MISSISSAUGA, ON, Dec. 11 /CNW/ - MedX Health Corp. ("MedX") announces
that it entered into amending agreements dated as of November 30, 2007 with
lenders of $800,000 convertible notes to remove the conversion right. These
convertible notes were granted on August 15, 2005, and the lenders had the
right to convert the notes into equity securities of MedX at the same price
and on the same terms as the securities offered in MedX's next public
offering. The amendment removed the lenders' conversion right effective as of
January 1, 2007.
The original loan bore interest at 11% per annum, is secured by assets of
the Company and was originally due on November 14, 2005. The loan became a
short term demand loan after its due date. In September and October of 2007,
the lenders agreed to convert the short term demand loan into a long term loan
having a term of 18 months from November 1, 2007 with an amended interest rate
of 14% per annum with interest payable quarterly. As additional consideration
for converting the short term demand loan to a long term loan, MedX issued to
the lenders an aggregate of 40,000 warrants with each warrant entitling the
holder to purchase one common share at $1.25 per share until October 18, 2009.
About MedX - MedX develops, manufactures and distributes phototherapy
medical devices. MedX products are used by practitioners in clinics, academic
facilities, hospitals as well as professional athletes and sports teams. MedX
brand products are U.S. FDA and Health Canada cleared and are produced in an
ISO 9001 and 13485 certified manufacturing and testing facility.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
For further information:
For further information: Phil Passy, President and Chief Executive
Officer, Phone: (905) 826-0766, Email: email@example.com