BURNABY, BC--(Marketwired - September 02, 2014) - LED Medical Diagnostics Inc. (TSX VENTURE: LMD) (OTCQX: LEDIF) (FRANKFURT: LME) ("LED Medical" or "the Company") today announces that Darryl J. Yea has accepted the position of Chair of the Board and Director of the Company. Mr. Yea has served as a director of LED Medical since 2011. He is the President of Investco Capital Management Inc. "We are very pleased that Darryl has agreed to become Chair," stated David Gane, CEO, LED Medical. "His extensive business and investment knowledge and experience are expected to further enhance LED Medical leadership as we continue to rapidly expand the Company's product portfolio and forge further inroads into national and international markets."
At LED Medical's Annual General Meeting, held on August 28, 2014, Dr. David Gane, Lamar Roberts, President of the Company's wholly-owned operating division, LED Dental, and Al Fiore, the Chairman and CEO of PowerWorks, a leading provider of high end electrical contracting services, were also appointed to the board of directors. Mr. Fiore has extensive experience in the dental market. He served as Senior Vice President of Corporate Development and Marketing for PracticeWorks Inc. from its inception until its acquisition by The Eastman Kodak Company in 2003. Dr. Gane, Mr. Roberts and Al Fiore were members of a dynamic group of executives that built PracticeWorks into the one of the largest technology companies in the oral healthcare sector. In addition, Peter Whitehead, the founder and former CEO of LED Medical, has decided to step down as a director and pursue his interests as a medical inventor. Peter will serve as a consultant to LED Medical for the next year. "Peter has been unwavering in his support of the new management team at LED Medical," stated Dr. Gane. "He has voluntarily transitioned out of his role as CEO in October 2013 to concentrate on research, development, special projects and business opportunities for the Company," stated Dr. David Gane, CEO. "At his very core, Peter is a pioneer in the field of medical technology and he has recently taken three projects from concept to human use. I believe that his ingenuity, dedication to science and passion for innovation will continue to be a driving force in his career."
Keith Smith has also decided to step down as a director. "The Board and all the team members of LED Medical and its subsidiaries wish to thank Peter and Keith for their vision, dedication and contributions to the Company during their tenures," continued Dr. Gane.
LED Medical has retained Brooks Communications to provide strategic investor relations and financial communications services. Brooks Communications is a Canadian company headquartered in Toronto, Canada. Over the last fifteen years, Brooks Communications has provided strategic communications services to Canadian and U.S. based public companies across a variety of sectors. The principal and owner of Brooks Communications is Beverly Brooks. The contract with Brooks Communications will commence on September 10, 2014 and will expire on September 10, 2015. Brooks Communications will be paid fees of $9,000 per month for its services during the term of the contract.
Exercise of Warrants Creates Additional Working Capital
LED Medical is also pleased to report that between August 12, 2014 and August 29, 2014, it has received an injection of $2,180,000 through the conversion of warrants to common shares. The additional capital raised will be used to help finance the Company's aggressive sales and marketing initiatives as well as R&D and operations.
About LED Medical Diagnostics Inc.
Founded in 2003 and headquartered in Burnaby, British Columbia, Canada, LED Medical Diagnostics Inc. is a leading developer of LED-based visualization technologies for the medical industry. The Company is currently listed on the Toronto Stock Exchange (TSX-V) under the symbol "LMD", the OTCQX under the symbol "LEDIF", as well as the Frankfurt Stock Exchange under the symbol "LME". For more information, visit www.ledmd.com.
LED Dental Inc., a wholly-owned subsidiary, is backed by an experienced leadership team dedicated to a higher level of service and support. LED Dental offers advanced diagnostic imaging equipment that seamlessly integrates into dental practices. The Company is committed to providing dental practitioners with the best technology available by identifying and adding strong products to its growing portfolio. Additionally, the company manufactures the award-winning VELscope® Vx Enhanced Oral Assessment System, the first system in the world to apply tissue fluorescence visualization technology to the oral cavity. The VELscope® Vx is now used to conduct more screenings for oral cancer and other oral mucosal diseases than any other adjunctive device. For more information, call 888.541.4614 or visit www.leddental.com.
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Forward-Looking Statements
This press release contains statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking information under applicable Canadian securities legislation that involve risks and uncertainties. Such forward-looking statements or information include statements regarding, but not limited to the Company's future growth strategy for the United States, its distribution strategy and product offerings, potential expansion of the Company's technology to other medical applications or markets, or the potential introduction of new technologies by the Company. Persons reading this press release are cautioned that such statements or information are only predictions, and that the Corporation's actual future results or performance may be materially different. Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to competition risks, distributor risks, product development risks such as regulatory, design, intellectual property and other factors described in the Corporation's reports filed on SEDAR including its Annual Information Form and financial report for the year ended December 31, 2012. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. All forward-looking statements made in this press release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by the Company will be realized. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.