Ventripoint Receives First Order for VMS-PLUS Components from China
Toronto, Ontario – October 31, 2016 - Ventripoint Diagnostics Ltd. (“Ventripoint” or the “Company”) (TSXV: VPT) announces it has received $240,534 from Ma’anshan YuTian Medical Technology Co. Ltd to purchase the first batch of components to begin the manufacturing process of the VMS-PLUS heart analysis units in China.
“We are now starting the process to transfer the manufacturing knowledge for the VMS-PLUS to the facility in Ma’anshan by sending all the components necessary to build the first batch of VMS-PLUS machines and our staff to train the operators in China,” stated Dr. George Adams, CEO of Ventripoint. “This has been a long time coming and we are pleased to announce that accessing the market in China is finally on its way. I look forward to updating our shareholder over the coming months.”
This is a major milestone as the opportunity in China continues to expand and we feel with manufacturing now beginning, the Company is in a position to drive tremendous value for our shareholders in the quarters to come. The first machines are expected to be constructed by the end of the year and will be used to facilitate the submission to the Chinese FDA for marketing approval, as well as to demonstrate the machine to distributors in China. Our Chinese partners are establishing a distribution network for all of China.
Ventripoint retains the rights to market all its products including those further developed in China for the rest of the world.
The Company also announces that it has applied to the TSX Venture Exchange to issue a total of 461,538 Common Shares to holders of outstanding unsecured convertible debentures (the “Debentures”), as payment in full of $60,000 interest owing under the Debentures as a shares-for-debt transaction (the “Shares for Debt”).
The Shares for Debt transaction is subject to TSX Venture Exchange acceptance.
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