CardioGenics Holdings Inc. Announces Letter to Shareholders

Letter Provides Introduction to JAG Shareholders and Details the Company's
Development Programs for Their Proprietary Products That Serve the In Vitro
Diagnostic Market

MISSISSAUGA, Ontario, Oct. 27 /PRNewswire-FirstCall/ -- CardioGenics Holdings
Inc. (OTC Bulletin Board: CGNH), a developer of technology and products
targeting the immunoassay segment of the In-Vitro Diagnostic (IVD) testing
market, has issued a letter to its shareholders. To view the letter in its
entirety, please visit the following link: http://irgnews.com/node/1633.

In the letter, CardioGenics Chief Executive Officer, Yahia Gawad, MD, updates
shareholders on the company's efforts to increase shareholder value related to
its key initiatives and developments, which include:

-- Commercializing its proprietary Paramagnetic Beads, a method for
improving light collection using silver-coated magnetic Beads, a
consumable test reagent used in 90% of medical lab analyzers. The
company signed an agreement with Merck Chimie S.A.S. ("Merck") in
January pursuant to which Merck is further developing the Beads and
will
distribute the final product.

-- US Food and Drug Administration approval process for the QL Care
Analyzer ("QLCA"), a state-of-the-art proprietary point-of-care
("POC")
immunoanalyzer. The company is approximately 12 to 14 months away from
submitting its first 510K application to the FDA for the QLCA and its
first cardiovascular test, Troponin I (TnI).

-- FDA submission for the Company's three follow-on Immunoassay tests:
CardioGenics will submit to the FDA in three-month intervals following
the FDA's approval of the QLCA and TnI test; Plasminogen Activator
Inhibitor Type-1 (PAI-1), Heart Failure Risk Stratification (HFRS);
and
Heart Failure Genomics Risk (HFGR) tests. These tests are designed to
address significant clinical problems in patients suffering the
consequences of ischaemic heart diseases.

Dr. Yahia Gawad, Chief Executive Officer, commented: "Overall, our primary
objective is to commercialize our proprietary IVD products and increase
shareholder value. As a result of the JAG Media transaction, we now have new
shareholders and at the same time, we have the backing of our loyal
CardioGenics shareholders who have invested and supported our developmental
efforts for the past 10 years. You have my pledge in the future to keep all
of our shareholders informed about our progress and the work we are doing to
bring the QLCA and immunoassay test products to market. I would also like to
take this opportunity to thank every member of our clinical team that, through
hard work and dedication, has stayed the course to develop our products."

About CardioGenics Holdings Inc.

Through its CardioGenics subsidiaries, the Company develops technology and
products targeting the immunoassay segment of the In-Vitro Diagnostic testing
market. It has developed the QL Care Analyzer, a proprietary 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.

Safe Harbor Statement - Certain statements made herein that are not historical
are forward-looking within the meaning of the Private Securities Litigation
Reform Act of 1995 and may contain forward-looking statements, with words such
as "Anticipate, "believe," "expect," "future," "may," "will," "should,"
"plan," "projected," "intend," and similar expressions to identify
forward-looking statements. These statements are based on the Company's
beliefs and the assumptions it made using information currently available to
it. Because these statements reflect the Company's current views concerning
future events, these statements involve risks, uncertainties and assumptions.
The actual results could differ materially from the results discussed in the
forward-looking statements. In any event, undue reliance should not be placed
on any forward-looking statements, which apply only as of the date of this
press release. Accordingly, reference should be made to the Company's periodic
filings with the Securities and Exchange Commission.

SOURCE CardioGenics Holdings Inc.

Adam Holdsworth, The Investor Relations Group, +1-212-825-3210; or Media
Relations: Mike Graff, +1-212-825-3210