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by Stockwatch Business Reporter

The TSX Venture Exchange added 3.43 points to 699.43 Friday, ending the week up 1.81 points. Edward Ierfino's suspended capital pool shell, Ovid Capital Ventures Corp. (OCA), expects to close its acquisition of BIOflex Medical Magnetics Inc. by the end of the month.

Ovid will acquire BIOflex for $60,000 cash and 17,225,000 shares, and then change its name to BIOflex Technologies Inc. The target's sole shareholder is iTech Medical Corp. (IMSU: $0.01 (U.S.)), a medical device company that trades (rarely) on the mighty Pinks. iTech acquired BIOflex in February, 2013.

BIOflex sells magnets for pain relief, which the U.S. National Institute of Health calls a "complementary and integrative medicine," meaning magnets for pain relief is not considered part of mainstream medicine. The company describes magnetic therapy as the placement of a static or permanent magnet field on or near the body to enhance blood circulation, relieve pain and accelerate healing of the painful area. It estimates the worldwide sales of magnets for the treatment of pain is $1.5-billion (U.S.) a year, including $500-million (U.S.) in the United States. The source the company uses for this $500-million (U.S.) figure says most of the magnets are in mattress pads. If so, BIOflex has been unable to attract many of these magnet buyers, despite being in business since 1986. It is a small, unprofitable company that in its fiscal year ended Aug. 31, 2014, lost $164,040 (U.S.) on revenue of $125,232 (U.S.); the year before that it lost $143,959 (U.S.) on revenue of $113,525 (U.S.).

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