VPTDF - Ventripoint to Issue Shares for Service to CEO and Consultants
(via TheNewswire)
Toronto, Canada / TheNewswire / March 29, 2018 - Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Company") (TSXV:VPT) is pleased to announce that it has agreed to issue to Dr. George Adams, CEO of Ventripoint, 375,000 common shares of the Company in payment of outstanding back pay of $120,000, subject to the approval of the TSX Venture Exchange (TSXV). The shares will be issued at a deemed price of $0.32 per common share in a Shares for Debt transaction. The Company has determined that exemptions from the various requirements of the TSXV Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the shares to George Adams (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More than 25% of market Capitalization).
Ventripoint also announces that it intends to pay a consultant to the Company for $9,000 of consulting fees in common shares, with the number of common shares being determined with reference to the market price at the time of issuance, and subject to the approval of the TSXV.
Also, as previously announced (NR - February 6, 2018), Ventripoint has opted to issue shares in payment of the first $30,000 quarterly work fee under the financial and strategic advisory services contract. Shares will be priced at the 20 day VWAP up to March 31, 2018.
About Ventripoint Diagnostics Ltd.
Ventripoint's technology is a leading Artificial Intelligence (AI) approach known as Knowledge-Based Reconstruction (KBR) to create applications to monitor heart disease, a leading cause of death worldwide. The VMS+ is the first cost-effective and accurate AI tool for measuring whole heart function using conventional ultrasound. The Company has developed a suite of applications for all major heart diseases and is actively commercializing the approach to improve cardiac care.
For further information, contact:
Dr. George Adams, CEO
T: 519-803-6937
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.
Forward Looking Statements:
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. 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.
Copyright (c) 2018 TheNewswire - All rights reserved.