Ventripoint Diagnostics Ltd.

Ventripoint Diagnostics Ltd.

October 23, 2015 09:24 ET

Ventripoint Corporate Update

SEATTLE, WASHINGTON--(Marketwired - Oct. 23, 2015) - Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Company") (TSX VENTURE:VPT) announces that subsequent to the departure of Mr. Jim Bodtke, the Board of Directors of the Company has accepted the resignations of Jeff Jellum, Director of Operations and Huy Le, Regional Account Manager.

"The abrupt departure of these employees was concerning. We have taken action with the advice of our legal counsel to stabilize and protect the Corporation's assets," stated Treuman Katz, Chairman of the Board. "The Board of Directors has full confidence in the current management, Dr. George Adams as President and CEO and Ellen Briant as CFO".

The Company has temporarily closed its Seattle office while it conducts a complete inventory of corporate assets including the databases and corporate records, which are stored in the facility. At the time of this news release, the Company has access to the servers and is conducting an audit of its digital assets. The clinical servers, which allow for reconstructions of the right ventricle by our users, are housed in a secure hosting facility and run independently. These have been accessed and are running correctly. There have been no reports of disruption of our service - the servers will continue to be monitored daily.

Ventripoint has engaged Tom Elias as interim Operations Manager to take over the management of the Quality System for the Company, and ensure ongoing compliance with FDA, CE Mark, Health Canada and ISO regulations. Mr. Elias started with Ventripoint in 2008 and developed the original Quality System, and has also been the internal auditor for the Company. Mr. Elias will be doing a thorough review of the files to prepare for the routine internal and external audits scheduled over the next few months.

The Company will be actively moving forward on its business plan to expand the VMS system to measure all 4 chambers of the heart using either 2D or 3D echocardiography. Accordingly, Ventripoint has engaged a senior development engineer, who had developed the heart database construction and evaluation suite of software tools for the Company, to train new employees and advise on database construction and testing. The Company intends to hire database engineers to complete the work quickly. In addition, a small right atrium and left atrium database is available to be licensed from the University of Washington. Acquiring these databases will accelerate the development of the 4-chamber system. The Company has already completed the LV database, which is currently under clinical evaluation in Europe.

The Company has engaged an ultrasound software engineer to manage the development of the 3D application using external software developers. The project will improve the user interface of the current research-grade 3D package, which has been shown in Europe to yield equivalent results to MRI for the right ventricle and to expand the software package to 4 chambers. It is expected this project will take 6 months to complete including clinical field trials.

The Board of Directors and Management of Ventripoint is committed to communicating the progress of the Company to all shareholders in a timely fashion.

Additional information on Ventripoint is available on SEDAR at

Forward Looking Statement:

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, this news release contains forward-looking information relating to the business plans of the Company. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning the current and future activities of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company can give no assurance that they will prove to be correct.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Such factors may include the failure of the Company to successfully execute its business plans. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither the 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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