CVR Medical Provides Corporate Updates
Denver, North Carolina--(Newsfile Corp. - May 8, 2019) - CVR Medical Corp. (TSXV: CVM) (OTCQB: CRRVF) ("CVR Medical") a Canadian listed and US based healthcare company in the medical device sector provides the following corporate updates:
- On May 6th 2019 the Company received notification that The British Columbia Securities Commission (BCSC) has issued a cease trade order (CTO) in regards to trading of the Company's securities, due to the Company not filing its audited financial statements and related management discussion and analysis for the 2018 fiscal and calendar year in a timely manner. Trading in the Company's securities will remain halted until the completion of the filing. As previously stated on April 30th, 2019, our Independent Auditor had indicated that it would not be able to complete the audit for timely filing of the Company's 2018 audited financial statements as required by April 30th, 2019. As we also stated, CVR's Independent Audit Committee led by its Vice Chairman Wayne Hellman, Director Joel Kanter, and CVR Medical's CFO, Tom Harris continue to work diligently with the auditors, Dale Matheson, Carr-Hilton, Labonte (DMCL) to complete the audit. At this time, the Company cannot provide any additional guidance and or timelines of estimates as to when the audit process will be completed. More information will be disseminated as it is received.
- The Company announces that effective immediately Dr. James D'Orta has resigned from the Board of Directors.
- The Company also announces that, prior to CTO, it had closed on the final tranche of the previously announced non-brokered private placement financing. An aggregate of 1,250,000 units at a price of 25 cents per unit were issued in the final tranche for gross proceeds of $312,500. Each unit consists of one common share of CVR Medical and one transferable common share purchase warrant. Each warrant is exercisable at a price of 36 cents until May 6, 2024, provided that, if, on any 10 consecutive trading days at any time after September 6, 2019, the daily closing price of the shares on the TSX Venture Exchange is at or greater than 50 cents, CVR Medical may provide notice to the holder of the early expiry, and thereafter, the warrants will expire on the date that is 30 calendar days after the date of the notice. Proceeds from the financing will be used for continuing working capital requirements relating to the development and commercialization of the Carotid Stenotic Scan (CSS) Device. The shares and warrants are subject to a hold period expiring September 7, 2019. The Company paid finder's fees consisting of 6% cash ($18,750) and 6% finder's warrant's (56,250) in connection with the closing of the final tranche. The financing remains subject to final acceptance of the TSX Venture Exchange.
About CVR Medical
CVR Medical Corp. is a healthcare company that operates in the medical device industry focused on the commercialization of its disruptive, proprietary Carotid Stenotic Scan (CSS). The CSS device is a diagnostic tool that encompasses subsonic, infrasonic, and low frequency sound wave analysis technology. The CSS is a patented device designed to detect and measure carotid arterial stenosis. CVR is currently in clinical trials at several preeminent research institutions including The Mayo Clinic, The Cleveland Clinic, Thomas Jefferson University, Wake Forest Baptist Health and Henry Ford Hospital and has submitted its CSS device to the FDA as a De Novo application. CVR is led by an experienced and proven team of professionals with extensive healthcare, medical device, international expansion, regulatory and sales experience. CVR Medical trades on the TSX Venture Exchange under the symbol CVM and on the OTCQB under the symbol CRRVF. Additional information regarding the Company can be found in our recent filings on SEDAR as well as the information maintained on our website at www.cvrmed.com
ON BEHALF OF THE BOARD:
(signed) "Peter Bakema"
CEO, President & Director
For further information contact:
Peter Bakema, CEO, President and Director
Marc S. Lubow
Executive Vice President
(904) 923 - 4037
This press release contains forward-looking information that involves various risks and uncertainties regarding future events related to the Joint Venture. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with commercialization of technology and the practice of medicine, (3) a change in health regulations, (4) any number of events or causes which may delay or cease commercialization and development of the Joint Venture, (5) the risk that the Company or the Joint Venture does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, and (8) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED 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 RELEASE.
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