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To: Gator who wrote (498)	5/5/1999 11:29:00 AM
From: RangeRover	Read Replies (2) \| Respond to of 616

More OKTI news..... Oxford-Knight Completes Letter of Intent to Acquire 20% Interest in Medical Technology Company GRAND ISLAND, N.Y., May 5 /PRNewswire/ -- Oxford-Knight International, Inc. (OTC Bulletin Board: OKTI - news) announced today that it has completed the Letter of Intent to acquire 20% of Diagnostic Technology Corporation of Jenkintown, Pa. The letter of intent was announced on April 20th and took just 2 weeks to finalize the transaction. Diagnostic Technology is medical technology company that is developing an innovative hand-held instrument which in two minutes has the ability to perform blood chemistry analysis. The major advantages of this particular instrument is its portability, speed, ease of use, and its affordability to the medical community. It is the intent of this acquistion, to spin off 20% of Diagnostic as a new publicly traded company and have OKTI shareholders receive proceeds via stock in the new venture based upon a record date disclosed in the future. It is estimated by OKTI management that it will take roughly 4-5 months to have the new entity up and trading. ''This medical device has the capability once on the market to produce sales in the $100 million area, but our ultimate goal is to enter into a licensing agreement with a major manufacturer and marketer of medical equipment to sell the instrument in the human medical market. For veterinary use, the corporation will market the instrument through established distributors of veterinary pharmaceuticals and equipment,'' stated Paul Syracuse, Oxford Knight's President and CEO. The device in question, once approved by the FDA via the 510K rule (approximately 90-120 days), would be a highly valuable asset for the company and ultimately a major advance in the clinical testing sector of the medical industry. Syracuse went on to say, ''This is an exciting time for us. We spent the majority of 1998 building our infrastructure & business plan and we are now implementing it. There are other partnerships/acquisitions in the works and the completion of a previously announced LOI progressing nicely. Our shareholders will be the ultimate beneficiaries as they will not only be shareholders in OKTI, but also any company with which we complete a partnership/acquisition. We are very pleased with our progress thus far. Lastly, we are preparing our Form 10-SB to submit with the SEC to become a reporting company, and should have it filed in the next 4-6 weeks.'' Oxford-Knight International, Inc. plans to specialize in mergers & acquistions, leveraged buy-outs, business consulting, real estate development, construction (residential and commercial), assisted living facilities (new), and retail & wholesale distribution of auto accessories. The company has 2.282 million shares outstanding. For more information on Oxford-Knight, contact Jeff Brommer, Investor Relations at 630-761-8062.