MISSISSAUGA, ON, May 18 /CNW/ - MedX Health Corp., (TSXV.MDX) a global leader in drug free, non-invasive low level laser and light therapy for tissue repair and pain relief, announced that the Ontario Securities Commission has issued a temporary management cease trade order ("MCTO") as requested by the Company as it did not file its annual financial statements and management, discussion and analysis ("MD&A") for the year ending December 31, 2009 on or before the prescribed deadline of April 30, 2010.
As announced on May 6, 2010, MedX had requested that a MCTO be imposed, due to the late filings, in an application to securities regulators submitted under National Policy 12-203 ("NP 12-203"). Pursuant to NP 12-203, the MCTO was issued to the Company's Chief Executive Officer and Acting Chief Financial Officer, thereby temporarily prohibiting them from trading in the securities of the Company. Under the terms of the MCTO, MedX shall provide bi-weekly status reports in the form of news releases and will otherwise satisfy the provisions of the alternative information guidelines as outlined by the Ontario Securities Commission as long as it remains in default of the requirements to file its financial statements and MD&A within the prescribed period of time.
MedX anticipates requiring several weeks to complete the audit and file the year-end audited numbers.
About MedX Health Corp.
MedX is a leading North American developer and manufacturer of low level laser and light medical devices for the drug free and non-invasive treatment of tissue damage and pain in numerous medical settings including dental, rehabilitation and wound care. 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, the bringing of non-invasive, drug-free healing nature of light to people seeking relief from pain and other physical ailments.
MedX's strategy is to build upon its success in bringing relief of conditions in a non-pharmacologic manner in the rehabilitation market through key partnerships, acquisitions, strong patent protection as well as developing and commercializing advanced products in the dental and wound-care markets that will position the company to increase revenue. In addition, MedX plans to accelerate the development of a new product aimed at the rapidly-growing wound care market: its "Photobandage(TM)", a bandage 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 of marketing and sales.
Brand products are US FDA approved, Health Canada cleared, and CE Marked and are produced in an ISO 9001 and 13485 certified manufacturing and testing facility. For a complete profile of MedX Health Corp. and its products 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 laws.
SOURCE MedX Health Corp.
For further information: For further information: Investors: Steve Guillen, President and Chief Executive Officer, MedX Health Corp., Phone: (905) 826-0766, firstname.lastname@example.org