Chairman and CEO Combine to Buy Back Shares from Estate of Founder
MISSISSAUGA, ON, Oct. 8 /CNW/ - MedX Health Corp. (TSXV: MDX), a global
leader in developing drug free, non-invasive therapeutics for tissue repair
and pain relief, today announced that N. Gary Van Nest, chairman, through a
company associated with him, and Steve Guillen, president and CEO of MedX,
have joined in a private transaction to acquire 500,000 common shares of MedX
at the market price of 0.20 CDN per share, and taken a one year option on an
additional 500,000 MedX shares at 0.30 CDN from the beneficiaries of the
estate of the late Phillip Passy, the founder and former president of MedX.
In addition, the company associated with Mr. Van Nest, and Mr.Guillen
have jointly obtained a right of first refusal on the balance of approximately
3.5 million shares held by the beneficiaries of the estate.
"These transactions serve as a material vote of our confidence in the
future direction of MedX, and also will ensure that the majority of shares
outstanding remain in friendly hands," states Van Nest.
"We are in a time of rapid growth and it is important for our key
executives at MedX to maintain control over this growth and ensure a
successful transition to becoming a leading global development and
distribution company of laser and light devices," explained Guillen.
About MedX Health Corp.
MedX is a leading North American developer and manufacturer of low level
laser and light medical devices, including dental, rehabilitation and wound
care products. 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 and bringing
the non-invasive, drug-free healing nature of light to people seeking relief
from pain and other physical ailments.
MedX is expanding its distribution network and marketing program globally
through partnerships, while continuing to develop and acquire new dental,
rehabilitation and wound care products. In particular, MedX plans to
accelerate the development of a new product aimed at the rapidly-growing wound
care market: its "Photobandage", a new technology that allows a wound to be
bathed in light, designed to enhance the healing process. The Company intends
to license this new technology to one or more major wound care companies for
further development, marketing and sales.
About Low-Level Laser Therapy
For more than 35 years, LLLT has been used in Europe, Australia, Asia and
Russia for the treatment of pain and tissue repair. LLLT was approved in
Canada in 1999 and in the United States in 2002. LLLT uses a specific type of
light to penetrate the skin's surface and underlying tissues to stimulate the
body's natural repair processes. The result is faster healing and reduced
pain, swelling and inflammation.
For further information, please 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
For further information:
For further information: Investors: Steve Guillen, President & CEO, MedX
Health Corp., Phone: (905) 826-0766, Email: guillen@MedXhealth.com; Media:
Terri Clevenger, Continuum Health Communications, Phone (203) 227-0209, Email: