VANCOUVER, BC / ACCESSWIRE / March 9, 2017 / CVR Medical Corp. (TSX.V:CVM) (FRANKFURT: B3BN) (OTCQB: CRRVF) (“CVR Medical“) is pleased to report that it has entered into a letter of intent with CVR Global Inc. (“CVR Global”) to acquire an additional 10% interest of the “Joint Venture Business” from CVR Global’s current 50% interest (the “Transaction”). The Joint Venture Business is held pursuant to, and governed by, the terms of the Joint Venture Agreement between CVR Global and CVR Medical. Upon closing of the Transaction, the Joint Venture Business and related assets will be transferred into a new corporate entity to be established for the ongoing ownership and operation of the business. The purchase price for the Transaction will be 3,000,000 common shares of CVR Medical (the “Consideration Shares”) and concurrently with the closing of the Transaction, the parties will enter into a shareholders agreement in regards to the new corporate entity that will assume the Joint Venture Business.
The proposed Transaction and issuance of the Consideration Shares remain subject to acceptance of the TSX Venture Exchange.
The securities referred to herein will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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 & Director
For further information contact: 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 Financing. 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. 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