BROSSARD, Quebec, June 14, 2018 (GLOBE NEWSWIRE) -- DIAGNOS Inc. (“DIAGNOS”, “the Corporation” or “we”) (TSX
Venture:ADK) (OTCQB:DGNOF), a leader in early detection of critical health issues through the use of its
FLAIRE platform based on Artificial Intelligence (AI),
announces today the signing of an agreement with Momentum Public Relations Inc. (“Momentum”) with the objective of raising DIAGNOS
profile among targeted institutional and private investors. DIAGNOS is also providing an update on current financing activities.
Investor relation firm Momentum
The agreement with Momentum started June 1, 2018 for an initial term of nine months. The compensation for the
initial term is comprised of a fee of $60,000 and 500,000 stock options. Stock options vest at 50% per year, commencing with
the first anniversary of the grant. The exercise price of the stock options has been established at $0.08 per common share. The
expiry date to which the options can be exercised has been fixed to June 14, 2023.
Max Gagné, president of Momentum, stated: "We are extremely proud to include DIAGNOS to our roster of
carefully selected clients. They are leaders in utilizing the power of Artificial Intelligence to detect important health issues.
We believe this type of early detection and monitoring will be utilized internationally. It is easily implemented, reduces
preventable health complications along with their associated costs. DIAGNOS has been a pioneer in the sector and is well positioned
to be a dominant global player."
About Momentum
Momentum PR assists public companies in distributing their messaging to target audiences within the
North American investment community. Through a national network of institutional investors, analysts and financial media
relationships, the team may communicate the clients’ value drivers, growth potential and development vision clearly and
efficiently. The experienced team of communications specialists work closely with senior management to build campaign
objectives and market activity while executing on a long term investor relations strategy and respond to immediate
changes.
Additional information about Momentum is available at www.momentumpr.com.
Financing update
DIAGNOS announces the closing of a first tranche of 5 units (each a “Unit”) for gross proceeds of $250,000 in
connection with the private placement of units initially announced on May 28, 2018. Each Unit consists of:
- One Secured, Convertible and Redeemable Debenture (“Debenture”), 3-year term, 10% annual interest, principal of $50,000 per
Debenture, and
- 200,000 stock warrants (each a “Warrant”) entitling the holder to purchase one common share (“Share”) per Warrant at a price
of $0.15 per Share, for a period of 18 months from the date of issuance.
At the sole option of the holder of the Debenture, the principal amount of the Debentures may be converted at
any time during the 3-year term, in whole or in part, into Shares of the Corporation at a price of $0.10 per Share. Any accrued
interest on the Debenture principal, at time of conversion by the holder, is immediately payable in cash.
If, at any time after the first anniversary of the Debenture and until maturity, the volume weighted average price of the Shares on
the TSX Venture Exchange is equal to or higher than $0.18 for 20 consecutive trading days, the Debentures shall be redeemable, in
whole or in part, at the sole option of the Corporation, into Shares of the Corporation at a price of $0.10 per Share. Any accrued
interest on the principal, at time of redemption, will be immediately payable in cash.
Final closing of the private placement of units is expected to occur on, or before, June 22, 2018. The proceeds
of the private placement of units will be used to continue developing new geographical markets and to fund operating and product
development expenses.
In connection with the private placement of units, a commission in the form of cash of $3,000 and grant of
12,000 stock warrants (each, a “Finder Warrant) is payable to Trump Securities, LLC (“Trump”). Each Finder Warrant entitles Trump
to purchase one Share per Warrant at a price of $0.15 per Share, for a period of 60 months from the date of issuance.
The Debentures are sold in Canada on a prospectus-exempt basis and the common shares underlying the Debentures
and stock warrants are subject to a statutory four-month hold period.
DIAGNOS is also announcing the closing of a private placement - shares of 1,600,000 units (each a “Share-Unit”),
issued at $0.075 per Share-Unit, for gross proceeds of $120,000. Each Share-Unit consists of;
- one common share (“Share”), and
- one share warrant (“Share-Warrant”) entitling the holder to purchase one Share per Share-Warrant at a price of $0.10 per
Share, for a period of 18 months from the date of issuance of the Share-Warrant.
The proceeds of the private placement - shares will be used to fund marketing and administrative expenses.
Shares issued as part of the private placement – shares, as well as the underlying Shares to be issued upon
exercise of the Share-Warrants, are subject to a statutory four-month hold period from the date of issuance.
The private placement of units as well as the private placement - shares are subject to receipt of all required
regulatory approvals, including the approval of the TSX Venture Exchange, as well as the execution of formal documentation.
All monies quoted in this press release shall be stated and paid in lawful money of Canada.
About DIAGNOS
DIAGNOS is a publicly-traded Canadian corporation with a mission of early detection of critical health issues through the use of
its Artificial Intelligence (“AI”) tool CARA (Computer Assisted Retina Analysis). CARA is a tele-ophthalmology platform that
integrates with existing equipment (hardware and software) and processes at the point of care (“POC”). CARA’s Artificial
Intelligence image enhancement algorithms make standard retinal images sharper, clearer and easier to read. CARA is accessible
securely over the internet, and is compatible with all recognized image formats and brands of fundus cameras, and is EMR
compatible. CARA is a cost-effective tool for screening large numbers of patients in real-time and has been cleared for
commercialization by several regulatory authorities such as Health Canada, the U.S. Food and Drug Administration and the European
Union.
Additional information about DIAGNOS is available at www.diagnos.com and www.sedar.com.
For further information, please contact:
This news release contains forward-looking information. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future events could differ materially from those anticipated in these
statements. DIAGNOS disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as
a result of new information, future events or otherwise. The forward-looking information contained in this news release is
expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
