HALIFAX, Aug. 17 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer of rapid diagnostic technology and solutions, announced today the settlement of a case between the Nova Scotia Securities Commission and MedMira and Hermes Chan. The settlement is related to the Commission's investigation of the distribution of common shares through MedMira's equity line.
In the settlement, MedMira and Mr. Chan acknowledge that they acted contrary to the public interest in not conducting their requisite due diligence and maintaining adequate precautions to ensure MedMira did not exceed the limit on the number of shares issued through the equity line for the years 2007, 2008, and 2009. The settlement agreement acknowledges that MedMira and Mr. Chan have taken steps to ensure further breaches do not occur and that they cooperated with staff of the Commission in its investigation. Under the settlement agreement, MedMira will pay $125,000 as an administrative penalty and Mr. Chan will pay $7,500 as an administrative penalty, receive a reprimand, and complete a course for directors. Both parties will pay $1,000 of costs related to the investigation and proceedings.
MedMira is a leading developer and manufacturer of flow-through rapid diagnostics. The company's tests provide hospitals, labs, clinics and individuals with reliable, rapid diagnosis for diseases such as HIV and hepatitis C in just three minutes. The company's tests are sold under the Reveal(R), Multiplo(TM) and Miriad brands in global markets. MedMira's rapid HIV test is the only one in the world to achieve regulatory approvals in Canada, the United States, China and the European Union. MedMira's corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada. For more information visit MedMira's website at www.medmira.com.
This news release contains forward-looking statements, which involve risk and uncertainties and reflect the company's current expectation regarding future events. Actual events could materially differ from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the company quarterly filings.
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 MedMira Inc.
For further information: For further information: MedMira Contact: Andrea Young, Corporate Communications, Tel: 902-450-1588, Email: email@example.com