Toronto, Ontario – TheNewswire – May 6, 2021 - Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Company"), (TSXV:VPT); (OTC:VPTDF) is pleased to provide this update on its financial status and the exercises of warrants and options since the last update (see NR March 3, 2021).
Since the last update, the Company has received cash inflows, which now gives it sufficient cash to cover operating and development expenses for three years at the current burn rate. In addition, the Company has no debt outstanding, as all convertible debentures were converted to shares, which gives it a clean balance sheet.
“We fully expect to grow the Company as sales revenues increase, but it is still nice to have cash reserves to fund special initiatives and weather any unforeseen events (like the COVID-19 pandemic),” stated Dr. George Adams, Executive-Chairman.
On March 23, 2017, the Company issued 10,396,938 warrants at an exercise price of $.50. Of those 2,926,377 (~28%) have been exercised for gross proceeds of $1,463,189. Insiders of the Company have exercised 612,500 of these warrants representing $306,250. As of today, there are 7,470,561 of these warrants outstanding. These warrants expire May 23, 2021.
In addition, there remains 1,286,666 of the warrants issued on October 2, 2019 and having an exercise price of $0.115. These warrants expire on October 2, 2022. There are no other warrants outstanding.
Since September 25, 2020, the Company has had 3,256,250 options exercised at a weighted average price of $.13 per share for gross proceeds of $419,875. There are 6,653,750 options outstanding with exercise prices between $.10 to $.50. 3.070,750 of these option grants have vested and the remainder will vest over the next 2.7 years. The Company has 1,703,685 options available for future grants.
After the issuance of shares for exercised warrants and options (some in process), the Company will have approximately 136,803,405 common shares issued and outstanding.
About Ventripoint Diagnostics Ltd.
Ventripoint has become an industry leader in the application of AI (Artificial Intelligence) to echocardiography. Ventripoint's VMS products are powered by its proprietary KBR technology, which is the result of a decade of development and provides accurate volumetric cardiac measurements equivalent to MRI. This affordable, gold-standard alternative allows cardiologists greater confidence in the management of their patients. Providing better care to patients serves as a springboard and basic standard for all of Ventripoint's products that guide our future developments. In addition, VMS+ is versatile and can be used with all ultrasound systems from any vendor supported by regulatory market approvals in the U.S., Europe and Canada.
For further information, please contact:
Dr. George Adams
519-803-6937
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 news release.
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends'' and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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