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Shell Summary for July 21, 2015

2015-07-21 20:44 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 2.29 points to 614.68 Tuesday. Joe Charland's third capital pool shell, Damon Capital Corp. (DAM), plans to acquire eSight Corp., a medical device company that sells electronic glasses to people with "low vision." eSight describes low vision as a condition that can no longer be corrected by prescription glasses, contact lenses, medicine or surgery.

Damon will roll back 1:30, leaving it with 232,910 postconsolidated shares, and then issue approximately 3,733,229 postconsolidated shares to the shareholders of eSight. Before closing this QT, eSight must sell a $20-million private placement.

On its website for all to see, eSight makes the bold claim, "We make electronic glasses that enable the legally blind to actually see." In the company's FAQ section, we learn that the product works for most people who are legally blind, but it "does not work for people who are totally or profoundly blind, as there needs to be some vision, however slight, that eSight can electronically enhance." It works for most people who suffer from macular degeneration, diabetic retinopathy, some forms of glaucoma and a list of other eye ailments. eSight says that since launching the product in 2013, it has sold over 250 units, which go for $15,000 each. According to unaudited figures, eSight generated revenue of $1.2-million in 2014 and $609,807 in its first quarter of 2015. It does not say what its expenses were during those periods, but audited numbers will arrive when Damon submits a filing statement.

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