Business
MedX Health Corporation Updates Shareholders Meeting Date and Re-Structuring Plans
MedX Health Corporation Updates Shareholders Meeting Date and Re-Structuring Plans
About this update from Medx Health Corp.
[{"type":"text","content":"\n\n\n\n Aug. 13, 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\nShares for debt and a private placement to support launch of new telemedicine product the H'andy sana 211 cell phone with integrated ECG capability\n\nMISSISSAUGA, ON, Aug. 13 /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 provided additional information to its previously announced plans to re-structure the company through the use of shares to retire debt, acquire key technologies and raise cash to support the existing and newly acquired products.\n"We are using our shares to re-structure the company financially by reducing the overall debt and raising needed capital to grow our marketing programs, as well as provide us with a key new technology, the H'andy sana 211 with ECG capabilities, that will allow us to have a strategic entry into to the large and rapidly growing telemedicine market," said Steve Guillen, president & CEO of MedX.\n\nThe following key programs involve the use of common shares issued at $0.10 per share, and are all subject to TSX approval:\n\nShares for Debt: MedX will issue 13,447,539 common shares at $0.10 to settle debts to management, directors, and consultants. Of the 13,447,539 shares, 7,779,232 will be issued to management and directors for salary and director's fees that have not been paid, and these shares will require approval by the majority of the disinterested shareholders at the upcoming AGM, now scheduled for September 30th, 2010.\n\nECG Phone Transaction: MedX will issue 27,000,000 common shares at $0.10 to Medical Marketing Berlin (MMB) as per a signed Letter of Intent (LOI) for a 5 year, renewable, exclusive North American rights agreement to the H'andy sana 211 with ECG capabilities. MMB is a corporation controlled by Mr. Andy Rösch, a director of MedX. With the approval of this transaction by the shareholders...