MISSISSAUGA, ON, June 4 /CNW/ - MedX Health Corp., (TSXV.MDX) is providing its second bi-weekly Default Status Report in accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). Currently, since the company's last press release, the Ontario Securities Commission has held a hearing and determined that the Management Cease Trade Order shall continue until two full business days following the receipt by the Commission of all filings MedX Health Corp. is required to make under Ontario securities law.
As previously announced, the Company under NP 12-203 requested that a management cease trade order be imposed as a result of this late filing. As announced by the company on May 18, 2010, the Ontario Securities Commission, being the Principal Regulator, issued a management cease trade order to the Company's Chief Executive Officer and Acting Chief Financial Officer, thereby temporarily prohibiting them from trading in the securities of the Company. MedX is required provide bi-weekly status reports in the form of news releases as long as it remains in default of the requirements to file its Annual Filings within the prescribed period of time. The issuance of the management cease trade order does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in MedX securities.
A delay in payment of outstanding fees to MedX's auditors caused this delay in completing the year-end audit. A satisfactory payment arrangement was reached with the auditors and the audit is now nearing completion. The Company now expects to file its Annual Filings by mid-June. As a result of this delay in the Annual Filings, the Company shall delay the filing of its financial statements for the quarter ended March 31, 2010, CEO and CFO certifications and management's discussion and analysis for the quarter ended March 31, 2010 until such time that it files the Annual Filings.
Other than as set out herein, MedX reports that since the Default Notice: (i) there is no material change to the information set out in the Default Notice that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
About MedX Health Corp.
MedX is a leading North American developer and manufacturer of low level laser and light medical devices for the drug free and non-invasive treatment of tissue damage and pain in numerous medical settings including dental, rehabilitation and wound care. MedX is the world's only company focusing on developing and delivering a broad cross-section of technologies and products involved in healing using light therapy. MedX is committed to advocating for, the bringing of non-invasive, drug-free healing nature of light to people seeking relief from pain and other physical ailments.
MedX's strategy is to build upon its success in bringing relief of conditions in a non-pharmacologic manner in the rehabilitation market through key partnerships, acquisitions, strong patent protection as well as developing and commercializing advanced products in the dental and wound-care markets that will position the company to increase revenue. In addition, MedX plans to accelerate the development of a new product aimed at the rapidly-growing wound care market: its "Photobandage(TM)", a bandage technology that allows a wound to be bathed in light, designed to enhance the healing process. MedX intends to license this new technology to one or more major wound care companies for further development of marketing and sales.
Brand products are US FDA approved, Health Canada cleared, and CE Marked and are produced in an ISO 9001 and 13485 certified manufacturing and testing facility. For a complete profile of MedX Health Corp. and its products visit www.medXhealth.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information may include statements regarding the Company's future plans, objectives, performance, growth, profits, operating expenses or its underlying assumptions. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of MedX to be materially different from those expressed or implied by such forward-looking information, including uncertainty of successful development of new products, uncertainty of successful manufacturing or marketing of products, uncertainty of commercial acceptance of products, uncertainty concerning governmental regulation, dependency on key employees and relationships, rapid technological changes, foreign currency fluctuations. MedX does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE MedX Health Corp.
For further information: For further information: Contacts: Investors: Steve Guillen, President and Chief Executive Officer, MedX Health Corp., Phone: (905) 826-0766, email@example.com