TORONTO, ONTARIO--(Marketwire - Aug. 5, 2011) - Medifocus Inc. (Medifocus or the Company) (TSX VENTURE:MFS)(OTCQX:MDFZF) announces that as a result of the Company not filing its annual financial statements for the year ended March 31, 2011 and related annual filings by the filing deadline of July 29, 2011, the Ontario Securities Commission, as principal regulator, issued a temporary cease trade order on August 4, 2011 prohibiting all trading in the securities of the Company, whether direct or indirect, for a period of 15 days. As a result, trading in the Company's common shares has been suspended by the TSX Venture Exchange.
Medifocus is working with its auditors to complete the audit of its annual financial statements as soon as possible and anticipates that it will be in a position to file its annual financial statements for the year ended March 31, 2011 and related annual filings on or before August 19, 2011. The Company expects the cease trade order to be revoked shortly thereafter.
About Medifocus Inc.
Medifocus owns a patented microwave focusing technology platform (the Adaptive Phased Array (APA) technology), which can precisely target and control microwave energy to cause heating in cancerous tumors anywhere in the body reliably and repeatedly. The ability to target tumors with a precision controlled dose of heat can be used to destroy tumors at higher temperatures, to treat tumors in combination with chemotherapy and/or radiation at moderate temperatures for increased effectiveness and reduced toxicity and to trigger the targeted release of therapeutic drugs and genes at tumor sites at lower temperatures. While the core technology has been licensed from the Massachusetts Institute of Technology, Medifocus has further refined the precision of the microwave focusing and control ability and developed a commercial system dedicated exclusively for the treatment of Breast Cancer. Please visit www.medifocusinc.com for more details.
Forward-Looking Statements and Information
This news release contains forward-looking statements, which may not be based on historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.
Neither 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.