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Vancouver, British Columbia--(Newsfile Corp. - February 9, 2021) - CVR Medical Corp. (TSXV: CVM) (OTC: CRRVF) ("CVR Medical" or the "Company" or "we") a Canadian listed and US based healthcare company in the medical device market is pleased to share an update from new Chief Executive Officer (CEO) Michael Rhodes:
The Board of Directors is continuing to make progress on the terms of a restructuring agreement with input and guidance from me and Harvey McKenzie. We expect to be able to publish a circular with the proposed terms and conditions within the next few weeks to provide sufficient time for our shareholders to review ahead of the Annual General Meeting / Special Meeting to be scheduled thereafter.
A key element of the restructuring agreement is to ensure CVR Medical has total and unincumbered ownership of all intellectual property. Giving us the freedom to apply the non-emitting, non-invasive science and solutions behind the Carotid Stenotic Scan (CSS) to applications beyond the carotid artery. Opening the way for new stand-alone or integrated products in the future.
I am pleased to report that all of the Duplex Ultrasound centers of excellence that we are working with remain enthusiastic about the CSS technology and are looking forward to being a part of proving its efficacy in identifying patients at risk for stroke. They have indicated that they will be ready to resume their research projects and support clinical trials once their local communities have established some measure of control over the COVID-19 virus. It is not possible to predict precisely when this will be, but it affords us time to work with the FDA to ensure that our response and plans to action their feedback on the original De Novo submission fulfills all requirements prior to commencing the final phase of multi-center clinical trials.
On another positive note, our strategic partners and suppliers remain committed to producing the CSS and associated peripheral devices and we have begun to identify how to best leverage their significant expertise beyond the current scope. We are in the first phase of these discussions and there are clearly opportunities in areas such as supply chain, manufacturing, aftermarket services and technical support. I look forward to sharing more information in the coming weeks.
About CVR Medical
CVR Medical Corp. is a healthcare company that operates in the medical device industry focused on the commercialization of its disruptive, proprietary Carotid Stenotic Scan device ("CSS"). The CSS is a diagnostic tool that encompasses subsonic, infrasonic, and low frequency sound wave analysis technology. The CSS is a patented device designed to detect and measure carotid arterial stenosis. CVR Medical's shares are listed on the OTCQX under the symbol "CRRVF". The Company is listed for trading under the symbol "CVM". Additional information regarding the Company can be found in our recent filings with the SEDAR as well as the information maintained on our website at www.cvrmed.com
(signed) Michael Rhodes
Chief Executive Officer
For further information contact:
Paul Blunden, M.D., President/Director and interim CFO
This press release contains forward-looking information that involves various risks and uncertainties regarding future events related to: trading on and dialogue with the Exchange, communications and negotiations with CVR Global, dialogue with certain advisors, the Proposed Restructuring, the License Agreement, the Review, certain corporate and securities law requirements, raising capital and potential litigation. 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 failure or material setback in the Company satisfying the remaining conditions outlined by the TSX-V; (2) a failure of the Company to raise sufficient capital to relaunch the Company; (3) an inability to complete the Proposed Restructuring with CVR Global: (4)a downturn in general economic conditions in North America and internationally; (5)the inherent uncertainties and speculative nature associated with commercialization of technology and the practice of medicine; (6) a change in health regulations; (7) any number of events or causes which may delay or cease commercialization and development of the CSS Device; (8) the risk that the Company does not execute its business plan; (9) the risk of litigation between the Company and certain shareholders and the risk of litigation generally; (10) an inability to retain key employees; (11) an inability to finance operations and growth; (12) compliance with certain corporate and securities law requirements; and (13) other factors that are 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 RELEASE.
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