DIAGNOS Announces Corporate Reorganization Update
June 10 2019 - 9:00AM
DIAGNOS Inc. (“DIAGNOS”, “the Corporation” or “we””) (TSX Venture:
ADK), (OTCQB: DGNOF), a leader in early detection of critical
health issues through the use of its FL
AIRE
platform based on Artificial Intelligence (
AI),
announces that it has completed the reorganization of its debt and
capital structure initially announced on March 11, 2019.
Debt in the form of 10% secured convertible
debentures (“Debentures”)
As announced on May 15, 2019, DIAGNOS proceeded
with the redemption of 100% of the principal amount of the
Debentures and the unpaid and accrued interest up to May 14,
2019.
Debt in the form of 10% unsecured convertible
notes (“Notes”)
As announced on May 15, 2019, DIAGNOS proceeded
with the redemption of 85% of the principal amount of the Notes and
the unpaid and accrued interest up to May 14, 2019. As of today,
the outstanding amount of Notes payable is $150,000 which will be
due for repayment on (i) October 13, 2020, for $50,000 and (ii)
October 23, 2020, for $100,000.
Capital structure
Further to the press release dated April 10,
2019 announcing the approval, by the shareholders of the
Corporation, of a common share (“Share”) consolidation whereby ten
(10) pre-consolidation Shares would result in one (1)
post-consolidation, on April 24, 2019, the Shares of the
Corporation began trading on a post-consolidation basis. As such,
the number of outstanding Shares was divided by ten and the price
of the Shares was multiplied by ten.
“I would like to personally thank our
shareholders and former debt holders for their continuous support.
The redemption of the Debentures and the Notes in the aggregate
amount of $6.5 Million now allows DIAGNOS to present a much
improved balance sheet which in turn, we strongly believe, will
help us to bid on, and win, major health screening contracts,” said
Mr. Georges Hébert, Chairman of the board of directors of
DIAGNOS.
About DIAGNOS
DIAGNOS is a publicly-traded Canadian
corporation with a mission of early detection of critical health
issues through the use of its Artificial Intelligence (“AI”) tool
CARA (Computer Assisted Retina Analysis). CARA is a
tele-ophthalmology platform that integrates with existing equipment
(hardware and software) and processes at the point of care. CARA’s
Artificial Intelligence image enhancement algorithms make standard
retinal images sharper, clearer and easier to read. CARA is
accessible securely over the internet, and is compatible with all
recognized image formats and brands of fundus cameras, and is EMR
compatible. CARA is a cost-effective tool for screening large
numbers of patients in real-time. CARA complies with local
regulations, is FDA cleared for commercialization in the United
States of America, is Health Canada licensed for commercialization
in Canada and is CE marking compliant in Europe.
Additional information is available at
www.diagnos.com and www.sedar.com.
For further information, please contact:
Mr. André Larente, PresidentDIAGNOS Inc.Tel:
450-678-8882 ext. 224alarente@diagnos.ca
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.
This news release contains forward-looking
information. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in these
statements. DIAGNOS disclaims any intention or obligation to
publically update or revise any forward-looking information,
whether as a result of new information, future events or otherwise.
The forward-looking information contained in this news release is
expressly qualified by this cautionary statement.
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