Shares for debt and a private placement
MISSISSAUGA, ON, July 27 /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 today announced plans to issue shares in order to retire certain debt obligations, and in addition in a second transaction, issue shares as part of a capital raising private placement. MedX plans to retire up to $1.5M in debt through common shares issued at a price of $0.10, and plans to raise $2M via common shares priced at $0.10 via a non-brokered private placement. The number of fully diluted MedX Corp. shares outstanding is now 28.4M.
MedX also announced it will be holding its annual general and special meeting on August 31, 2010 at 4:00 p.m. at The National Club, located at 303 Bay St., Toronto.
The proceeds from the financing will be used to expand MedX's distribution network; support its marketing programs; continue development of new dental, rehabilitation and wound care products, and pending recently announced discussions on July 26th, continue development of the potential new cell phone with ECG capabilities; undertake research and development for wound care products; and for working capital purposes.
"The combination of significantly reducing our debt via shares while raising additional funds will further accelerate our efforts within our existing markets, including our rapidly expanding international marketing program," said Steve Guillen, President & Director of MedX.
Details of these proposed transactions will be included in MedX's management information circular to be issued August 10, 2010.
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