Key Officers of MedX Health Agree to Debt Settlement of 1/3 at $0.25, 1/3 at $0.50, and 1/3 at $0.75
MISSISSAUGA, ON, Feb. 29, 2012 /CNW/ - MedX Health Corp., (TSXV: MDX) a global leader in drug free, non-invasive low level laser light therapy and light imaging systems, announced today it will arrange a debt settlement with certain key officers of the corporation. The debt settlement will allow the Company to restructure $1,313,031 of outstanding debt (approximately 25% of the company debt) through the issuance of 3,209,633 shares; one third (1/3) at $0.25, 1/3 at $0.50, and 1/3 at $0.75. This debt settlement is subject to approval by the TSX Venture Exchange.
"This significant debt reduction allows us to improve our financial profile rapidly, without the dilution and costs normally associated with this type of transaction," says Steve Guillen, President & CEO, and "our improved balance sheet will allow us to raise funds more competitively from outside sources, and confirms senior managements' strong belief in the potential of the skin cancer imaging system, MoleMate, and in the future success of MedX."
About MedX Health Corp.
MedX is a twelve (12) year old Canadian company, headquartered in Mississauga, Ontario (Toronto), and is a global leader in the design, manufacturing and distribution of quality low level laser, light, and imaging technologies for use in numerous medical settings, including skin cancer, rehab/chiropractic, dental, wound care, and veterinary medicine, providing patients with drug free and non-invasive treatment of tissue damage and pain. MedX laser and light products are FDA approved, Health Canada cleared, and CE Mark approved for use in North America as well as the European Union. For a complete profile of MedX Health Corp. and its products visit www.medxhealth.com.
MedX acquired the worldwide assets of a family of skin cancer imaging scanners, in June 2011, that are portable, cost-effective, and provide critical information on every type of mole. MoleMate™ by MedX uses light to "See More", and look 2mm below the surface of the skin, enabling physicians to scan suspicious moles, and provide immediate feedback to patients, improving the quality of care of potential cancer patients, by reducing the need for biopsies, and the resulting pain, scars, and anxiety associated with waiting for biopsy results. www.simsys-molemate.com.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
For further information:
Contacts - Investors:
President and Chief Executive Officer
MedX Health Corp. [email protected]
Phone: (905) 670-4428