BIOflex Medical Magnetics, Inc.

August 18, 2015 09:00 ET

BIOflex Medical Magnetics, Inc. Files Early Warning Report

MONTREAL, QUEBEC--(Marketwired - Aug. 18, 2015) - Pursuant to the Qualifying Transaction (as defined under the policies of the TSX Venture Exchange) of Ovid Capital Ventures Inc. (now BIOflex Technologies Inc.) (the "Company"), completed on August 18, 2015 (the "Effective Date"), BIOflex Medical Magnetics, Inc. (the "Offeror"), a wholly owned subsidiary of iTech Medical Inc. ("iTech"), acquired direct ownership (the "Acquisition") of an aggregate of 17,225,000 common shares in the capital of the Company (the "Acquired Shares").

The Acquisition was carried out pursuant to the terms of an asset purchase agreement, dated April 29, 2015 (the "Purchase Agreement"), entered into between the Company, its wholly owned subsidiary Ovid Acquisition Corp. ("Acquireco"), the Offeror, and iTech. Under the terms of the Purchase Agreement, Acquireco acquired all of the assets of the Offeror in exchange for cash consideration in the amount of $60,000 and the issuance of the Acquired Shares at a deemed price of $0.1125 per share (or an aggregate deemed price of $1,937,813).

As of the Effective Date, the Company has 38,388,466 common shares issued and outstanding.

As a result of the Acquisition, the Offeror now has direct ownership of, and its sole shareholder iTech (which may be considered to be acting jointly or in concert with the Offeror under applicable securities legislation) exercises control over, an aggregate of 17,225,000 common shares in the capital of the Company, representing approximately 44.87% of the Company's issued and outstanding common shares. The Acquired Shares are being held for investment purposes. The Offeror may from time to time increase or decrease his holdings of the Company's securities, depending on market and other conditions.

An early warning report of the Offeror (the "Early Warning Report") containing additional information with respect to the foregoing matters will be filed under the Company's SEDAR
profile at

Further information or a copy of the Early Warning Report may be obtained by contacting:

BIOflex Medical Magnetics, Inc.
3370 NE 5th Avenue
Oakland Park, Florida, U.S.A. 33334
Contact: Charles Zablotsky, President
Tel: 613-983-6995

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