TORONTO and DALLAS, April 4,
2024 /CNW/ - Perimeter Medical Imaging AI, Inc.
(TSXV: PINK) (OTC: PYNKF) (FSE: 4PC) ("Perimeter" or the
"Company") – a commercial-stage medical technology
company – announced that it will participate in
the upcoming American Society of Breast Surgeons (ASBrS), featuring
interactive demos of the S-Series OCT device at the Company's
booth. The Company also announced the grant of certain stock
options and the engagement of Velocity Trade Capital Ltd.
("Velocity Trade") for market liquidity services.
Conference Details
#ASBRS24 - The American Society of Breast
Surgeons 25th Annual Meeting
April 10-14,
2024
Orlando World Center Marriott; Orlando, FL
Booth #229 – Perimeter Medical Imaging AI
Adrian Mendes, Perimeter's Chief
Executive Officer stated, "We are excited to have a presence at
ASBrS this year alongside top companies in the breast oncology
space, providing us with an opportunity to network with 1,700
medical professionals from the U.S. and 27 countries. We believe
combining a surgeon's clinical expertise with OCT technology can
provide margin insights real-time during surgeries, which gives
them clarity to act in the moment and close with confidence."
Issuance of Stock Options
On April 3, 2024, the Company
approved the grant of 470,000 stock options to certain directors
and company officers, and 863,177 options to employees as a key
retention incentive tool. Each stock option entitles the holder to
acquire one common share of the Company at an exercise price of
$0.85 per common share and expires 10
years from the date of grant. As of the date of this news release,
the Company has a total of 8,660,798 stock options outstanding, and
the Company may issue further equity compensation securities
exercisable for up to 3,433,661 common shares under the Company's
omnibus equity incentive plan.
Market Stabilization and Liquidity Services
The Company also disclosed that, subject to stock exchange
approval, Perimeter has engaged Velocity Trade, beginning
April 4, 2024, to provide liquidity
services to the Company in compliance with the policies and
guidelines of the TSX Venture Exchange ("TSX-V") and other
applicable legislation. Velocity Trade is a private and independent
investment dealer headquartered in Toronto, Ontario, and is registered for
trading in the provinces of Ontario, British
Columbia, Alberta, and
Manitoba. Velocity Trade is a
member of the TMX, and of the Canadian Investment Regulatory
Organization (CIRO). Velocity Trade will manage trading of
Perimeter's shares from time to time on the TSX-V for the purposes
of maintaining an orderly market, with a view to reducing trading
volatility and improving the liquidity of Perimeter's shares. The
funding and securities required for these services undertaken will
be provided by Velocity Trade. Under the agreement, the Company
will pay a monthly fee of $5,000, and
after a period of sixty days, either party may terminate the
contract by providing the other with 30 days prior written notice
of termination. There are no performance factors contained in the
agreement between Velocity Trade and the Company and Velocity Trade
will not receive any shares or options from the Company as
compensation for services it will render. The Company and Velocity
Trade have an arm's length relationship, and Velocity Trade does
not have any interest, directly or indirectly, in the Company or
its securities, or any right or intent to acquire such an interest.
Velocity Trade and Perimeter are not related parties and have no
other agreements other than the market liquidity agreement which is
the subject of this news release.
About Perimeter Medical Imaging AI, Inc.
Based in Toronto, Canada and
Dallas, Texas, Perimeter Medical
Imaging AI (TSX-V: PINK) (OTC: PYNKF) (FSE: 4PC) is a medical
technology company driven to transform cancer surgery with
ultra-high-resolution, real-time, advanced imaging tools to address
areas of high unmet medical need. Available across the U.S., our
FDA-cleared Perimeter S-Series OCT system provides real-time,
cross-sectional visualization of excised tissues at the cellular
level. The breakthrough-device-designated investigational Perimeter
B-Series OCT with ImgAssist AI represents our next-generation
artificial intelligence technology that is currently being
evaluated in a pivotal clinical trial, with support from a grant of
up to US$7.4 million awarded by the
Cancer Prevention and Research Institute of Texas. The company's ticker symbol "PINK" is a
reference to the pink ribbons used during Breast Cancer Awareness
Month.
Perimeter B-Series OCT is limited by U.S. law to
investigational use and not available for sale in the United States. Perimeter S-Series OCT has
510(k) clearance under a general indication and has not been
evaluated by the U.S. FDA specifically for use in breast tissue,
breast cancer, other types of cancer, margin evaluation, and
reducing re-excision rates. The safety and effectiveness of these
uses has not been established. For more information, please visit
www.perimetermed.com/disclosures.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Statements
This news release contains statements that constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. In this news release, words such
as "may," "would," "could," "will," "likely," "believe," "expect,"
"anticipate," "intend," "plan," "estimate," and similar words and
the negative form thereof are used to identify forward-looking
statements. Forward-looking information may relate to management's
future outlook and anticipated events or results and may include
statements or information regarding the future financial position,
business strategy and strategic goals, competitive conditions,
research and development activities, projected costs and capital
expenditures, research and clinical testing outcomes, taxes and
plans and objectives of, or involving, Perimeter. Without
limitation, information regarding the participation of the Company
in the ASBrS conference, future grants under the Company's equity
incentive plan, the performance of the agreement with Velocity
Trade and potential benefits of Perimeter S-Series OCT and
Perimeter B-Series OCT are forward-looking information.
Forward-looking statements should not be read as guarantees of
future performance or results, and will not necessarily be accurate
indications of whether, or the times at or by which, any particular
result will be achieved. No assurance can be given that any events
anticipated by the forward-looking information will transpire or
occur. Forward-looking information is based on information
available at the time and/or management's good-faith belief with
respect to future events and are subject to known or unknown risks,
uncertainties, assumptions, and other unpredictable factors, many
of which are beyond Perimeter's control. Such forward-looking
statements reflect Perimeter's current view with respect to future
events, but are inherently subject to significant medical,
scientific, business, economic, competitive, political, and social
uncertainties and contingencies. In making forward-looking
statements, Perimeter may make various material assumptions,
including but not limited to (i) the accuracy of Perimeter's
financial projections; (ii) obtaining positive results from trials;
(iii) obtaining necessary regulatory approvals; and (iv) general
business, market, and economic conditions. Further risks,
uncertainties and assumptions include, but are not limited to,
those applicable to Perimeter and described in Perimeter's
Management Discussion and Analysis for the year ended December 31, 2023, which is available on
Perimeter's SEDAR+ profile at https://www.sedarplus.ca, and could
cause actual events or results to differ materially from those
projected in any forward-looking statements. Perimeter does not
intend, nor does Perimeter undertake any obligation, to update or
revise any forward-looking information contained in this news
release to reflect subsequent information, events, or circumstances
or otherwise, except if required by applicable laws.
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SOURCE Perimeter Medical Imaging AI, Inc.
