CVR Medical Announces Prospective Collaboration with Canon Financial Services for Leasing of Carotid Stenotic Scan (CSS)
Canon Financial Services Poised to Provide CSS Device Leasing Solutions to CVR Medical's Anticipated Global Customer Base
Denver, North Carolina--(Newsfile Corp. - April 15, 2019) - CVR Medical Corp. (TSXV: CVM) (OTCQB: CRRVF) ("CVR Medical"), a Canadian-listed and US-based healthcare company in the medical device sector, announced that it is currently in negotiations with Canon Financial Services, Inc. (CFS), a wholly owned subsidiary of Canon U.S.A., Inc., to provide leasing services for CVR Medical's Carotid Stenotic Scan (CSS) line of products to the healthcare market. This agreement will expand the relationship between CVR and the Canon group company, Canon Virginia, Inc., which is currently contracted for the manufacturing of the CSS.
The arrangement with CFS would represent an important step in CVR Medical's progress toward increasing the accessibility of early-stage care for vascular disease. With best-in-class services for end-user financing solutions and the global strength of the Canon brand, a broad spectrum of clinical professionals, including primary care physicians, would be able to incorporate the CSS into their everyday practices with confidence and financial flexibility.
Peter Bakema, CVR Medical's Chief Executive Officer, states, "We believe that the future of vascular care lies in the highly-accurate, non-invasive, diagnostic technique that the CSS is designed to offer. It is our intention to not only provide value for large institutional medical providers, but also to make our technology available to office-based clinicians. We are proud to expand our relationship with Canon. We feel that this new financial collaboration will help to significantly increase the CSS's market entry potential once FDA approval is received and simultaneously enhance the financial strength of our organization."
"As a true captive leasing company our goal is to provide best in class products and services to our Canon family of products", stated Dominic Janney Vice President of Sales and Servicing for CFS. We are honored to have been selected by CVR Medical to not only assist with a solution which will lower the total cost of ownership of their product, but to also be a partner in their journey. We look forward to this exciting new opportunity and creating products and programs that will address the changing needs of the customers through innovation and best in class service.
About CVR Medical
CVR Medical Corp. is a healthcare company that operates in the medical device industry focused on the commercialization of its potentially 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 research institutions 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. Additional information regarding the Company can be found in our recent filings with the SEDAR as well as the information maintained on our website at www.cvrmed.com
About Canon Financial Services, Inc.
As part of Canon, Inc., a leader in digital imaging solutions, Canon Financial Services, Inc. (CFS) offers end-user financing through term leases and financing arrangements for healthcare equipment, software and related systems across the U.S. CFS provides co-branded lease documents, efficient processes, competitive pricing, and special promotions and programs designed to sell products and services in the healthcare market
About Canon U.S.A., Inc.
Canon U.S.A., Inc., is a leading provider of consumer, business-to-business, and industrial digital imaging solutions to the United States and to Latin America and the Caribbean markets. With approximately $36 billion in global revenue, its parent company, Canon Inc., ranks third overall in U.S. patents granted in 2018 and is one of Fortune Magazine's World's Most Admired Companies in 2018. Canon U.S.A. is dedicated to its Kyosei philosophy of social and environmental responsibility. To keep apprised of the latest news from Canon U.S.A., sign up for the Company's RSS news feed by visiting www.usa.canon.com/rss and follow us on Twitter @CanonUSA.
ON BEHALF OF THE BOARD:
(signed) "Peter Bakema"
CEO, President & Director
For further information contact:
CVR Medical Corp.
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 our CSS device and our partnership with Canon. 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 the development and 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 CSS device, (5) the risk that the Company does not execute its business plan or that the companies engaged to develop and obtain regulatory approval for the CSS device do not execute their plans, (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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