Ventripoint Retires All Secured Debentures
Seattle, Washington – November 12, 2014 - Ventripoint Diagnostics Ltd. (“Ventripoint” or the “Company”) (TSXV:VPT) is pleased to announce that all its secured debt has been either paid out or converted into common shares.
Previously (see news release on May 30, 2014), the Company announced it had come to an agreement with its major secured debenture-holder to amend the terms of the USD$748,000 debenture (the “Debenture”) to become convertible into common shares of the Company (“Common Shares”) at a price of USD$.0748 per Common Share. In addition, the maturity date of the Debenture was changed from July 18, 2014 to February 27, 2015. All other material terms of the Debenture remained the same. This Debenture has now been fully converted into Common Shares. The other secured debentures, totaling USD$550,000 and maturing in June and July of 2016, have also been discharged along with their accrued interest of USD$33,000.
The Company no longer has any secured debt.
The Company has also had CDN$234,000 of convertible debt converted this year.
In addition, 21,170,531 warrants have expired year to date in 2014. The Company currently has 26,690,838 warrants outstanding with a weighted average exercise price of $0.14. The Company has 184,553,501 issued and outstanding Common Shares.
“I am pleased to see our balance sheet has improved significantly this year,” said Dr. George Adams, CEO. “It is especially good for the common shareholders to see the secured debt has been retired and know future revenues will be used to build shareholder value.”
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in 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.