Verisante Technology, Inc. Files Amended and Restated MD&A
Vancouver, British Columbia--(Newsfile Corp. - September 27, 2013) - Verisante Technology, Inc. (TSXV: VRS) (OTCQX: VRSEF) (the "Company" or "Verisante"), a leader in cancer detection technology, announced today that, as a result of a review by the British Columbia Securities Commission, we are issuing the following press release to clarify our disclosure. Verisante has filed amended and restated management's discussion and analysis ("MD&A") for the period ended June 30, 2013 to include additional disclosure required by applicable regulatory requirements. The amended MD&A is available on SEDAR at www.sedar.com.
The amended MD&A has been revised as follows:
- addition of the company's analysis of year-to-date results including a comparison of financial performance to the corresponding period in the previous year;
- addition of a discussion on the Company's financing during the quarter, including allocation of the proceeds of the financing, as set out under the heading "Financing and Cash Flow";
- addition of a discussion of factors that have caused variations of results between different financial quarters, as set out under the heading "Selected Quarterly Financial Information";
- removal of the disclosure on government grants receivable, as the Company has not directly received any grants since 2010; and
- addition of the disclosure of the particular terms of sale as the Company began earning revenues as set out under the heading "Revenues".
The additional disclosure does not impact the unaudited interim condensed consolidated financial statements of the Company for the three and six months ended June 30, 2013 that have been previously filed by the Company.
About Verisante Technology, Inc.
Verisante is a medical device company committed to commercializing innovative systems for the early detection of cancer. The Verisante Aura™ for skin cancer detection and the Verisante Core™ series for lung, colon and cervical cancer detection utilize a proprietary cancer detection platform while the operating software and probe technology are unique to each device. The cancer detection platform was developed by the BC Cancer Agency and tested and refined at the Skin Care Centre at Vancouver General Hospital. This exclusive platform technology allows Verisante to develop and offer a range of compact, non-invasive cancer detection devices that offer physicians immediate results for many of the most common cancers. Aura™ has been approved for sale in Canada, Europe and Australia. Core™ has not yet been approved for sale.
Verisante Aura™ was awarded Popular Science Magazine's "Best of What's New Award" for 2011, awarded a 2013 Prism Award for Innovation in Photonics and an Edison Award for Excellence in Innovation in 2013. Verisante Core™ was named one of the top 10 cancer breakthroughs of 2011 by the Canadian Cancer Society.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. 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 press release.
Thomas Braun, President & CEO
Verisante Technology, Inc.
Telephone: (604) 605-0507
Forward Looking Statements
This release contains forward-looking statements, including, but not limited to, statements regarding the future commercialization of medical devices, the market demand for these products and the proprietary protections the Company will obtain with regard to the technology, all of which statements are subject to market risks, and the possibility that the Company will not be able to obtain patent protection or obtain sufficient customer demand. These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties.