VANCOUVER, BC / March 16, 2018 / CVR Medical Corp. CVR Medical Corp. (TSX.V:CVM) (FRANKFURT: B3BN) (OTCQB: CRRVF) (“CVR Medical“) today announced that it will temporarily reduce the exercise price of its outstanding 2017 warrants originally issued in February and April 2017 (the “2017 Warrants“) from CAD $0.70 (the “Original Exercise Price“) to CAD $0.40 (the “Amended Exercise Price“) for the period commencing on March 16, 2018 and ending at the close of business on April 6, 2018 (the “Designated Exercise Period“).
Holders who exercise any or all of their 2017 Warrants during the Designated Exercise Period will receive one additional newly issued warrant (each, a “New Warrant“) for each 2017 Warrant exercised. The New Warrants will be exercisable at a price of $1.50 for a period of 24 months from their issuance.
Upon expiry of the Designated Exercise Period, the exercise price of any unexercised 2017 Warrants will revert to the Original Exercise Price for the remainder of the 2017 Warrants’ term.
A Notice of Warrant Exercise Price Amendment containing further information and instructions is being mailed to holders of record of the 2017 Warrants as of March 16, 2018.
The New Warrants and any common shares issued upon the exercise of the New Warrants will be subject to hold period expiring four months after the date of issuance of the New Warrants.
CVR Medical’s CEO Peter Bakema will host a conference call on Monday, March 19, 2018 at 1:00 p.m. EST (10:00 a.m. PST) to provide an operational update and discuss the warrant exchange. Please call the following numbers to join the conference call:
- 1-647-722-6839 (Canada) or
- 1-303-248-0285 (United States)
- Access Code 66177711
For additional information on the organization, leadership, and current news, please visit the company website at www.CVRMed.com.
About CVR Medical
CVR Medical is a company that is involved in an equal parts joint venture with CVR Global Inc. (the “Joint Venture”). The Joint Venture operates in the medical industry focused on the commercialization of a proprietary subsonic, infrasonic, and low frequency sound wave analysis technology and has patents to a diagnostic device designed to detect and measure carotid arterial stenosis. CVR Medical is managed by a proven technical team. CVR Medical trades on the TSX Venture Exchange under the symbol CVM.
ON BEHALF OF THE BOARD:
(signed) Peter Bakema
CEO, President and Director
For further information contact:
Peter Bakema, CEO, President and Director
Telephone: (734) 718-5115
Brisco Capital Partners Corp.
Scott Koyich, President
Telephone: (403) 262-9888
This press release contains forward-looking information that involves various risks and uncertainties regarding future events related to the temporary warrant exercise price amendment. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with commercialization of technology and the practice of medicine, (3) a change in health regulations, (4) any number of events or causes which may delay or cease commercialization and development of the Joint Venture, (5) the risk that the Company or the Joint Venture does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, and (8) other factors beyond the Company’s control. Brokers may be paid for solicitation. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE 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.