Business
MedMira Announces NS Securities Commission Settlement
MedMira Announces NS Securities Commission Settlement
About this update from Medmira Inc.
[{"type":"text","content":"\n\n\n\n Aug. 17, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nHALIFAX, Aug. 17 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer of rapid diagnostic technology and solutions, announced today the settlement of a case between the Nova Scotia Securities Commission and MedMira and Hermes Chan. The settlement is related to the Commission's investigation of the distribution of common shares through MedMira's equity line.\nIn the settlement, MedMira and Mr. Chan acknowledge that they acted contrary to the public interest in not conducting their requisite due diligence and maintaining adequate precautions to ensure MedMira did not exceed the limit on the number of shares issued through the equity line for the years 2007, 2008, and 2009. The settlement agreement acknowledges that MedMira and Mr. Chan have taken steps to ensure further breaches do not occur and that they cooperated with staff of the Commission in its investigation. Under the settlement agreement, MedMira will pay $125,000 as an administrative penalty and Mr. Chan will pay $7,500 as an administrative penalty, receive a reprimand, and complete a course for directors. Both parties will pay $1,000 of costs related to the investigation and proceedings.\n\nAbout MedMira\n\nMedMira is a leading developer and manufacturer of flow-through rapid diagnostics. The company's tests provide hospitals, labs, clinics and individuals with reliable, rapid diagnosis for diseases such as HIV and hepatitis C in just three minutes. The company's tests are sold under the Reveal(R), Multiplo(TM) and Miriad brands in global markets. MedMira's rapid HIV test is the only one in the world to achieve regulatory approvals in Canada, the United States, China and the European Union. MedMira's corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada. For more information visit MedMira's website at www.medmira.com.\n\nThis news releas...