WINNIPEG, MANITOBA--(Marketwired - Nov. 11, 2015) - Miraculins Inc. (TSX VENTURE:MOM) (the "Company"), a medical diagnostic company focused on acquiring, developing and commercializing diagnostic tests and risk assessment technologies for unmet clinical needs, today announces that its Board of Directors (the "Board") has begun a full strategic review of the Company's business plan and alternatives in order to protect value for its shareholders. This process is being undertaken as a result of the Company's current share price and difficulty accessing the required capital to fully execute on the Company's current business plan.
The strategic review will encompass a careful evaluation of the Company's business plan, existing assets, licensing agreements, on-going projects, business development strategy and capital structure and will consider various alternatives for the Company, including a revised business plan, a merger, sale or strategic license of all or part of the assets of the Company or a combination of the above. The review will include further operating cost reductions, which the Company has already begun to implement over the past few quarters.
The Company reports that it has begun discussions regarding the potential refinancing, deferral and or re-negotiation of the Company's CDN$1,000,000 non-convertible secured loan, plus accrued interest and fees, from a lender (the "2011 Lender") that was originally announced on October 13, 2011 and previously extended twice, on December 23, 2013 and May 16, 2014, and its CDN$611,334 non-convertible secured loan, plus accrued interest and fees, from a lender (the "2013 Lender") that was originally announced on December 23, 2013 and previously extended on May 16, 2014. The Company cautions that there are no assurances or guarantees that discussions will result in any agreement with either the 2011 Lender or 2013 Lender.
No decision has been made to move forward with any strategic alternative or enter into any transaction at this time, and there can be no assurance that the consideration of strategic alternatives will result in any transaction. There is no set timetable with respect to the Board's review, and the Company does not expect to make further public comment regarding these matters unless and until the Board approves a specific action or otherwise concludes its review.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.