Medifocus Inc.

Medifocus Inc.

July 29, 2011 17:02 ET

Medifocus Announces Expected Delay in Filing Annual Financial Statements

TORONTO, ONTARIO--(Marketwire - July 29, 2011) -


Medifocus Inc. (Medifocus or the Company) (TSX VENTURE:MFS)(OTCQX:MDFZF) announces that it is late in filing its annual financial statements for the year ended March 31, 2011. The annual financial statements were required to be filed no later than July 29, 2011. The delay is attributable to the previously announced resignation of T. Robert Hambley, C.A. as auditor on April 29, 2011 and the subsequent appointment of Sievert & Sawrantschuck LLP as auditors.

Medifocus is working with its auditors, Sievert & Sawrantschuck LLP, to complete the audit of the Company's financial statements as soon as possible. The Company anticipates that it will be in a position to file its annual financial statements and related annual filings by August 29, 2011. Until its annual financial statements and related annual filings are filed, the Company intends to satisfy the requirements of the "alternate information guidelines" described in National Instrument 12-203 – Cease Trade Orders for Continuous Disclosure (the Policy), including issuing bi-weekly default status reports.

As a result of this delay, Medifocus management has made an application to the Ontario Securities Commission, the British Columbia Securities Commission and the Alberta Securities Commission that a management cease trade order (an MCTO) be imposed in respect of this late filing. There is no guarantee that an MCTO will be granted. If an MCTO is granted, the MCTO will prohibit the Chief Executive Officer and the Chief Financial Officer, and possibly the directors, other officers and other insiders of Medifocus from trading in securities of the Company for so long as the required filings have not been completed. The issuance of an MCTO does not generally affect the ability of persons who are not directors, officers or other insiders of Medifocus to trade in securities of the Company.

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 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.

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