VANCOUVER, BC / June 10, 2020 / / CVR Medical Corp. (CVM.V) (TSXV: CVM) (OTCQB:CRRVF) (“CVR Medical” or the “Company“) a Canadian listed and US based healthcare company in the medical device market, provides an update on reinstatement of trading on the TSX-v and delay in filing of annual and interim financial statements and accompanying management’s discussion and analysis (MD&A).
The Board of Directors of CVR Medical is announcing that the TSX Venture Exchange has issued a Bulletin dated June 9, 2020 announcing the reinstatement of trading of the Company’s stock on the TSX Venture Exchange effective at market open on June 11, 2020. The Board has worked diligently over the past several months to achieve this milestone. According to CVR Medical Board Director and President, Paul Blunden, M.D., “the Directors have gone above and beyond any expectations including conducting ad hoc Board Meetings, preparing documentation, contacting vendors and committing personal capital to sustain operations and continue forward to the goal of FDA clearance and commercialization of the CSS.”
During the months of work to achieve reinstatement, CVR Medical has lacked the capital to complete its 2019 Financial Audit or the 1 st quarter 2020 Financial Statement. CVR Medical obtained a 45 day extension on both financial statements, however the 2019 year end audit is due by June 15, 2020. The Company will not have the 2019 year end audit complete by June 15, 2020 and expects to receive a “Cease Trade Order (CTO)” shortly thereafter. The Company plans on completing the required financial
statements within the 90 day grace period, filing of which will result in withdrawal of the CTO and reinstatement. The Company does not anticipate any difficulty with the 2019 audit. In addition, no restatement of the 2018 financials will be necessary.
Upon reinstatement of trading, management and other insiders of the Company will be subject to a trading black-out policy to the date of the CTO.
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” and will be listed for trading under the symbol “CVM” on the TSX-v once trading resumes. 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, M.D.
President & Director
For further information contact:
Paul Blunden, M.D., President/ 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.
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.