VentriPoint Diagnostics Ltd.

VentriPoint Diagnostics Ltd.

April 20, 2009 09:56 ET

VentriPoint Issues Shares to Directors, Employees and Consultants as Payment for Services

SEATTLE, WASHINGTON--(Marketwire - April 20, 2009) - VentriPoint Diagnostics Ltd. ("VentriPoint") (TSX VENTURE:VPT) announces that, pending regulatory approval, it intends to issue 60,000 common shares in the capital of VentriPoint (the "Commons Shares") to non-officer directors of VentriPoint for payment of services rendered from July 2008 to August 2008. VentriPoint also proposes to issue 364,159 Common Shares to two consultants for services rendered from July 2008 to December 2008 in satisfaction of outstanding debts. The Common Shares will be issued at a deemed price of $0.145 per share to the non-officer directors and consultants and will have a hold period of four months from the date of issuance in accordance with applicable securities legislation.

VentriPoint also announces that it proposes to issue 555,454 Common Shares at a deemed price of $.165 per share to its development team as part of the Company's incentive program in lieu of cash payments. The Common Shares issued to the development team will be subject to regulatory approval and the securities issued will be subject to a four month hold period from the date of issuance in accordance with applicable securities legislation.

About VentriPoint Diagnostics

VentriPoint creates diagnostic tools to monitor patients with heart disease - the number one cause of death in developed countries. By using images produced from existing medical imaging systems, the VentriPoint Medical System ("VMS") generates critical heart measurements in a rapid and inexpensive manner not currently available. Health Canada has granted licensed approval for the VMS breakthrough diagnostic tool which is based upon technology received by VentriPoint through its exclusive technology license with the University of Washington. The VMS, together with its associated online service, is being developed for a variety of heart related disease states, including congenital heart disease and pulmonary hypertension.

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FORWARD-LOOKING STATEMENTS: The statements made in this press release that are not historical facts contain forward-looking information that involves risk and uncertainties. All statements, other than statements of historical facts, which address VentriPoint's expectations, should be considered forward-looking statements. Such statements are based on management's exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words "may", "will", "anticipate", "believe", "estimate", "expect", "intend" and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect a current view of future events and are subject to certain risks and uncertainties as contained in the Corporation's filings with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results could differ materially from those anticipated in these forward-looking statements. The Corporation undertakes no obligation, and does not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events. Although management believes that expectations are based on reasonable assumptions, no assurance can be given that these expectations will materialize.

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.

Contact Information

  • VentriPoint Diagnostics
    Ed Garth
    Chief Financial Officer
    (206) 283-0221, ext. 402
    (206) 283-2309 (FAX)
    CHF Investor Relations
    Christopher Haldane
    Account Manager
    (416) 868-1079 ext.237
    (416) 868-6198 (FAX)