Chairman and CEO Combine to Buy Back Shares from Estate of Founder
MISSISSAUGA, ON, Oct. 8 /CNW/ - MedX Health Corp. (TSXV: MDX), a global leader in developing drug free, non-invasive therapeutics for tissue repair and pain relief, today announced that N. Gary Van Nest, chairman, through a company associated with him, and Steve Guillen, president and CEO of MedX, have joined in a private transaction to acquire 500,000 common shares of MedX at the market price of 0.20 CDN per share, and taken a one year option on an additional 500,000 MedX shares at 0.30 CDN from the beneficiaries of the estate of the late Phillip Passy, the founder and former president of MedX.
In addition, the company associated with Mr. Van Nest, and Mr.Guillen have jointly obtained a right of first refusal on the balance of approximately 3.5 million shares held by the beneficiaries of the estate.
"These transactions serve as a material vote of our confidence in the future direction of MedX, and also will ensure that the majority of shares outstanding remain in friendly hands," states Van Nest.
"We are in a time of rapid growth and it is important for our key executives at MedX to maintain control over this growth and ensure a successful transition to becoming a leading global development and distribution company of laser and light devices," explained Guillen.
About MedX Health Corp. -----------------------
MedX is a leading North American developer and manufacturer of low level laser and light 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 is expanding its distribution network and marketing program globally through partnerships, while continuing to develop and acquire new dental, rehabilitation and wound care products. In particular, MedX plans to accelerate the development of a new product aimed at the rapidly-growing wound care market: its "Photobandage", a new 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, marketing and sales.
About Low-Level Laser Therapy -----------------------------
For more than 35 years, LLLT has been used in Europe, Australia, Asia and Russia for the treatment of pain and tissue repair. LLLT was approved in Canada in 1999 and in the United States in 2002. LLLT uses a specific type of light to penetrate the skin's surface and underlying tissues to stimulate the body's natural repair processes. The result is faster healing and reduced pain, swelling and inflammation.
For further information, please visit www.MedXhealth.com
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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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