MISSISSAUGA, ON--(Marketwired - January 07, 2016) - MedX Health Corp. ("MedX" or the "Company") (TSX VENTURE: MDX), a leading medical device company, announced it has completed a transaction that eliminates the 10% royalty obligation which was paid to the previous owner of its SIAscopy technology. To complete this transaction, MedX made a one-time payment of US$200,000 which was financed by a loan from a party related to its pharmacy channel partner.
"We are very pleased that we have eliminated the 10% royalty payments that applied to all SIAscopy revenues; this will reduce our operating costs, lower our breakeven and reduce cash outflows," said Rob von der Porten, MedX CEO. "Our channel partner's participation in assisting with this transaction indicates their level of confidence in the technology and our Company."
"We also experienced strong sales growth in the fourth quarter, to levels well ahead of the corresponding quarter in the prior year," added Mr. von der Porten.
About MedX
MedX, headquartered in Mississauga, Ontario, is a leading medical device company focused on skin cancer; it manufactures and distributes SIMSYS™ and MoleMate™, hand-held devices that use patented technology utilizing light and its remittance to view beneath suspicious moles and lesions in a pain free, non-invasive manner, creating real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. The devices are sold to physicians and clinics, as well as being deployed in drugstore settings where the images are sent remotely to dermatologists who perform a diagnosis. These products are Health Canada, FDA (US), ARTG and CE approved for use in Canada, the US, Australia and Europe. MedX also designs, manufactures and distributes quality laser and light therapy technologies for use in numerous medical settings, approved in major jurisdictions, to provide drug free and non- invasive treatment of tissue damage and pain. For more information and a complete profile of MedX and its products visit www.medxhealth.com.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Neither 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 press release.