SOURCE: Diagnos Inc.

DIAGNOS Inc.

March 22, 2016 16:23 ET

DIAGNOS Announces Short Term Financing

BROSSARD, QC--(Marketwired - March 22, 2016) - DIAGNOS Inc. ("DIAGNOS" or "the Corporation") (TSX VENTURE: ADK), a leader in healthcare technical services including screening, software and algorithm development, data analysis, and image processing, announces $533,000 financing in the form of short term debts and bonus share warrants.

DIAGNOS has entered into agreements with (i) 9071 8776 Quebec Inc., which is lending the Corporation $250,000, (ii) TNG Capital Inc., which is lending the Corporation $250,000 and (iii) Dongxiao Yu, who is lending the Corporation $33,000 (USD25,000), all of which is in the form of one-year unsecured and non-convertible loans, bearing interest at twelve percent (12%) per year. Interest is payable semi-annually in equal installments. At any time during the term and at its sole option, the Corporation may proceed with early repayment of the principal and/or interest on these loans. As a loan bonus, the Corporation is granting (i) 9071 8776 Quebec Inc., 2,500,000, (ii) TNG Capital Inc., 2,500,000 and (iii) Dongxiao Yu, 332,500 non-transferable share warrants (each a "Warrant") enabling (i) 9071 8776 Quebec Inc. (ii) TNG Capital Inc. and (iii) Dongxiao Yu to purchase, respectively, in whole and not in part, (i) 2,500,000, (ii) 2,500,000 and (iii) 332,500 shares of the Corporation at a price of $0.05 per share for a period of twelve months (together the "Loan Bonus").

The loans proceeds will be used to fund operating expenses and development expenses related to the products of the Corporation.

The Warrants and underlying common shares are subject to a four-month hold period from issuance date of the Warrants. The Loan Bonus remains subject to the final approval of the TSX Venture Exchange. All monies quoted in this press release were stated and paid in lawful money of Canada, unless otherwise specified.

About DIAGNOS

DIAGNOS is a publicly-traded Canadian corporation with a mission to improve the quality of patients' lives and minimize the economic burden of vision loss. Computer Assisted Retinal Analysis (CARA) is the Company's proprietary tele-ophthalmology platform that integrates with existing equipment (hardware and software) and processes at the point of care (POC) and comprises: image upload, image enhancement automated pre-screening, grading by a specialist, and referral to a specialist. CARA's image enhancement algorithms make standard retinal images sharper, clearer, and easier to read. CARA is accessible securely over the internet, and is compatible with all recognized image formats and brands of fundus cameras, and is EMR compatible. CARA is a cost-effective tool for screening large numbers of patients, in real-time and has been approved by regulatory authorities including Health Canada, the U.S. Food and Drug Administration, and the European Union.

Forward-looking information

This document contains forward-looking information that involves risks and uncertainties, including without limitation, statements pertaining to the Private Placement and its use of proceeds. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in these statements. Unless required under law, DIAGNOS will not update this forward-looking information to reflect new events or circumstances

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • For further information, please contact:
    Andre Larente
    President
    Telephone: 1-877-678-8882 or (450) 678-8882, ext.: 224