TORONTO, ONTARIO--(Marketwired - Oct. 31, 2016) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Company") (TSX VENTURE:VPT) announces it has received $240,534 from Ma'anshan YuTian Medical Technology Co. Ltd to purchase the first batch of components to begin the manufacturing process of the VMS-PLUS heart analysis units in China.
"We are now starting the process to transfer the manufacturing knowledge for the VMS-PLUS to the facility in Ma'anshan by sending all the components necessary to build the first batch of VMS-PLUS machines and our staff to train the operators in China," stated Dr. George Adams, CEO of Ventripoint. "This has been a long time coming and we are pleased to announce that accessing the market in China is finally on its way. I look forward to updating our shareholder over the coming months."
This is a major milestone as the opportunity in China continues to expand and we feel with manufacturing now beginning, the Company is in a position to drive tremendous value for our shareholders in the quarters to come. The first machines are expected to be constructed by the end of the year and will be used to facilitate the submission to the Chinese FDA for marketing approval, as well as to demonstrate the machine to distributors in China. Our Chinese partners are establishing a distribution network for all of China.
Ventripoint retains the rights to market all its products including those further developed in China for the rest of the world.
The Company also announces that it has applied to the TSX Venture Exchange to issue a total of 461,538 Common Shares to holders of outstanding unsecured convertible debentures (the "Debentures"), as payment in full of $60,000 interest owing under the Debentures as a shares-for-debt transaction (the "Shares for Debt").
The Shares for Debt transaction is subject to TSX Venture Exchange acceptance.
Forward Looking Statements:
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. The forward-looking statements and information are based on certain key expectations and assumptions made by 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 failure to satisfy certain conditions in connection with the issuance of the Units and failure to consummate the transactions contemplated by the Agreement. 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 www.sedar.com. 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.