Vancouver, British Columbia--(Newsfile Corp. - May 12, 2017) - CVR Medical Corp. (TSXV: CVM) (FSE: B3BN) (OTCQB: CRRVF) ("CVR Medical") had entered into a consulting agreement with Lubow Group ("Lubow"), a Florida Sole Proprietorship, with an effective date of January 12, 2017 ( the "Consulting Agreement"). Pursuant to the Consulting Agreement, after the initial 60 day term of the Consulting Agreement, CVR Medical has the option to pay Lubow the US$60,000 (CDN$82,300) that was due for their consulting services by the issuance of common shares of CVR Medical. The parties have agreed to the payment for the consulting services by way of the issuance of an aggregate of 243,850 common shares of CVR Medical, at a deemed price of $0.3375 per share to Lubow.
The issuance of common shares in payment for the consulting services is subject to the prior approval of the TSX Venture Exchange. All common shares issued in connection with this payment will be subject to a four month hold period under applicable Canadian securities laws.
For additional information on the organization, leadership, and current news please visit the company website at www.CVRMed.com
About CVR Medical
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:
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 Joint Venture and the proposed 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.
