OTTAWA, July 16, 2013 /CNW/ - Annidis Corporation (TSX-V: RHA) ("Annidis" or the "Company"), creator of the Annidis RHA™, wishes to provide an update, as required by the TSX Venture, on the status of its private placement (the "Placement") of common shares of Annidis ("Common Shares") to Yimai Technology International Company Limited ("YIMAI"), as was previously announced on June 17, 2013.
The Placement entails, among other things, the issuance of an aggregate of 27,801,652 Common Shares to YIMAI for total consideration of $5,000,000. Of these 27,801,652 Common Shares, 6,968,319 will be held in escrow by Annidis (the "Escrowed Shares") and will be released to YIMAI on the basis of one Escrowed Share for each 3.26 Common Shares which are issued upon exercise of the Company's other outstanding convertible securities on or before September 30, 2016. After such date any Escrowed Shares not already released to YIMAI will be cancelled.
Immediately following closing of the Placement and excluding the Escrowed Shares, YIMAI will own 20,833,333 Common Shares, acquired at a price of $0.24 per Common Share, resulting in an approximate 23.48% ownership interest in the Company.
Further details regarding the Placement are available in the Company's press release dated June 17, 2013.
Closing of the Placement remains subject to several conditions, including satisfactory completion of due diligence by YIMAI, which is currently ongoing, shareholder approval, and regulatory approval by the TSX Venture Exchange. Further updates will be announced on the status of the Placement as appropriate.
About Annidis Corporation
Annidis (TSX-V: RHA) has developed and is marketing a new imaging platform technology based on Multi-Spectral Imaging (MSI). This new technology is opening a new frontier in disease identification and its management. The Annidis MSI technology allows eye-care professionals to view non-invasively the deepest areas of the eye aiding eye care professionals in the early identification and treatment of debilitating eye diseases. The Company's existing RHA 2020-U 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 clinics in North America. The RHA Platinum MD will further strengthen the value proposition allowing doctors to visualize choroidal and retinal vasculature non-invasively. The RHA Platinum MD has global market potential of more than 100,000 ophthalmologists.
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 Company does not undertake to update any forward-looking statements; such statements speak only as of the date made.
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.
SOURCE: Annidis Corporation
For further information:
Gerald Slemko, CEO
(519) 858-1582 ext. 239
Email: [email protected]
James Binckly, Investor Relations
(416) 815-0700 ext. 228
Email: [email protected]