Navigation Links
IVMD Inc. Announces Fundamental Balance Sheet Restructuring.
Date:4/24/2008

(OTCBB: IVME; Frankfurt: I7VF)

INVERNESS, Scotland, April 24 /PRNewswire-FirstCall/ - In Veritas announces that it has secured a fundamental balance sheet restructuring leaving it free of all loan note indebtedness, and that it has secured a further equity capital line to enable it to move forward. The Company has been frustrated under the pressure of excessive debt since late 2005.

Medical Diagnostic Innovations Ltd, a UK investment company formed by Mr. Graham Cooper, the Company's Chief Executive Officer, and others to facilitate the restructuring, has entered into agreements to purchase $3,316,324 of the Company's debt (convertible loan notes and other indebtedness to the Company's various loan note holders) and has agreed to convert that debt into shares of the Company's common stock. The balance of the Company's indebtedness under convertible loan notes has been converted into Common stock by those Loan Note holders. All conversions took place at 5 cents per share.

Mr. Cooper has agreed to personally purchase $300,000 of shares in the Company's common stock by way of a private placement at a price of 5 cents per share.

In addition key employees, directors and contractors of the Company have been granted warrants to purchase shares in the Company's common stock in a move designed to secure the commitment and ongoing mutuality of interest between the Company and key people who will be associated with its future success.

This restructuring eliminates liabilities of approximately $5,487,279 from its balance sheet, representing some 68% of the Company's net liabilities reported in its consolidated financial statements at January 31, 2008.

Mr. Cooper, commenting on these important events said:

"I am delighted that after many months of deadlock the Company is now free of its overbearing burden of debt and able to explore its true potential. We now plan to transform the Company into a profitable innovator in the field of point of care medical diagnostics. At last we can concentrate on the business and the substantial commercial opportunities that we have created, rather than internalise around financial complexities".

Martin Thorp, the Chief Financial Officer added:

"Financing the Company by loan notes was never appropriate and was forced upon previous management by extraneous factors. Extricating In Veritas from the complex debt was not easy, but we have now done it and the commercial opportunity ahead is very exciting. I want to mention those of our trade creditors in Scotland, England and the US who have been enormously understanding of In Veritas' problems and greatly supportive of us during the lengthy period over which we have been locked in negotiation with our US loan note holders".

About In Veritas Medical Diagnostics, Inc.

IVMD uses its proven, patented core technology to design, develop and test medical devices for near patient testing and monitoring. Our products serve large global markets in the monitoring of chronic conditions affecting large numbers of the population.

Forward-Looking Statements

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. Our actual future results of could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rates and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings.

CONTACT: Martin Thorp, +44 (0) 207 499 1730


'/>"/>
SOURCE In Veritas Medical Diagnostics Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. HHS Announces $75 Million in Supplemental Funding to States for Pandemic Flu Preparedness
2. CRC Health Group Announces Acquisition of Bayside Marin Recovery Center, San Rafael
3. UHW Announces: Antelope Valley Hospital Caregivers and Board Vote to Ratify First Union Contract With SEIU UHW-West
4. HEI, Inc. Announces Sale of RFID Division Assets
5. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Zyloprim(R)
6. Mettler-Toledo International Inc. Announces Webcast of Presentation at Thomas Weisel Partners 2007 Healthcare Conference
7. Z Trim Announces Revocation of Gregory Halpern Severence Agreement
8. Brooke Franchise Corporation Announces Selected July Results
9. Manor Care, Inc. Announces Record Date for Special Stockholder Meeting
10. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Adipex-P(R)
11. Planet Technologies Announces Agreement to Acquire Antigen Laboratories
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... Apple ... care services, staged a mock evacuation of the facility as part of a disaster ... Fire Department, Echo Hose EMS and Shelton City Emergency Manager, as well as the ...
(Date:10/13/2017)... , ... October 13, 2017 , ... Global Healthcare Management’s ... Alexandria Park in Milford, NJ. This free event, sponsored by Global Healthcare Management’s ... The fun run is geared towards children of all ages; it is a ...
(Date:10/13/2017)... ... October 13, 2017 , ... “The Journey: From the ... danger possible to save lost souls in the Philippines. “The Journey: From the Mountains ... a dedicated teacher of the Bible. She has taught all ages and currently teaches ...
(Date:10/12/2017)... ... October 12, 2017 , ... Planet Fitness, one of the largest and ... plans to open a flagship location in Covington, LA at 401 N. U.S. Highway ... store next to Office Depot in the Holiday Square shopping center. Its location allows ...
(Date:10/12/2017)... ... 2017 , ... Asante, a nationally recognized health system in ... existing home health joint venture through an agreement, effective October 1, 2017, to ... home health company with Asante, delivering clinically integrated care, for the past eight ...
Breaking Medicine News(10 mins):
(Date:10/10/2017)... -- NDS received FDA 510(k) clearance in May 2017 for its highly ... designed for endoscopy environments. An innovative secondary monitor solution, ZeroWire ... support the improvement of patient outcomes, procedural efficiency, and the lowering ... ... ...
(Date:10/4/2017)... 4, 2017  South Korean-based healthcare product Development Company ... "cprCUBE" on Kickstarter. The device will educate the user ... with better efficiency compared to the dated and pricey ... on efficacy of the compression for a more informed ... goal to raise $5,000. ...
(Date:10/2/2017)... 2017  Eli Lilly and Company (NYSE: ... third quarter of 2017 on Tuesday, October 24, 2017. ... day with the investment community and media to further ... call will begin at 9 a.m. Eastern time. Investors, ... webcast of the conference call through a link that ...
Breaking Medicine Technology: