Neovasc Inc. Postpones Plans for U.S. Listing to Focus Funds on Commercializing Its Reducer Device for Refractory Angina



    
          - Company files to deregister Common Stock with the SEC -
       - Canadian public listing on TSX Venture Exchange unaffected by
                   postponement of plans for U.S. listing -

    TSX Venture Exchange: NVC
    

    VANCOUVER, June 25 /CNW/ - Neovasc Inc. (TSXV: NVC), today announced that
it has voluntarily filed a Form 15 with the U.S. Securities and Exchange
Commission ("SEC") in order to deregister its common stock under the United
States Securities Exchange Act of 1934. As a result, effective immediately,
Neovasc's obligation to file annual reports and furnish other information
under the Exchange Act is suspended. The company's decision to deregister its
Exchange Act registration is part of its larger plan to reduce discretionary
expenses and allocate the cost savings to the further development and
commercialization of its highest potential products. Neovasc will continue to
undertake all activities required to maintain its Canadian public listing on
the TSX Venture Exchange.
    The company's decision to postpone its plans for a U.S. listing is based
upon the additional financial and administrative costs and burdens associated
with being a publicly traded company in the U.S. and therefore subject to the
additional reporting regulations promulgated under the Exchange Act. Neovasc
estimates the costs savings from suspending its planned listing to be
approximately $200,000 annually. The company intends to redirect these funds
to its program to commercialize the Neovasc Reducer(TM) for the treatment of
refractory angina and to further expansion of the company's custom tissue
business.
    The SEC has 90 days to review the company's Form 15 for compliance with
the decertification requirements. However, effective immediately, as a result
of the filing of the Form 15, the company is no longer required to file annual
reports under the Exchange Act on Form 20-F, or to furnish quarterly or other
reports under the Exchange Act on Form 6-K. In addition, certain requirements
of the Sarbanes Oxley Act of 2002 will no longer apply to the company. The
company is eligible to deregister under the Exchange Act because its common
stock is held of record by fewer than 300 persons. In addition, there is no
established market for the company's common shares in the United States.

    About Neovasc Inc.

    Neovasc Inc. is a new specialty vascular device company that develops,
manufactures and markets medical devices for the rapidly growing vascular and
surgical marketplace. The company's current products include the Neovasc
Reducer(TM), a novel product in development to treat refractory angina, as
well as a line of advanced biological tissue technologies that are used to
enhance surgical outcomes and as key components in a variety of third party
medical products. For more information, visit: www.neovasc.com.

    Statements contained herein that are not based on historical or current
fact, including without limitation statements containing the words
"anticipates," "believes," "may," "continues," "estimates," "expects," and
"will" and words of similar import, constitute "forward-looking statements"
within the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements contained in this news release include the
Company's intention to redirect any cost savings that it may realize from
deregistration to further development of the Neovasc Reducer. Forward looking
statements involve known and unknown risks, uncertainties and other factors
that may cause the actual results, events or developments to be materially
different from any future results, events or developments expressed or implied
by such forward-looking statements. Such factors include, among others, the
following: general economic and business conditions, both nationally and in
the regions in which the Company operates; history of losses and lack of and
uncertainty of revenues, ability to obtain required financing, receipt of
regulatory approval of product candidates, ability to properly integrate newly
acquired businesses, technology changes; competition; changes in business
strategy or development plans; the ability to attract and retain qualified
personnel; existing governmental regulations and changes in, or the failure to
comply with, governmental regulations; liability and other claims asserted
against the Company; and other factors referenced in the Company's filings
with Canadian securities regulators. There can be no assurance that all of the
anticipated cost savings can be applied to further development to the Neovasc
Reducer. Although the Company believes that expectations conveyed by the
forward-looking statements are reasonable based on the information available
to it on the date such statements were made, no assurances can be given as to
the future results, approvals or achievements. Given these uncertainties,
readers are cautioned not to place undue reliance on such forward-looking
statements. The Company does not assume the obligation to update any
forward-looking statements except as otherwise required by applicable law.





For further information:

For further information: Corporate contact: Neovasc Inc., Chris Clark,
(604) 248-4138; U.S. media & investor contact: GendeLLindheim BioCom Partners,
Barbara Lindheim, (212) 918-4650


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