ZoomMed inc.

ZoomMed inc.

July 09, 2008 15:35 ET

ZoomMed and the Agents Agreed Not to Exercise the Remaining Portion of the Over-Allotment Option

MONTREAL, QUEBEC--(Marketwire - July 9, 2008) - As previously announced, ZoomMed Inc. (the "Corporation") (TSX VENTURE:ZMD), has completed its public offering raising approximately $7,671,000 through the issuance of 26,453,495 units at a price of $0.29 per unit.

The Corporation considers that the gross proceeds raised are sufficient to carry out its mission, which is to continue the deployment and marketing of its "ZRx Prescriber" throughout Canada.

Therefore, ZoomMed decided and the Agents agreed not to exercise the remaining portion of the over-allotment option, representing 1,305,124 units for additional gross proceeds of approximately $380,000, resulting in less dilution for the shareholders.

The offering was made through a syndicate of agents led by Blackmont Capital Inc. and M Partners Inc., which included Loewen, Ondaatje, McCutcheon Limited, Industrial Alliance Securities Inc. and Union Securities Ltd. (collectively, the "Agents"). The gross proceeds of the offering included proceeds from the sale of 2,315,565 units resulting from the Agents' partial exercise of the over-allotment option to purchase an additional 3,620,689 units at the same price.

About ZoomMed Inc

ZoomMed has developed and markets a new electronic tool, aiming at changing the way drugs are prescribed and dispensed throughout Canada. The "ZRx Prescriber" allows a doctor to fill out and provide prescription information to pharmacists, permitting them to access this information on-line using a bar-code and confirming it with the doctor's signed copy. The Company is listed on the Toronto Venture Exchange under the trading symbol "ZMD" and based in Montreal.

For further information on ZoomMed Inc and its products, please visit our website: www.zoommed.com.

The TSX Venture Exchange has neither approved nor accepts any responsibility with respect to the veracity or exactitude of this press release.

Contact Information

  • ZoomMed Inc.
    Yves Marmet
    President and Chief Executive Officer
    450-678-5457, Ext. 228