Olympic enters the biotech field
Olympic Resources Ltd ORL
Shares issued 10,654,378 Mar 16 close $1.50
Fri 17 Mar 2000 News Release
Mr. Darryl Pollock reports
Olympic Resources Ltd. has made its first foray into the biotech field as
part of the corporate diversification initiatives recently announced. The
company has agreed to enter into an investment and advisory contract with
M-I Vascular Innovations Inc.
M-I Vascular is a private Delaware incorporated company which owns 100 per
cent of MIVI Technologies Inc., a Vancouver, B.C.-based research and
manufacturing facility of the MIVI Stent. Approximately $1.5-million (U.S.)
has been invested in MI Vascular by its shareholders in the past year for
research and development and M-I Vascular is presently preparing to become
a reporting issuer in the United States. The board of M-I Vascular is
composed of highly qualified individuals with internationally recognized
medical credentials in the cardiac field and with international corporate
and management experience.
The MIVI Stent is a vascular support device which is being developed to
market to the cardiovascular industry for the treatment of cardiovascular
disease. Stents have entered the surgical field only in the last few years
and are rapidly replacing invasive cardiac and other surgeries to correct
restrictions or occlusions in the circulatory system. The MIVI Stent is
presently undergoing animal tests at the Ottawa Heart Institute. Successful
small-scale manufacturing production has been effected to supply the animal
trials. In-vitro and animal trials have been successful to date.
The MIVI Stent is a patent-pending design made of formed stainless steel
wire and combines modular design and low profile with high flexibility and
wide adaptability to stent delivery catheters. M-I Vascular developed the
product to provide a number of advantages, compared to existing stents,
including improved visibility during insertion, superior metal fatigue
tolerance and enhanced manufacturing capability with a resultant
significant cost saving.
Olympic views this investment in M-I Vascular as a significant step in its
diversification initiatives in the biotech industry. The contract with M-I
Vascular provides that Olympic will appoint its president, Daryl Pollock,
to the board of M-I Vascular. In addition, Olympic will provide
non-exclusive financial and general merchant banking services and advice to
assist M-I Vascular in achieving its corporate and general business goals.
Olympic also has a right of first refusal to partner with M-I Vascular in
the development of new product and a right of first refusal to participate
in new private placements for the period of its subscribed warrants.
Olympic is subscribing for 600,000 units in M-I Vascular at a price of
$1.00 U.S. per unit. Each unit consists of one common share and a
non-transferable piggyback warrant comprised of an A and a B warrant. Each
A warrant is exercisable for a period of one year from issue of the warrant
to purchase a common share at a price of $1.50 (U.S.) and each B warrant is
exercisable, subject to the "A" warrants having been exercised, for a
period of two years from the date of issue to buy a common share at a price
of $2.00 (U.S.). This investment represents approximately 3 per cent of M-I
Vascular and, subject to dilution, if the piggyback warrants re exercised,
this will represent approximately 10 per cent of the company.
WARNING: The company relies on litigation protection for "forward-looking"
statements. |
