Ventripoint to Issue Shares for Service to CEO and Consultants
Toronto, Canada – March 29, 2018 - Ventripoint Diagnostics Ltd. (“Ventripoint” or the “Company”) (TSXV:VPT) is pleased to announce that it has agreed to issue to Dr. George Adams, CEO of Ventripoint, 375,000 common shares of the Company in payment of outstanding back pay of $120,000, subject to the approval of the TSX Venture Exchange (TSXV). The shares will be issued at a deemed price of $0.32 per common share in a Shares for Debt transaction. The Company has determined that exemptions from the various requirements of the TSXV Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the shares to George Adams (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More than 25% of market Capitalization).
Ventripoint also announces that it intends to pay a consultant to the Company for $9,000 of consulting fees in common shares, with the number of common shares being determined with reference to the market price at the time of issuance, and subject to the approval of the TSXV.
Also, as previously announced (NR – February 6, 2018), Ventripoint has opted to issue shares in payment of the first $30,000 quarterly work fee under the financial and strategic advisory services contract. Shares will be priced at the 20 day VWAP up to March 31, 2018.
About Ventripoint Diagnostics Ltd.
Ventripoint’s technology is a leading Artificial Intelligence (AI) approach known as Knowledge-Based Reconstruction (KBR), used to create applications to monitor heart disease, a leading cause of death worldwide. The VMS+ is the first cost-effective and accurate AI tool for measuring whole heart function using conventional ultrasound. The Company has developed a suite of applications for all major heart diseases and is actively commercializing the approach to improve cardiac care.
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 press release that are not historical facts 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. 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.