Press Release CRRVF CVM.V) CVR Medical Corp. Announces Acquisition of all Intellectual Property Related to it's Infrasonic, Sonic and Subsonic Technologies Allowing for Future Development
Monday, March 16, 2020, 1:11 PM ET
Vancouver, British Columbia--(Newsfile Corp. - March 16, 2020) - CVR Medical Corp. (TSXV: CVM) (OTCQB: CRRVF) ("CVR Medical" or the "Company" or "we") a Canadian listed and US based healthcare company in the medical device sector announces the planned Restructuring of CVR Medical Corporation and CVR Global, Inc.
A restructuring of CVR Medical and CVR Global has been agreed to by both parties. All Intellectual Property associated with all aspects of the underlying technology will be transferred to CVR Medical as well as all royalties in exchange for a minimum of 30,000,000 and a maximum of 45,000,000 shares of CVR Medical stock. This transfer will be completely based on an independent third party valuation of the combined intellectual property and royalties. CVR Global plans on distributing all shares of CVR Medical stock to the CVR Global Shareholders thereby making all the CVR Global shareholders CVR Medical shareholders.
The Board of Directors of CVR Medical unanimously recommends the terms of this Agreement to the CVR Medical Shareholders and will submit the signed Agreement to the TSX Venture Exchange for approval. With preliminary approval from the TSX-V, a special meeting of the shareholders is to be called for the purposes of ratifying the Agreement.
This Agreement will dilute CVR Medical shares between 19 - 26%. CVR Medical in return will have sole responsibility for the entire operation of the CSS (Carotid Stenotic Scan) including clinical trials, FDA submission, marketing and sales. The company will no longer have licensing fees or royalties on the technology. CVR Medical will become a free-standing Medical Device Company with control of the CSS and ownership of all existing and future IP as well as any advances in the pipeline. In addition, CVR Medical will own the rights to any other applications incorporating the subsonic, infrasonic and low frequency sound technology.
This new agreement allows CVR Medical to raise the necessary capital to continue operations and expedite the studies necessary for FDA clearance of the CSS Device.
The Board of Directors has worked diligently to bring CVR Medical onto a viable path forward into the future.
About CVR Medical
CVR Medical Corp. is a healthcare company that operates in the medical device industry focused on the commercialization of its disruptive, proprietary Carotid Stenotic Scan device (the "CSS"). The CSS is a diagnostic tool that encompasses subsonic, infrasonic, and low frequency sound wave analysis technology. The CSS is a patented device designed to detect and measure carotid arterial stenosis. CVR Medical's shares are listed on the OTCQX under the symbol "CRRVF". The Company has applied for reinstatement of trading on the TSX-V, and were previously listed for trading under the symbol traded under the symbol "CVM". Additional information regarding the Company can be found in our recent filings with the SEDAR as well as the information maintained on our website at www.cvrmed.com
ON BEHALF OF THE BOARD:
(signed) Paul Blunden, M.D.
President & Director
For further information contact:
Paul Blunden, M.D., President/ Director
Email: info@cvrmed.com