SOURCE: MEDX Health Corp.

MedX Health Corp.

May 30, 2016 19:45 ET

MedX Health Corp. Announces First Quarter 2016 Financial Results and Non-Brokered Private Placement

MISSISSAUGA, ON--(Marketwired - May 30, 2016) -

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MedX Health Corp. ("MedX" or the "Company") (TSX VENTURE: MDX) announced its results for the three months ended March 31, 2016, which are also available on SEDAR (www.sedar.com).

The Company reported revenue of $188,701 for the three months ended March 31, 2016, compared with revenue of $298,619 for the three months ended March 31, 2015. The Company had a loss for the three months ended March 31, 2016 of $204,494, or $0.00 per share compared with a loss of $56,032, or $0.00 per share for the three months ended March 31, 2015. The loss in 2015 was reduced due to one-time cost reversals of $134,000.  

"The decrease in sales for the first quarter was disappointing after a strong finish in 2015 when we received large SIAscopy orders at the end of the fourth quarter," noted Rob von der Porten, MedX CEO. "However, we have been working to open up new sales channels in Canada and the United States which I expect to show strong sales upside in the second half of the year," continued Mr. von der Porten.

The Company also announces today a non-brokered private placement of a minimum of 7,692,307 units and a maximum of 23,076,923 units at a price of $0.065 per unit, for gross proceeds of a minimum of $500,000 and a maximum of $1,500,000; the Company has received subscriptions in excess of the minimum amount. Each unit consists of one common share in the capital of the Company and one warrant, with each warrant exercisable into one common share at a price of $0.14 for a period of 36 months after closing. The proceeds from the private placement will be used for development of product and marketing initiatives, and general corporate expenses and working capital. The private placement is subject to receipt of applicable regulatory approvals including acceptance of the TSXV Venture Exchange.

About MedX

MedX, headquartered in Mississauga, Ontario, is a leading medical device company focused on skin cancer with its SIAscopy technology. This technology is imbedded in its products SIAMETRICS™, SIMSYS, and MoleMate™, which MedX manufactures in its ISO 13485 certified facility. SIMSYS, and MoleMate™ include hand-held devices that use patented technology utilizing light and its remittance to view up to 2 mm beneath suspicious moles and lesions in a pain free, non-invasive manner, with its software then creating real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. The devices are sold to physicians and clinics, as well as being deployed in pharmacies and remote clinics from where the images are sent to dermatologists who perform a diagnosis. These products are Health Canada, FDA (US), ARTG and CE approved for use in Canada, the US, Australia, the European Union and Turkey. SIAMETRICS™ is a unique product used in a specialized market for research into the clinical effectiveness of medical treatments of certain skin conditions. MedX also designs, manufactures and distributes quality laser and light therapy technologies for use in numerous medical settings, approved in major jurisdictions, to provide drug free and non-invasive treatment of tissue damage and pain. For more information and a complete profile of MedX and its products visit www.medxhealth.com.

This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

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 press release.

Contact Information

  • For further information:
    Robert von der Porten
    President and CEO
    MedX Health Corp.
    investor@medxhealth.com
    Phone: 905 670 4428