MEDX is Flying today on this news release. Obviously senior mgmt believes in the product. Definitely will outperform VRS.
Senior Management Agree to Debt Settlement Of $1.3 Million at Significant Prices Over Market
Key Officers of MedX Health Agree to Debt Settlement of 1/3 at $0.25, 1/3 at $0.50, and 1/3 at $0.75
MISSISSAUGA, ON, Feb. 29, 2012 /CNW/ - MedX Health Corp., (TSXV: MDX) a global leader in drug free, non-invasive low level laser light therapy and light imaging systems, announced today it will arrange a debt settlement with certain key officers of the corporation. The debt settlement will allow the Company to restructure $1,313,031 of outstanding debt (approximately 25% of the company debt) through the issuance of 3,209,633 shares; one third (1/3) at $0.25, 1/3 at $0.50, and 1/3 at $0.75. This debt settlement is subject to approval by the TSX Venture Exchange.
"This significant debt reduction allows us to improve our financial profile rapidly, without the dilution and costs normally associated with this type of transaction," says Steve Guillen, President & CEO, and "our improved balance sheet will allow us to raise funds more competitively from outside sources, and confirms senior managements' strong belief in the potential of the skin cancer imaging system, MoleMate, and in the future success of MedX."
About MedX Health Corp.
MedX is a twelve (12) year old Canadian company, headquartered in Mississauga, Ontario (Toronto), and is a global leader in the design, manufacturing and distribution of quality low level laser, light, and imaging technologies for use in numerous medical settings, including skin cancer, rehab/chiropractic, dental, wound care, and veterinary medicine, providing patients with drug free and non-invasive treatment of tissue damage and pain. MedX laser and light products are FDA approved, Health Canada cleared, and CE Mark approved for use in North America as well as the European Union. For a complete profile of MedX Health Corp. and its products visit www.medxhealth.com.
MedX acquired the worldwide assets of a family of skin cancer imaging scanners, in June 2011, that are portable, cost-effective, and provide critical information on every type of mole. MoleMate™ by MedX uses light to "See More", and look 2mm below the surface of the skin, enabling physicians to scan suspicious moles, and provide immediate feedback to patients, improving the quality of care of potential cancer patients, by reducing the need for biopsies, and the resulting pain, scars, and anxiety associated with waiting for biopsy results. www.simsys-molemate.com. |
