To refesh everyone's memory, the restructuring agreement with Global that was approved by the TSX Venture Exchange is pasted below. Why this is now stalled is ridiculous. Peter has no sway in this, and no way to hold onto control. Hopefully the board will soon identify their recourse if he refuses to finalize. My guess is the board has the authority to impose a solution since the concept was approved by the regulator. No doubt Peter solely is the source of the conflict of interest and the governance issues identified by the regulator.
CVR Medical Announces Closing Of Restructuring Transaction with CVR Global, Inc.
VANCOUVER, BC / November 27, 2018 / CVR Medical Corp. (CVM.V) (TSXV: CVM) (FRANKFURT: B3BN) (OTCQB: CRRVF) (“CVR Medical” or the “Company”) is pleased to announce that following receipt of final approval from the TSX Venture Exchange, the Company is completing the restructuring transaction (the “Restructuring”) with CVR Global, Inc. (“CVR Global”), first announced on May 29, 2018.
Pursuant to the Restructuring, CVR Medical is acquiring CVR Global’s 50% interest in the companies’ joint venture focused on the commercialization of the Carotid Stenotic Scan (CSS) and the joint venture is being terminated in favor of the creation of a new Delaware corporation wholly-owned by CVR Medical, CVRM, which will license from CVR Global and CVR Medical all necessary patents and technology in respect of the CSS Device. Going forward the CSS Device will be developed and manufactured under the terms of a CSS Commercialization Agreement entered into between CVRM, and CVR Global pursuant to which CVR Global has been retained as the exclusive developer and manufacturer of the CSS with funding to be provided by CVRM.
The move from the joint venture currently in place to this next structural phase, is a signal of confidence that CVR Medical is in position to successfully guide the finalization of developmental phases and seamlessly transition into marketing and sales of the CSS Device once market clearance/approval is received.
As consideration under the Restructuring, CVR Global is being issued an aggregate of 30,000,000 common shares of CVR Medical, 27,000,000 of which are being placed in escrow to be released upon achievement of the following key milestones: