MedMira and Swiss Investor Andurja Complete Previously Announced Funding as a $1 Million Equity Investment
HALIFAX, Dec. 1 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer and marketer of rapid diagnostic technology and solutions, today announced that it has received TSX Venture Exchange approval to complete the $1 million equity investment from Andurja AG (Andurja), a Swiss investment company based in Lucerne, Switzerland. This funding has transitioned from the CDN$1 million convertible debenture investment announced on October 30, 2010 to an equity investment in MedMira. Andurja is currently the controlling shareholder of MedMira.
Under the terms of the deal Andurja acquired 20,000,000 equity units at $0.05 per unit. Each equity unit consists of one common share and one common share purchase warrant. Each full warrant entitles Andurja to purchase one common share of MedMira at $0.10 per share for a four year period. The common shares and the warrants are subject to a four month hold period that expires four months from the day of share issuance. With the completion of this transaction, Andurja now owns 27.1% of undiluted common shares of MedMira.
About Andurja AG/Vitest AG
Andurja AG is a holding company of Vitest AG. Vitest AG is a privately held company based in Wollerau, Switzerland (www.vitest.ch) with a corporate subsidiary in Germany (Vitest GmbH) and South Africa (Vitest Southern Africa Ply). Vitest is the manufacturer/distributor of medical rapid tests and known well for their high quality products. The company provides doctors offices, clinics, private companies, NGOs and government institutions with innovative rapid tests. With the introduction of Vitest HIV to the African and German market, Vitest takes the lead in the latest AIDS prevention movement to reduce the number of new HIV infections in the developed and the developing world, by making better diagnostics more widely available. For more information about Vitest, please contact Nicholas Dellaportas (firstname.lastname@example.org), Director of Business Development and Sales, Vitest AG, UK - 33 Thames Point, The Boulevard, Imperial Wharf, London, SW6 2 SX, +44 77111 826550, Fax. +4420 7371 5110.
MedMira is a leading developer and manufacturer of flow-through rapid diagnostics. The company's tests provide hospitals, labs, clinics and individuals with reliable, rapid diagnosis for diseases such as HIV and hepatitis C in just three minutes. The company's tests are sold under the Reveal®, MiraWell®, MiraCare™ and Multiplo™ brands in global markets. MedMira's rapid HIV test is the only one in the world to achieve regulatory approvals in Canada, the United States, China and the European Union. MedMira's corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada. For more information visit MedMira's website at www.medmira.com.
This news release contains forward-looking statements, which involve risk and uncertainties and reflect the company's current expectation regarding future events. Actual events could materially differ from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the company quarterly filings.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.
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MedMira Contact: Andrea Young