SEATTLE, Sept. 10 VentriPoint Diagnostics Ltd.("VentriPoint") (TSX Venture: VPT) is pleased to announce that it intends tocomplete, subject to TSX Venture Exchange approval, a private placement of upto 8,000,000 units (the "Units") of VentriPoint to be issued at a price of$0.25 per Unit for aggregate proceeds of $2,000,000.
Each Unit will consist of one common share in the capital of VentriPoint(a "Common Share") and one Common Share purchase warrant (a "Warrant"). EachWarrant will entitle the holder to purchase a Common Share at an exerciseprice of $0.25 at the option of the holder at any time until the secondanniversary of its issue date. Certain finders may also be entitled tocompensation in relation to investors, which they have introduced toVentriPoint. Such compensation will include a cash commission and agentsoptions and/or warrants, subject to receipt of approval from the TSX VentureExchange.
The proceeds of this transaction will be used to complete the developmentand external testing of VentriPoint's initial release of its VentriPointDiagnostic system, and support the company through the approval process andthe commencement of marketing and selling of the VentriPoint Diagnostic systemin Canada and Europe.
The private placement, including any applicable finder's fees, are subjectto regulatory acceptance, and the Common Shares and the Warrants to be issuedwill be subject to a hold period of four months and a day from the date ofissuance, pursuant to applicable securities laws and the policies of the TSXVenture Exchange.
About VentriPoint Diagnostics
VentriPoint creates diagnostic tools to monitor patients with heartdisease -- the number one cause of death in developed countries. By using dataproduced from existing two- or three-dimensional medical imaging systems, theVentriPoint Diagnostic System creates a three-dimensional model of the rightand left ventricles and generates critical heart measurements in a rapid andinexpensive manner not currently available. This breakthrough diagnostic toolis based upon technology received by VentriPoint through its technologylicense with the University of Washington. The VentriPoint Diagnostic System,together with its associated online service, is being developed for a varietyof heart related disease states, including congenital heart disease.
This news release may contain forward-looking statements that are based onVentriPoint's expectations, estimates and projections regarding its businessand the economic environment in which it operates. These statements are notguarantees of future performance and involve risks and uncertainties that aredifficult to control or predict. Therefore, actual outcomes and results maydiffer materially from those expressed in these forward-looking statements andreaders should not place undue reliance on such statements. Statements speakonly as of the date on which they are made, and VentriPoint undertakes noobligation to update them publicly to reflect new information or theoccurrence of future events or circumstances other than in compliance withsecurities law.
The TSX Venture Exchange has not reviewed and does not acceptresponsibility for the adequacy or accuracy of this release.For further information, please contact: Edward Garth, Chief Financial Officer VentriPoint Diagnostics Ltd. Telephone: (206) 283-0221, ext. 402 Facsimile: (206) 283-2309
SOURCE VentriPoint Diagnostics Ltd.