioGenics ExchangeCo Inc. subsidiary has completed the acquisition of CardioGenics Inc.

In connection with the acquisition, ExchangeCo acquired all of the outstanding shares of common stock of CardioGenics, excluding 173,869 CardioGenics common shares in the aggregate owned by two minority stockholders of CardioGenics.

Under the terms of a May 22 share purchase agreement among JAG Media, CardioGenics ExchangeCo and Yahia Gawad, the principal stockholder of CardioGenics, the CardioGenics stockholders received 422,183,610 shares of JAG Media common stock.

The Share Consideration issued at the closing provides the CardioGenics stockholders with direct and indirect ownership of around 85% of JAG Media’s outstanding common stock, on a fully diluted basis.

At the closing, JAG’s current directors resigned as directors of JAG Media and its subsidiaries, after appointing CardioGenics designees as their successors, and the company’s current officers also resigned as officers and executives of JAG Media and its subsidiaries.

After their resignation and the closing, JAG’s former directors entered into consulting agreements with the company under which they will render various services to assist the company in connection with certain transition and other matters.

Following the closing, JAG Media intends to change its name to “CardioGenics Holdings Inc.” in order to better reflect the new focus of the company’s business. Until approval of the name change by FINRA and issuance of the new ticker symbol, the company’s common stock will continue to trade on the OTCBB under its current ticker symbol “JAGH.”

CardioGenics develops technology and products targeting the immunoassay segment of the in-vitro diagnostic testing market.

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