Medifocus Inc. Announces Delayed Filing of Annual Disclosure Documents Pursuant to OSC Instrument 51-502

TORONTO, July 24, 2020 (GLOBE NEWSWIRE) -- Medifocus Inc. (TSXV-MFS) (“Medifocus” or the “Company”) today announced in accordance with Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements of the Ontario Securities Commission (the “Exemption Order”), which was adopted for the purpose of providing certain filing and other relief to issuers in light of the challenges posted by the COVID-19 pandemic, that it will be delaying the filing of certain of its continuous disclosure documents.

The Company is relying on the Exemption Order in delaying the filing of its audited annual financial statements and related management’s discussion and analysis and certifications for the year ended March 31, 2020 (the “Required Annual Filings”) beyond the filing deadline of July 30, 2020. The Company currently intends to make the Required Annual Filings by August 14, 2020.

The officers and directors of the Company and other insiders will remain subject to a trading black-out that reflects the principals in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions, pursuant to which such persons are prohibited from trading in any securities of the Company until the end of the second full trading day following the day on which the Required Annual Filings are filed on SEDAR and a corresponding news release is issued by the Company.

There have been no material business developments in the business of the Company since the date of the Company’s filing on March 2, 2020 of its interim financial statements and management’s discussion and analysis for the interim period ended December 31, 2019. The Company is assessing the impact of COVID-19 on its business.

ON BEHALF OF THE BOARD OF DIRECTORS OF MEDIFOCUS INC.

Dr. William Jow
CEO and Director

About Medifocus, Inc.:
Medifocus, Inc. (TSX-V: MFS; OTCQB: MDFZF) is a Biotechnology Company with a portfolio of medical technologies that utilize patented Focal Thermal Technology to treat conditions ranging from Prostate Diseases to Breast Cancer. Its Prolieve® Thermodilatation™ System offers symptomatic relief to men with Benign Prostatic Hyperplasia (BPH) through a simple, fast, in-office treatment. Prolieve® is both FDA and Medicare approved for treating symptomatic BPH with over 100,000 cases performed in the U.S. alone, and with proven long-term safety, efficacy and durability. Its APA 1000 Breast Cancer Treatment System was licensed from Massachusetts Institute of Technology and developed by the Medifocus team. The Targeted Focal Thermotherapy has been demonstrated in Phase 2 clinical trials to offer significantly better tumor shrinkage in patients treated with the combined Chemothermal therapy compared those treated with Chemotherapy alone. APA 1000 was also shown to be effective in reducing margin positivity among patients treated with such thermotherapy prior to lumpectomy.

For more details, please visit:
www.medifocusinc.com
www.prolieve.com

Neither 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.

Investor Relations:
Medifocus, Inc.
Tel: 410-290-5734