VPTDF - Ventripoint update on its Financial Status and on Warrant and Option Exercises
(TheNewswire)
Toronto, Ontario – TheNewswire –May 6, 2021 - Ventripoint Diagnostics Ltd.(" Ventripoint " or the " Company "), (TSXV:VPT ) ; ( OTC:VPTDF) is pleased to provide this update on its financialstatus and the exercises of warrants and options since the last update(see NR March 3, 2021).
Since the last update, the Company has received cashinflows, which now gives it sufficient cash to cover operating anddevelopment expenses for three years at the current burn rate. Inaddition, the Company has no debt outstanding, as all convertibledebentures were converted to shares, which gives it a clean balancesheet.
“We fully expect to grow the Company as salesrevenues increase, but it is still nice to have cash reserves to fundspecial initiatives and weather any unforeseen events (like theCOVID-19 pandemic),” stated Dr. George Adams,Executive-Chairman.
On March 23, 2017, the Company issued 10,396,938warrants at an exercise price of $.50. Of those 2,926,377 (~28%)have been exercised for gross proceeds of $1,463,189. Insiders ofthe Company have exercised 612,500 of these warrants representing$306,250. As of today, there are 7,470,561 of these warrantsoutstanding. These warrants expire May 23, 2021.
In addition, there remains 1,286,666 of the warrantsissued on October 2, 2019 and having an exercise price of $0.115. These warrants expire on October 2, 2022. There are no otherwarrants outstanding.
Since September 25, 2020, the Company has had 3,256,250options exercised at a weighted average price of $.13 per share forgross proceeds of $419,875. There are 6,653,750 options outstandingwith exercise prices between $.10 to $.50. 3.070,750 of theseoption grants have vested and the remainder will vest over the next2.7 years. The Company has 1,703,685 options available for futuregrants.
After the issuance of shares for exercised warrants andoptions (some in process), the Company will have approximately136,803,405 common shares issued and outstanding.
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
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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