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Ventripoint Diagnostics Closes $250,000 Debenture Financing
Seattle, Washington, March 26, 2015 – Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Corporation") (TSXV:VPT) announces that further to its news releases of March 4, 2015 and March 24, 2015, it has completed a non-brokered private placement of CDN$250,000 (the "Offering") of convertible debentures.
The debentures mature on March 25, 2016 and may be converted by the holder at any time into common shares of the Corporation at a price of $0.06 per common share. Interest is payable on the debentures at an annual rate equal to twelve percent (12%) paid in cash on a quarterly basis in arrears.
“The scale of echocardiography in China is truly a wonder and their cardiologists
enthusiastically embraced the ability to obtain functional information about the right
heart in a few minutes using the VMS heart analysis system”, said Dr. George Adams, CEO of Ventripoint. “The pioneer VMS machine in China has attracted the attention of cardiologists in hospitals and universities from different cities. The opportunity and marketplace in China is absolutely enormous and the best part is, it’s untapped. Our potential revenue forecasts in China alone could easily propel our company to the next level so I am very excited to see where these prospects lead to in 2015. With such positive feedback from doctors, we are one step closer towards distributing the VMS machines throughout the country.”
No finders’ fees or commissions were paid in connection with the Offering.
A Director and Officer of the Corporation subscribed for $50,000 of the debentures.
The net proceeds of the Offering, after deducting the expenses of the Offering, will be used to incur expenditures for: (i) product and service commercialization of the VMSTM heart analysis system; (ii) for general working capital purposes, and (iii) potentially to repay debt and outstanding payables.
The Offering is subject to the final approval of the TSX Venture Exchange. The securities are subject to a four-month hold period, in accordance with applicable securities laws.
Neither 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
FORWARD-LOOKING STATEMENTS: The statements made in this news release that are not historical facts may contain forward-looking information that involves risk and uncertainties. All statements, other than statements of historical facts, which address Ventripoint’s expectations, should be considered forward-looking statements. Such statements are based on management’s exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words "may", "will", "anticipate", "believe", "estimate", "expect", "intend" and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect a current view of future events and are subject to certain risks and uncertainties as contained in the Corporation's filings with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results could differ materially
from those anticipated in these forward-looking statements. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Ventripoint's disclosure documents on the SEDAR website at www.sedar.com. The Corporation undertakes no obligation, and does not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events. Although management believes that expectations are based on reasonable assumptions, no assurance can be given that these expectations will materialize.