VANCOUVER, BC / February 24th, 2020 / / CVR Medical Corp. (CVM.V) (TSXV: CVM) (OTCQB: CRRVF) (“CVR Medical” or the “Company” or “we”) a Canadian listed and US based healthcare company in the medical device sector is pleased to announce the addition to the board of directors; Dr. Phil Bendick, PhD and Joseph Lynch. CVR Medical is pleased that Phil Bendick and Joe Lynch have agreed to join the Board of Directors. Dr. Paul Blunden has been unanimously appointed to become the President of the company.
Dr. Bendick received his BS and MS from MIT and his PhD from Stanford University. As an Assistant Professor of Electrical Engineering at Purdue University from 1973 to 1975 he helped establish the Medical Ultrasound Research Laboratory and worked on the development of random signal processing techniques
for blood flow detection and measurement, precursors to today’s coded excitation and B-flow techniques. Dr. Bendick became involved with the clinical application of ultrasound with his move in 1976 to the Indiana University Medical Center in Indianapolis, where he established the non-invasive Vascular Laboratories for the University Hospital, Wishard Memorial Hospital (county hospital) and the VA Hospital. In 1986 he moved to William Beaumont Hospital in Royal Oak, Michigan as both Director of Peripheral Vascular Diagnostic Center and Director of Surgical Research, all while establishing the Vascular Lab at Beaumont, which performs over 25,000 non-invasive vascular studies per year. Dr. Bendick is a great addition to the Board of Directors of CVR Medical.
Mr. Lynch has a 25-year track record of successfully creating and developing businesses from the ground up. As the current CEO of Creative Security Systems, Inc. a privately held company of 25 years he has held multiple state licenses and has brought the company from startup to working for the largest home builders in Florida. He has increased the company’s presence receiving contracts in multiple states throughout the East coast. In the past 15 years he has been involved with multiple startups developing business plans and creating relationships with clients and vendors. He has been a Director of a privately held Medical company for over 12 years. He has extensive experience interfacing with clients, leadership, and organizational development. His background in business management and capitalization has been combined with years of hands on leadership experience in the tech industries.
About CVR Medical
CVR Medical Corp. is a healthcare company that operates in the medical device industry focused on the commercialization of its disruptive, proprietary Carotid Stenotic Scan device (the “CSS”). The CSS is a diagnostic tool that encompasses subsonic, infrasonic, and low frequency sound wave analysis technology. The CSS is a patented device designed to detect and measure carotid arterial stenosis. CVR Medical’s shares are listed on the OTCQX under the symbol “CRRVF”. The Company has applied for reinstatement of trading on the TSX-V, and were previously listed for trading under the symbol traded under the symbol “CVM”. Additional information regarding the Company can be found in our recent filings with the SEDAR as well as the information maintained on our website at www.cvrmed.com
ON BEHALF OF THE BOARD:
(signed) “Paul Blunden”
President & Director
For further information contact:
Paul Blunden President and Director
This press release contains forward-looking information that involves various risks and uncertainties regarding future events related to: trading on and dialogue with the Exchange, communications and negotiations with CVR Global, dialogue with certain advisors, the Term Sheet, the Proposed Restructuring, the Definitive Agreement, the License Agreement, the Review, certain corporate and securities law requirements, raising capital, the 2019 Audit and potential litigation. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a failure or material setback in negotiations between the Company and CVR Global; (2) a failure of the Company to resume trading on the Exchange; (3) a failure of the Company to raise capital sufficient capital to relaunch the Company; (4) an inability to enter into a definitive agreement with CVR Global; (5)a downturn in general economic conditions in North America and internationally, (6) the inherent uncertainties and speculative nature associated with commercialization of technology and the practice of medicine;(7) a change in health regulations; (8) any number of events or causes which may delay or cease commercialization and development of the CSS Device; (9) the risk that the Company does not execute its business plan, (10) the risk of litigation between the Company and certain shareholders and the risk of litigation generally; (11) an inability to retain key employees, (12) am inability to finance operations and growth, (13) compliance with certain corporate and securities law requirements; and (14) other factors that are beyond the Company’s control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
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