Business
Ventripoint Diagnostics Provides Corporate Update
(via TheNewswire) Toronto, Ontario - TheNewswire - December 1 8 , 2019 -...
About this update from Ventripoint Diagnostics Ltd.
[{"type":"text","content":"Ventripoint Diagnostics Provides Corporate Update(via TheNewswire)\n \n \nToronto, Ontario - TheNewswire - December 18, 2019 - Ventripoint Diagnostics Ltd. (\"Ventripoint\" or the \"Company\") (TSXV:VPT) (OTC:VPTDF) announces that the Board of Directors of the Company had deemed the Company was no longer a going concern and elected to put the Company into receivership. Subsequently, Dr. Don Segal, David Willis, Dr. Alan Rabinowitz have resigned as Directors of the Company. Justin Leuschner has resigned as a Director and CEO of the Company. Ellen Briant has resigned as CFO. Desmond Hirson has resigned as the CTO and will be available to the Company as a consultant. The Company has given notice to its employees and has stopped operations until new funds are secured (see below).\n\n\n \nA restructuring plan has been put together by Dr. George Adams, who will become the Executive-Chairman of the Company and will run the Company in the interim. Peter Weichler and Robert Hodgkinson have joined the Board of Directors as independent directors. The Company has initiated a search for a new CEO and CFO.\n\n\n \nRobert Hodgkinson has over 40 years of experience in public and venture capital markets. He has raised $150 + of capital for numerous companies and is an experienced corporate director, senior executive and adviser. He has been instrumental in successful merger and acquisitions in oil and gas transactions totaling $500 mm+ and has acted as a principal and agent in corporate structuring/restructuring.\n\n\n \nPeter Weichler is presently a partner in the firm Candela Capital based in Calgary. His background in finance includes commercial banking, stock brokerage, investor relations and investment banking with national Canadian firms. He is well versed in capital raising for emerging and entrepreneurial public companies.\n\n\n \nThe new Board of Directors is announcing it is ready now to complete the initial arrangements, as outlined below, with its partner in China Shanghai Yu Tian Medical Investment Co. Ltd. (\"Yutian\") and expand the relationship as part of a restructuring of the Company.\n\n\n \nYutian will be part of a group of existing investors who will advance the Company $1,000,000 in the form of secured debentures. A formal announcement of this debenture financing will be forthcoming. In addition, a share swap between the co...