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TEL AVIV and NEWYORK, Dec. [16], 2021 G Medical Innovations Holdings Ltd. (NASDAQ:GMVD) (the "Company") today announced the pricing of a privateplacement in the form of a convertible note in the principal amount of$5,000,000 that has a two-year maturity and a fixed conversion price.Proceeds to be used to launch 25 Covid-19 testing centers inCalifornia in Q1, 2022.
The first six locations are currently in operation as ofWednesday, December 15, 2021 .
G Medical Innovations Holdings Ltd., a telehealth,medical device, and remote patient monitoring company providingclinical-grade solutions for consumers, medical professionals, andhealthcare institutions, Known for its groundbreaking technology,remote patient monitoring devices and services utilized by hospitalsand cardiologists across the country, GMedical’s innovativePrizma monitoring device will be offered direct-to consumer for thefirst time at these testing locations, as part of an aggressivecompany direct-to-consumer strategy.
Prizma is a user-friendly cell phone-sizeddevice that can help monitor user’s vital signs, providingto-the-minute readings for ECG, temperature, oxygen saturation, heartrate, stress levels and blood pressure, help track body weight andglucose levels. Data is presented directly to the user and thedesignated care provider.
Prizma can also be prescribed by physicians topatients with cardiac or respiratory disease, diabetes and otherhealth issues. With the explosive growth in demand for Covid testingacross the country, G Medical expects its new California locations toboost Prizma sales.
“By offering Prizma at our Covid19 testing sites we areempowering consumers to measure and monitor their vital signs posttesting, in the comfort of their own home,” said G Medical CEO Dr.Yacov Geva. “This unique opportunity to introduce our Prizma deviceto customers face-to-face at the point of sale is an important stepforward in our company’s direct-to-consumer initiative
EF Hutton, divisionof Benchmark Investments, LLC, acted as exclusive placement agent forthe offering.
This press release shall not constitute an offer to sell or thesolicitation of an offer to buy any of the securities describedherein, nor shall there be any sale of these securities in any stateor jurisdiction in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securitieslaws of any such state or jurisdiction.
Forward-looking Statements
This press releasecontains forward-looking statements within the meaning of the “safeharbor” provisions of the Private Securities Litigation Reform Actof 1995 and other Federal securities laws. Words such as“expects,” “anticipates,” “intends,” “plans,”“believes,” “seeks,” “estimates” and similar expressionsor variations of such words are intended to identify forward-lookingstatements. Because such statements deal with future events and arebased on G Medical’s current expectations, they are subject tovarious risks and uncertainties, and actual results, performance orachievements of G Medical could differ materially from those describedin or implied by the statements in this press release. For example, GMedical is using forward-looking statements when it discusses the useof proceeds from the private placement, plans to open as many as 25Covid-19 testing centers in California in Q1, 2022, itsdirect-to-consumer strategy and the benefits and advantages of itsPrizma medical device. The forward-looking statements contained orimplied in this press release are subject to other risks anduncertainties, including those discussed under the heading “RiskFactors” in G Medical’s prospectus filed pursuant to Rule424(b)(4), filed with the Securities and Exchange Commission(“SEC”) on June 28, 2021, and in any subsequent filings with theSEC. Except as otherwise required by law, G Medical undertakes noobligation to publicly release any revisions to these forward-lookingstatements to reflect events or circumstances after the date hereof orto reflect the occurrence of unanticipated events. References andlinks to websites have been provided as a convenience, and theinformation contained on such websites is not incorporated byreference into this press release. G Medical is not responsible forthe contents of third-party websites.
Contact:
G Medical Service
+972 8-958-4777
service@gmedinnovations.com
ContactDetails
G-Medical Innovations HoldingsLtd,
Oren Cohen
+972 8-958-4786
CompanyWebsite
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