Annidis Corporation Announces Shares for Debt Agreements
OTTAWA, March 19, 2012 /CNW/ - Annidis Corporation (TSX-V:RHA), creator of the Annidis RHATM imaging technology that assists eye-care professionals screen, detect, diagnose and manage ocular diseases, today announced that it has entered into agreements with the holders of certain secured convertible debentures (the "Debentures") in Annidis Health Systems Corp. (Annidis Corporation's wholly owned operating subsidiary) which come due April 1, 2012, to settle the $600,000 in principal and $242,957 in accrued interest outstanding under the Debentures by way of issuing units in the capital of Annidis Corporation. Each unit will consist of one common share in the capital of Annidis Corporation ("Common Share") and one-half of one Common Share purchase warrant ("Warrant") and will be issued at a price of $0.40 per unit (the "Units"). Each warrant entitles the holder to purchase one additional Common Share at a price of $0.80 per Common Share, for a period of 3 years following the date of issuance. In settlement of the outstanding Debentures, Annidis Corporation will issue a total of 2,107,392 Common Shares and 1,053,696 Warrants. Completion of the settlement of the outstanding Debentures is subject to the approval of the TSX Venture Exchange.
In accordance with applicable securities laws, the securities issued pursuant to the settlement of the outstanding Debentures are subject to a hold period of four months plus one day from the date of issuance.
"The holders' decision to convert at this time demonstrates their confidence in the Company's ability to execute on its aggressive sales and marketing strategy to expand market presence across the United States and Canada," said Gerald Slemko, the Chief Executive Officer of Annidis. "We would further like to thank all of the convertible debenture holders who have confidently supported the Company since the April of 2009."
About Annidis Corporation
Annidis (TSX-V:RHA) is dedicated to researching and developing instrumentation to assist in the early detection and monitoring of diseases of the eye. The Company's RHATM is an ocular pathology management system that integrates advanced multi-spectral imaging and analytic software for early detection and management of ocular pathologies such as glaucoma, age-related macular degeneration and diabetic retinopathy. The RHA system is the result of a multiyear research and development effort by the Annidis team in collaboration with leading eye care professionals and researchers in Canada including the Ottawa Eye Institute, Toronto Western Hospital and numerous optometric clinics in Ontario.
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.
This news release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Statements made in this news release, other than those concerning historical financial information, 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 negative thereof), and words and expressions of similar import are intended to identify forward-looking statements. Certain material factors or assumptions are implied in making 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 identified in the Company's Annual Information Form and other such filings with Canadian securities regulatory authorities, such as the applicability of patents and proprietary technology; possible patent ligation; regulatory approval of products in development; changes in government regulation or regulatory approval processes; government and third party reimbursement; dependence on strategic partnerships; intensifying competition; rapid technological change in the industry; anticipated future losses; the ability to access capital; and the ability to attract and retain key personnel. All forward-looking information presented herein should be considered in conjunction with such filings. Except as required by Canadian securities laws, the Corporation does not undertake to update any forward-looking statements; such statements speak only as of the date made.For further information:
Gerald Slemko, CEO
(416) 815-0700 ext. 264