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Neovasc Inc. Reports Year 2008 Financial Results
Date:4/24/2009

we took in 2008 to rationalize our staffing and cost structure and re-organize our balance sheet resulted in a number of sobering financial figures at year end. We believe that recognizing these required non-cash impairment charges now should be advantageous to our financial results in the future. On April 23, 2009, we also completed a non-brokered private placement that resulted in gross proceeds to Neovasc of $2 million, reinforcing the company's cash position as we advance our most promising products and technologies."

Financial Results

Results for the year ended December 31, 2008 follow. All amounts are in Canadian dollars.

Net Losses

The consolidated net loss for the year ended December 31, 2008 was $34,259,565 or $2.94 basic loss per share as compared with a net loss of $7,830,954 or $1.59 basic loss per share for the comparative period in 2007. The increase in loss of approximately $26 million is substantially due to a non-cash $23 million impairment charge on technology and goodwill, a non-cash $2 million increase in amortization expense on technology and a $1 million increase in other losses.

Impairment of Goodwill and Technology

During the fourth quarter of 2008, the Company's market capitalization remained below the value of the shareholders equity for a significant period of time, indicating potential impairment of the Company's goodwill and other intangible assets. As a result of these market indicators and the Company's impairment testing, the Company recorded an impairment charge of $3,557,082 to write down acquired goodwill to $nil and an impairment charge of $19,503,930 to write down the net book value of acquired technologies to $nil.

Termination of Distribution Agreement

On December 22, 2008, the distribution agreement between Neovasc and a third party distributor was terminated. On termination the Company was required to repurchase invent
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SOURCE Neovasc Inc.
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