Proceeds to expand commercialization plans
MISSISSAUGA, ON, Aug. 5 /CNW/ - MedX Health Corp. (TSXV: MDX) ("MedX" or the "Company") announced today the closing of a non-brokered private placement of 4,300,000 common shares at a price of $0.25, for gross proceeds of CAD$1,075,000. Of this, 2,000,000 shares were issued upon conversion of certain third-party debt. The proceeds from the financing will be applied to achieve MedX's goal of expanding its commercialization plans.
The securities sold under the Private Placement are subject to restrictions on resale for a period of four months from the date of closing.
"We are well on our way to efficiently closing out this current round of financing as we continue to grow our product line and business opportunities," said Steve Guillen, president & chief executive officer. "Our commitment to become a global leader in low level laser therapy remains focused on expanding our markets internationally via new distribution channels and novel product technology. This financing puts us one step closer to that goal," said Mr. Guillen.
About MedX Health Corp.
MedX is a leading North American developer and manufacturer of low-level laser medical devices, including dental, rehabilitation and wound care products. MedX is the world's only company focusing on developing and delivering a broad cross-section of technologies and products involved in healing using light therapy. MedX is committed to advocating for and bringing the non-invasive, drug-free healing nature of light to people seeking relief from pain and other physical ailments.
MedX's strategy is to build upon its success in bringing relief of symptoms in a non-pharmacologic manner in the rehabilitation market through key partnerships, acquisitions, strong patent protection as well as developing and commercializing advanced products in the dental and wound-care markets that will position the company to increase revenue. In addition, MedX plans to accelerate the development of a new product aimed at the rapidly-growing wound care market: its "Photobandage", a bandage technology that allows a wound to be bathed in light, designed to enhance the healing process. The Company intends to license this new technology to one or more major wound care companies for further development of marketing and sales.
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or accuracy of this press release.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information may include statements regarding the Company's future plans, objectives, performance, growth, profits, operating expenses or its underlying assumptions. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of MedX to be materially different from those expressed or implied by such forward-looking information, including uncertainty of successful development of new products, uncertainty of successful manufacturing or marketing of products, uncertainty of commercial acceptance of products, uncertainty concerning governmental regulation, dependency on key employees and relationships, rapid technological changes, foreign currency fluctuations. MedX does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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