VPTDF - Ventripoint Diagnostics Receives Additional Innovation Assistance Program Funding and Updates Warrant Exercises
(TheNewswire)
Clean Balance Sheetand Two Years of Cash
Toronto, Ontario – TheNewswire –March 3 2021 - VentripointDiagnostics Ltd. (" Ventripoint " or the " Company "),(TSXV:VPT ) ; ( OTC:VPTDF) announces that it isreceiving an additional temporary wage grant of up to $43,353 as partof the National Research Council of Canada Industrial ResearchAssistance Program’s (NRC IRAP) Innovation Assistance Program (IRAPIAP) for the period between December 20, 2020 to March 13,2021.
This funding is merit-based and follows on support ofthe $176,103 provided through IRAP IAP. The Company has continued toreceive other loans and subsidies and so the total amount ofgovernment support has been approximately $524,000 to date.
This additional wage subsidy will help in theadvancement of the Ventripoint product offering and accelerate thebusiness, especially in the challenging days of COVID-19.
In other news, 100% of the warrants issued inassociation with the convertible debentures (see NR February 3, 2021)and having an exercise price of $0.10 have been exercised and sharesissued. The Company received gross proceeds of $2,393,700 from theexercise of these warrants. In addition, 72% of the warrants issuedon October 2, 2019 and having an exercise price of $0.115 have beenexercised for gross proceeds of $386,454. There remains outstandinga total of 1,286,666 of this series of warrants, which expire onOctober 2, 2022. The Company now has two years of cash and a cleanbalance sheet with no debt.
About Ventripoint DiagnosticsLtd.
Ventripoint has become anindustry leader in the application of AI (Artificial Intelligence) toechocardiography. Ventripoint's VMS products are powered by itsproprietary KBR technology, which is the result of a decade ofdevelopment and provides accurate volumetric cardiac measurementsequivalent to MRI. This affordable, gold-standard alternative allowscardiologists greater confidence in the management of their patients.Providing better care to patients serves as a springboard and basicstandard for all of Ventripoint's products that guide our futuredevelopments. In addition, VMS+ is versatile and can be used with allultrasound systems from any vendor supported by regulatory marketapprovals in the U.S., Europe and Canada.
For further information, pleasecontact:
Dr. George Adams
Email :gadams@ventripoint.com
Phone:519-803-6937 ???????????????
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this news release.
Forward Looking Statements
This news release contains forward-looking statementsand forward-looking information within the meaning of applicablesecurities laws. The use of any of the words "expect","anticipate", "continue", "estimate","objective", "ongoing", "may","will", "project", "should","believe", "plans", "intends'' and similarexpressions are intended to identify forward-looking information orstatements. The forward-looking statements and information are basedon certain key expectations and assumptions made by the Company.Although the Company believes that the expectations and assumptions onwhich such forward-looking statements and information are based arereasonable, undue reliance should not be placed on the forward-lookingstatements and information because the Company can give no assurancethat they will prove to be correct.
Since forward-looking statements and informationaddress future events and conditions, by their very nature theyinvolve inherent risks and uncertainties. Actual results could differmaterially from those currently anticipated due to a number of factorsand risks. Factors which could materially affect such forward-lookinginformation are described in the risk factors in the Company's mostrecent annual management's discussion and analysis that is availableon the Company's profile on SEDAR at www.sedar.com. Readers arecautioned that the foregoing list of factors is not exhaustive. Theforward-looking statements included in this news release are expresslyqualified by this cautionary statement. The forward-looking statementsand information contained in this news release are made as of the datehereof and the Company undertakes no obligation to update publicly orrevise any forward-looking statements or information, whether as aresult of new information, future events or otherwise, unless sorequired by applicable securities laws.
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