Annidis Corporation Provides Update on the YIMAI Transaction
OTTAWA, Sept. 27, 2013 /CNW/ - Annidis Corporation (TSX-V: RHA) ("Annidis" or the "Company"), creator of the Annidis RHA™, is providing an update on its previously announced $5,000,000 private placement of common shares (the "Financing") with Yimai Technology International Company Limited ("YIMAI"), a Hong Kong company that markets and distributes ophthalmology products in China. The Financing was previously announced in the Company's press releases dated June 17, July 16, and August 28, 2013.
Annidis and YIMAI have agreed, among other things, on an adjustment to the $600,000 bridge loan previously announced on August 28, 2013, such that YIMAI will advance to Annidis $200,000 at an interest rate of 10% per annum repayable from the proceeds of the Financing, in the event that the Financing does not close on or before October 4, 2013. The remaining $400,000 available under the bridge loan has already been advanced to Annidis.
Closing of the Financing remains subject to several conditions, including regulatory approval by the TSX Venture Exchange and standard closing conditions. Further updates will be announced on the status of the Financing as appropriate.
About Annidis Corporation
Annidis (TSX-V: RHA) has developed and is marketing a new imaging platform technology based on Multi-Spectral Imaging (MSI). This new technology is opening a new frontier in disease identification and its management. The Annidis MSI technology allows eye-care professionals to view non-invasively the deepest areas of the eye aiding eye care professionals in the early identification and treatment of debilitating eye diseases. The Company's existing RHA 2020-U Gold, used by eye care professionals as a broad based tool for detecting early-onset of eye related diseases such as Dry AMD, has a potential market of over 20,000 clinics in North America. The RHA Platinum MD will further strengthen the value proposition allowing doctors to visualize choroidal and retinal vasculature non-invasively. The RHA Platinum MD has global market potential of more than 100,000 ophthalmologists.
This news release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Statements made in this news release may be forward-looking and therefore subject to various risks and uncertainties. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective", "hope", and "continue" (or the negatives thereof), and words and expressions of similar import, are intended to identify forward-looking statements, which may include statements made in this news release regarding, among other things, the closing of the Financing. Certain material factors or assumptions are implied in making these forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include those factors identified in the Company's ongoing disclosure filings with Canadian securities regulatory authorities, as well as regulatory approval processes, general market conditions, and the Company's ability to access capital on favourable terms or at all. All forward-looking information presented herein should be considered in conjunction with the Company's continuous disclosure filings. Except as required by Canadian securities laws, the Company does not undertake to update any forward-looking statements; such statements speak only as of the date made.
Neither 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.
SOURCE Annidis CorporationFor further information:
Gerald Slemko, CEO
(519) 858-1582 ext. 239
James Binckly, Investor Relations
(416) 815-0700 ext. 228