Futuremed Healthcare Income Fund unitholders approve conversion into corporation

May 15 2010

Futuremed Healthcare Income Fund (the "Fund") (TSX:FMD.UN) is pleased to announce that on May 13, 2010, at its annual and special meeting of voting unitholders (the "Meeting"), unitholders overwhelmingly approved the proposed conversion of the Fund into a corporation (the "Conversion") to be called Futuremed Healthcare Products Corporation ("Futuremed Corporation"). At the Meeting, unitholders also approved the entering into of a unitholder rights plan agreement by the Fund, the creation of a common share option plan for Futuremed Corporation, the election of trustees of the Fund and the re-appointment of the Fund's auditors. Details of the voting results from the Meeting are available on SEDAR at www.sedar.com.

The Conversion is expected to take effect on December 31, 2010, following receipt of a final order from the Ontario Superior Court of Justice and the satisfaction or waiver of all other conditions to the Conversion.

The common shares of Futuremed Corporation have been conditionally approved for trading on the Toronto Stock Exchange under the symbol "FMD".