SEATTLE, WASHINGTON--(Marketwired - Dec. 7, 2015) -
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Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Corporation") (TSX VENTURE:VPT) is pleased to announce that, effective today, the Corporation has consolidated its issued and outstanding common shares (the "Shares") on the basis of one (1) post-consolidated common Share for every ten (10) pre-consolidated Shares (the "Reverse Split"). The Reverse Split was approved by the shareholders at the last Annual General Meeting and Corporation's Board of Directors in accordance with the Corporation's Articles, and has received the approval from the TSX Venture Exchange. Proportional adjustments will be made to the Corporation's authorized shares, outstanding options, warrants and conversion terms in convertible debentures.
Corporate Update
The Corporation also announces the installation of the VMS™ heart analysis system in a leading hospital in Shanghai. In addition, a team of cardiologists at the hospital has been trained to use the VMS and is ready to study patients as part of a research and evaluation program.
"I am pleased to have an operating VMS in a major cardiovascular hospital in China to allow the senior cardiologists to evaluate our product," stated Dr. George Adams, CEO of Ventripoint. "VentriSound, our shareholder and partner in China, was instrumental in selecting this prestigious hospital and we look forward to other installations in China, shortly."
This installation is a key milestone to establish the significance of the VMS as a unique diagnostic tool in China. VentriSound continues to work towards establishing a joint venture and will make an additional investment into Ventripoint of $2,250,000 within the context of market conditions at that time. After the investment, Ventrisound would hold more than 10% of the issued and outstanding shares of the Corporation, and would be granted the right to nominate one director to the board of directors of the Corporation.
A second VMS machine is in China and is being sent to another leading hospital in China.
The Corporation also announces it has progressed on the development of the additional catalogues for the left atrium and right atrium for the four-chamber heart analysis system. It has completed the review of its image database and determined it has sufficient images to build the catalogues. It has begun the construction of the catalogues, which is expected to take a few months to complete.
Forward Looking Statement:
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, this news release contains forward-looking information relating to final acceptance of the Private Placement by the TSXV and the use of the proceeds therefrom. The forward-looking statements and information are based on certain key expectations and assumptions made by the Corporation. Although the Corporation believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Corporation can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Other factors, which could materially affect such forward-looking information are described in the risk factors in the Corporation's most recent annual management's discussion and analysis that is available on the Corporation's profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.