VANCOUVER, BC / February 14th, 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 results of the Company’s Annual General and Special Meeting (the “Meeting”) of the shareholders held on February 13, 2020. CVR Medical is pleased to report that the shareholders approved all of the matters that were voted on at the Meeting. There were 80,922,820 shares voted, representing 64.03% of the total shares outstanding. The percentage of votes cast for each matter are as follows:
Number of Directors – 57.40%
Dallas Hack, M.D. as Director – 99.61%
Paul Blunden, M.D. as Director – 99.95%
Phil Bendick, Ph.D. as Director – 99.95%
Appointment of Auditors – 57.46%
Re-Approve Stock Option Plan – 96.50%
Other Business – 95.85%
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.
Having now completed the Meeting and appointing a third Director, the Company is now in compliance with certain corporate and securities law requirements.
Additionally, the Company is pleased to provide the following updates:
On December 14th, 2019, CVR Medical received another letter from the TSX Venture Exchange (the “Exchange”) which identified additional concerns pertaining to, among other things, the recently completed 2018 Audit and Annual Report filed on SEDAR. The Company continues to have constructive dialogue with the Exchange.
Dr. Dallas Hack, interim CEO/CFO of CVR Medical, stated “This is a phenomenal moment in the Company’s history with broad shareholder support of 80,922,820 shares being voted, a figure which surpassed all previous AGMs and Special Shareholder Meetings combined! On behalf of the current directors, management and advisors, all of whom spent countless hours communicating with our stakeholders, we wish to thank you all for your continued support. Completing this meeting with limited financial resources demonstrates the commitment to re-launch this company and our disruptive CSS device in a manner which unlocks the truest potential for all stakeholders.” Dr. Hack went on to say, “With the Annual General and Special Meeting behind us, there is still much to be done, I can assure you as I have previously stated, our mission to bring our disruptive CSS technology to market still remains resolute, as we feel the potential financial impact on reducing healthcare costs for this debilitating disease combined with the potential improved patient care by shortening the time from diagnosis to treatment for stroke is immense, saving lives in the process. Please feel free to contact me directly with any questions.”
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) “Dallas Hack”
CEO, CFO & Director
For further information contact:
Dallas Hack, interim CEO, CFO 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.
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.