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Enter Symbol
or Name
USA
CA



CVR Medical Corp
Symbol CVM
Shares Issued 64,938,033
Close 2018-01-17 C$ 0.44
Recent Sedar Documents

CVR Medical clarifies Jan. 17 NR re GLR LOI

2018-01-18 14:42 ET - News Release

Mr. Peter Bakema reports

CLARIFICATION OF NEWS RELEASE ON "CVR MEDICAL ENTERS CHINA, EXECUTES PRELIMINARY LOI TO LAUNCH ITS CSS DEVICE IN WORLD'S LARGEST MARKET" DATED JANUARY 17, 2018

The Investment Inventory Regulatory Organization of Canada (IIROC) has requested CVR Medical Corp. to restate its press release entitled "CVR Medical enters China, executes preliminary LOI to launch its CSS device in world's largest market," dated Jan. 17, 2018, with increased specificity with regard to the letter of intent between CVR Medical and Guangzhou LangRun Equity Investment Management Co. Ltd. (GLR).

CVR Medical stated in the Jan. 17, 2018, release that there would be "a significant investment of tens of millions of dollars dedicated to the funding of operational infrastructure, which includes manufacturing, marketing, and sales, CVR is effectively able to work with GLR and bring this project to profitability." CVR wishes to clarify these terms wherein the letter of intent states the following:

  • GLR will finance and set up an operating joint venture company solely for the development, marketing and assembly of the CSS device in China; GLR or the joint venture company will undertake all permitting requirements by the Chinese Food and Drug Administration and finance the joint venture until full market launch of the CSS device.
  • CVR expects to own up to a 35-per-cent interest of the joint venture without cash contribution, which may need further negotiation, which will be subject to the actual cash or cash equivalent that GLR invested in the joint venture company.
  • In consideration, GLR will negotiate a technology transfer fee paid to CVR up to $20-million (U.S.) paid over two years, with certain cash considerations due on signing of a definitive agreement as deposit for future CSS machine delivery or initial payment. Remaining technology transfer fee will be deducted as a percentage of future sales, and the total agreed technology transfer fee will be paid out no later than the second anniversary date.

The terms herein are subject to the signing of a definitive agreement executed by both parties, and, at that time, a more comprehensive press release will be issued. CVR can provide no assurances that such definitive agreement will be entered into on the terms provided for in the letter of intent.

About CVR Medical Corp.

CVR Medical is a company that is involved in an equal-part joint venture with CVR Global Inc. 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.

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