OTTAWA, July 17, 2014 /CNW/ - Annidis Corporation (TSX Venture: RHA) ("Annidis" or the "Corporation") is pleased to announce that, subject to the final approval of the TSX Venture Exchange ("TSXV"), it has today reached an agreement with one of the Corporation's private investors whereby an outstanding secured promissory note in the amount of $1,000,000 which matured on June 7, 2014 (the "Old Note") shall be cancelled and replaced with a new $1,000,000 secured promissory note (the "New Note"). In connection with the surrender of the Old Note for cancellation, the Corporation has paid to the lender all accrued and outstanding interest on the Old Note up to and including November 30, 2013, along with a one-time note replacement fee of $50,000.00. The New Note matures on January 31, 2017 and bears interest beginning December 1, 2013 at a rate of 12% per annum compounded monthly and payable at maturity. The Corporation may prepay the outstanding principal amount of the New Note together with all accrued and unpaid interest, without penalty, at any time after the first anniversary of the issuance date of the New Note. The Note will be secured by a general security agreement over the assets of the Corporation.
In addition, in connection with the issuance of the New Note the Corporation has issued to the lender 2,133,333 warrants for the purchase of common shares in the capital of the Corporation ("Warrant"). Each Warrant is exercisable at a price of $0.30 per common share at any time prior to 4:00 p.m. (Ottawa time) on September 30, 2016, subject to the early expiry provisions as set out in the policies of the TSXV. In exchange for the issuance of the Warrants, the lender has surrendered to the Corporation for cancellation two outstanding warrants for the purchase of up two 250,000 common shares in the capital of the Corporation (one warrant for the purchase of 62,500 common shares originally issued on December 22, 2009 and set to expire on December 22, 2014, and a second warrant for the purchase of 187,500 common shares originally issued on March 15, 2010 and set to expire on March 15, 2015).
In accordance with applicable securities laws, the New Note and Warrants are subject to a minimum four month hold period.
About Annidis Corporation
Annidis Corporation (TSXV:RHA) develops and markets imaging technologies to eye care professionals. The Annidis RHA™ instrument, which is based on Multi-Spectral Imaging ("MSI"), assists eye-care professionals in screening, diagnosing and managing ocular diseases by allowing them to view non-invasively the deepest layers of the eye. The images are then processed using the RHA Report™ software to reveal the various layers in the back of the eye, allowing eye care professional to assess their patients' eye health.
The Company's existing RHA 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 optometric clinics in North America. Further opportunities exist in China, where the Company has entered into a distribution agreement.
The RHA Platinum, which is currently in development with beta units in clinical testing, will further strengthen the value proposition for the ophthalmology market, allowing doctors to visualize choroidal and retinal vasculature non-invasively.
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 Annidis' 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.
SOURCE: Annidis Corporation
For further information: Gerald Slemko, Chief Executive Officer, Annidis Corporation, (519) 858-1582 ext. 239, firstname.lastname@example.org; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-995-8651, email@example.com