VentriPoint Diagnostics Ltd.

VentriPoint Diagnostics Ltd.

March 25, 2011 15:03 ET

VentriPoint Diagnostics Announces Issuance of Shares for Debt Settlement

SEATTLE, WASHINGTON--(Marketwire - March 25, 2011) -


VentriPoint Diagnostics Ltd. ("VentriPoint" or the "Corporation") (TSX VENTURE:VPT) announces that, pending TSX Venture Exchange (the "TSX Venture") approval, it intends to issue 129,481 common shares in the capital of VentriPoint (the "Commons Shares") to holders of secured, subordinated, debentures of the Corporation (the "Secured Debentures") in satisfaction of interest due on the Secured Debentures in accordance with the terms of the Secured Debentures. The Common Shares will be issued at a deemed price of $0.146 per share to the holders of the Secured Debentures and will have a hold period of four months from the date of issuance in accordance with applicable securities legislation. 

VentriPoint also announces that, pending TSX Venture approval, it intends to issue a total of 565,645 Common Shares to five non-officer directors of VentriPoint for payment of services rendered during the period from September, 2008 through February, 2011. Each outside director receives compensation of a fixed 7,500 Common Shares per month of director service to the Corporation. The number of months of past service for which these Common Shares are intended to be issued ranges from four to thirty months. The Common Shares will have a hold period of four months from the date of issuance in accordance with applicable securities legislation.

About VentriPoint Diagnostics Ltd.

VentriPoint has created a diagnostic ultrasound tool to monitor patients with heart disease, a leading cause of death in developed countries. VMS™ is the first cost-effective and accurate diagnostic tool for measuring right ventricle heart function. Congenital heart disease in children is the first application in a suite of applications for all major heart diseases including pulmonary hypertension, cardiovascular disease and heart failure - a multibillion dollar market potential. Canada and Europe (CE Mark) have granted approval for the sale of VentriPoint's VMS™ diagnostic tool and VentriPoint is pursuing the US-FDA approval through the 510(k) process.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements, including statements concerning the anticipated closing date of the Offering and the anticipated use of proceeds. We believe the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. Closing could be delayed if VentriPoint cannot obtain necessary regulatory approvals within anticipated timelines and will not be completed unless certain conditions customary for transactions of this kind are satisfied. The forward-looking statements included in this press release are made as of the date of this press release and VentriPoint disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

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

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