CVR Medical Corp. (OTCQB: CRRVF) is engaged in the research, development, and commercialization of medical devices and technologies. Shares of the medical technology company are rallying 11.30%, through afternoon trading on Monday, March 13, 2017. Over the past three months, CVR Medical Corp. has seen average daily volume of 46,074 shares. However, average daily volume of 337,799 shares or dollar volume of $154,002, has already exchanged hands afternoon Monday.
Shares of CVR Medical Corp. are gaining Monday, after the company announced that it has cancelled warrant acceleration terms for 11.02 million warrants, which would have been subject to the accelerated exercise terms, if the stock closed above $0.60 for ten consecutive trading days. The warrant are originally from September 2016 and hold an exercise price of $0.40 per share. Here is the full press release detailing of the cancelled warrant acceleration terms:
CVR Medical Corp. Press Release:
VANCOUVER, BC / ACCESSWIRE / March 13, 2017 / CVR Medical Corp. (CVM.V) (B3BN.F) (CRRVF) (“CVR Medical“) is pleased to announce today that it has cancelled and will not utilize the acceleration provisions in regards to 11,024,612 warrants previously issued (the “Warrants“). If the average closing price of CVR Medical’s common shares closed at or above $0.60 for ten consecutive trading days, CVR Medical would have been able to accelerate the term for the expiration of the Warrants, thereby forcing the exercise of the Warrants. The Warrants were issued pursuant to a private placement which closed on September 15, 2016, and are exercisable at the price of $0.40. The Warrants are currently set to expire on September 15, 2018.
Peter Bakema, President and CEO comments, “We believe this is a prudent move to remove the perceived share price ceiling in the market. We have been receiving exercises and support from our shareholders and believe this will continue and see no need for the acceleration.”
For additional information on the organization, leadership, and current news please visit the company website at www.CVRMed.com
About CVR Medical Corp.:
CVR Medical is a company that is involved in an equal parts joint venture with CVR Global Inc. (the “Joint Venture”). The Joint Venture operates in the medical industry focused on the commercialization of a proprietary subsonic, infrasonic, and low frequency sound wave analysis technology and has patents to a diagnostic device designed to detect and measure carotid arterial stenosis. CVR Medical is managed by a proven technical team. CVR Medical trades on the TSX Venture Exchange under the symbol CVM.
ON BEHALF OF THE BOARD:
(signed) “Peter Bakema”
CEO, President & Director
For further information contact:
Brisco Capital Partners Corp.
Scott Koyich, President
Telephone: (403) 262-9888
This press release contains forward-looking information that involves various risks and uncertainties regarding future events related to the Financing. 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 downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with commercialization of technology and the practice of medicine, (3) a change in health regulations, (4) any number of events or causes which may delay or cease commercialization and development of the Joint Venture, (5) the risk that the Company or the Joint Venture does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, and (8) other factors 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.