VentriPoint Diagnostics Announces Private Placement of Equity Financing

    SEATTLE, Sept. 10 /CNW/ -- VentriPoint Diagnostics Ltd. ("VentriPoint")
(TSX Venture: VPT) is pleased to announce that it intends to complete, subject
to TSX Venture Exchange approval, a private placement of up to 8,000,000 units
(the "Units") of VentriPoint to be issued at a price of $0.25 per Unit for
aggregate proceeds of $2,000,000.
    Each Unit will consist of one common share in the capital of VentriPoint
(a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each
Warrant will entitle the holder to purchase a Common Share at an exercise
price of $0.25 at the option of the holder at any time until the second
anniversary of its issue date. Certain finders may also be entitled to
compensation in relation to investors, which they have introduced to
VentriPoint. Such compensation will include a cash commission and agents
options and/or warrants, subject to receipt of approval from the TSX Venture
    The proceeds of this transaction will be used to complete the development
and external testing of VentriPoint's initial release of its VentriPoint
Diagnostic system, and support the company through the approval process and
the commencement of marketing and selling of the VentriPoint Diagnostic system
in Canada and Europe.
    The private placement, including any applicable finder's fees, are
subject to regulatory acceptance, and the Common Shares and the Warrants to be
issued will be subject to a hold period of four months and a day from the date
of issuance, pursuant to applicable securities laws and the policies of the
TSX Venture Exchange.
    About VentriPoint Diagnostics
    VentriPoint creates diagnostic tools to monitor patients with heart
disease -- the number one cause of death in developed countries. By using data
produced from existing two- or three-dimensional medical imaging systems, the
VentriPoint Diagnostic System creates a three-dimensional model of the right
and left ventricles and generates critical heart measurements in a rapid and
inexpensive manner not currently available. This breakthrough diagnostic tool
is based upon technology received by VentriPoint through its technology
license with the University of Washington. The VentriPoint Diagnostic System,
together with its associated online service, is being developed for a variety
of heart related disease states, including congenital heart disease.
    Forward-Looking Statements
    This news release may contain forward-looking statements that are based
on VentriPoint's expectations, estimates and projections regarding its
business and the economic environment in which it operates. These statements
are not guarantees of future performance and involve risks and uncertainties
that are difficult to control or predict. Therefore, actual outcomes and
results may differ materially from those expressed in these forward-looking
statements and readers should not place undue reliance on such statements.
Statements speak only as of the date on which they are made, and VentriPoint
undertakes no obligation to update them publicly to reflect new information or
the occurrence of future events or circumstances other than in compliance with
securities law.

    For further information, please contact:
    Edward Garth, Chief Financial Officer
    VentriPoint Diagnostics Ltd.
    Telephone:  (206) 283-0221, ext. 402
    Facsimile:   (206) 283-2309
    The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.

    Media Contacts:
    VentriPoint Media Contacts:
    Russo Partners LLC
    Ian Stone
    (619) 814-3510


For further information:

For further information: Media Contacts: Ian Stone, +1-619-814-3510, of Russo Partners LLC for VentriPoint
Diagnostics Ltd.; or Edward Garth, Chief Financial Officer, VentriPoint
Diagnostics Ltd., +1-206-283-0221, ext. 402, Facsimile: +1-206-283-2309

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890