- Peter Shippen appointed interim Managing Director following
resignation of the company's President
- Jenex retains management team to drive strategic growth plan
- Annual and special meeting of shareholders resumes on December 10
TORONTO, Dec. 4 /CNW/ - The Jenex Corporation (TSXV: JEN, Frankfurt: JNX), a medical device company focused on the development and application of products based on its patented thermal therapy technology, today announced that on December 1, 2009 it closed a brokered private-placement equity financing. The offering is subject to receiving final acceptance from The TSX Venture Exchange (TSXV).
The offering, which has been modified from the planned financing announced on October 1, 2009, consists of 10,846,682 units at a price of $0.015 per unit for gross proceeds of $162,700.23. Each unit comprises one common share and one half common share purchase warrant, which, if all are exercised, would result in the issuance of an additional 5,423,341 common shares. The warrants will be exercisable at a price of $0.05 per common share for one year following the closing and at a price of $0.10 per common share for the 12 months thereafter. All of the securities issued by Jenex pursuant to the private placement will be subject to a four-month hold period under Canadian securities laws.
As previously announced, Kingsdale Capital Markets Inc. of Toronto acted as agent to the company for the private-placement offering. The company will pay Kingsdale a commission of $13,016.00 (equal to 8% of the gross proceeds) in cash and the company has granted the agent 1,084,668 warrants to acquire units (equal to 10% of the number of units sold). These agent warrants will be exercisable at $0.015 per unit for a period of two years following the closing of the offering.
The funds raised from this offering will be used to fund the company's re-launch under its new management team and Board; marketing support for its products; restructuring costs; settlement payments to former management and certain trade creditors; and for working capital and general corporate purposes.
Jenex also announced that Peter Shippen, CFA, a recently appointed director of the company, will serve as the interim Managing Director of the company following the resignation of its president and chief executive officer, Jon Aikman. The board is considering a number of candidates for the position of president and chief executive officer. Mr. Shippen is the president of Ark Fund Management. Prior to founding Ark Funds in August 2007, he was vice-president, Fund Research and Product Due Diligence, at a bank-owned investment dealer.
"I am pleased to announce that we have been successful in attracting an experienced team of three executives with proven track records in launching and managing new products, designing and developing medical devices, and financial management," said Mr. Shippen.
"Working with me and our new Board, these executives will assist us in refining our strategic growth plan to build on and add to our core technology platform and products," he said.
The three executives who will be working with Jenex are:
- Deborah Lechter has more than 20 years experience launching and
managing new products, services, and companies. She is currently
responsible for Business Development at Avcom Technology, a
successful provider of end-to-end video security solutions.
Ms. Lechter is a veteran of fast-growing start-ups and global
multinational vendors with expertise in introducing leading-edge
technologies to the market place and leading companies through rapid
growth. She has held senior sales and marketing positions at Arrow
Electronics, Ogivar Technologies, and Mobile Data Exchange Corp. She
has significant experience in all levels of product development from
inception to branding, introduction to market, sales, and customer
- Sergey Juralev is a physicist with more than 20 years experience
designing and developing medical devices. He developed an Ultrasonic
Surgery System (KRON) used for ultrasonic brain surgery, and
spearheaded the design and development of the Computerized Optical
Microscopy System for NIVA-L. Mr. Juralev has held key positions in
the medical and scientific field including senior systems engineer at
Microsource in North Carolina; and
- Mycheal Greco, who currently serves as Chief Executive Officer for
Avcom Technology, and is responsible for that company's financial
management, internal controls and operations. Prior to joining Avcom,
he was the co-founder and vice-president of finance of MICOM
Technologies in Atlanta Georgia. Previous to MICOM, he was a
controller for TJ MacMillan, and a senior project manager of internal
controls. Mr. Greco has many years of experience working with some of
North America's largest and most technically advanced wireless
networks and communications organizations. He also served as chief
technology officer of Nikom Communications and sits on the board of
several high tech firms.
Annual and Special Meeting
The company's annual and special meeting of shareholders on November 12, 2009 was adjourned following the receipt and approval of Jenex's financial statements for its fiscal years ended July 31, 2007 and 2008, approval of auditors, and the election of the proposed slate of directors. The meeting will resume on December 10, 2009 at the offices of Miller Thomson LLP, Suite 5800, Scotia Plaza, 40 King Street West, Toronto, ON, at 4 p.m. (EST). Shareholders will then be asked to approve a resolution for the consolidation of Jenex shares on a 5 for 1 basis; changing the name of the company to a name to be determined by the board of directors; approving the continuance of the company's corporate jurisdiction from Alberta to Canada; and to transact such other business as may properly be brought before the meeting.
The company has been informed by the Alberta Securities Commission that its shares are being cease traded. As well, Jenex's shares remain halted on the TSX Venture Exchange pending the completion of the required filings to the exchange. "Another priority following completion of this financing will be to get the cease trade order lifted and the approval of the TSX Venture Exchange to resume trading of the company's shares," said Mr. Shippen.
About The Jenex Corporation
The Jenex Corporation, founded in 1999, is a medical device company that is focused on the research and development of its patented Thermal Therapy technology. The first device developed from this technology is the Therapik(R) product for relief of pain and itch caused by insect stings and bites. Therapik(R) has been approved as a Class II medical device in Canada (TPD) and the United States (FDA), and has received CE approval in Europe. The second device, interceptCS(TM), is the first product clinically proven and approved (TPD) to prevent cold sores. interceptCS is available exclusively in Canada at Shoppers Drug Mart/Pharmaprix.
Neither the TSX Venture Exchange Inc. 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
SOURCE THE JENEX CORPORATION
For further information: For further information: Investor and Media Relations, Richard W. Wertheim, Wertheim + Company Inc., Email: firstname.lastname@example.org, (416) 594-1600, (416) 518-8479 (cell)