Toronto, Ontario--(Newsfile Corp. - August 15, 2022) - Medifocus Inc. ("Medifocus" or the "Company"), a medical device company with a patented portfolio of medical technologies that use focused heat to safely and effectively cause thermo-induced ablation together with simultaneous dilatation of the prostate gland in treating Benign Prostatic Hyperplasia (BPH) and potentially certain cancerous conditions, completed a restructuring transaction (the "Transaction") in connection with creditor protection proceedings under the Companies' Creditors Arrangement Act (Canada) (the "CCAA") on August 12, 2022. Pursuant to the Transaction, the Company was acquired by, and became a wholly owned subsidiary of, Asset Profits Limited ("APL"), a corporation existing under the laws of the British Virgin Islands and a secured lender of the Company. Pursuant to the Transaction, APL acquired 18,498,421,500 common shares of the Company ("Common Shares") and then the Common Shares were consolidated on the basis of one new Common Share for every 184,984,215 old Common Shares, resulting in APL becoming the sole securityholder of the Company.
The Transaction resulted from the court-approved sale and investment solicitation process conducted under the CCAA under the supervision of msi Spergel Inc., the court appointed monitor, and the direction of the board of directors of the Company. Completion of the Transaction represents the material completion of the plan of compromise or arrangement of Medifocus under the CCAA.
With a renewed financial footing and new leadership, Medifocus is now a viable private company with minimal debt and the resources necessary to pursue its growth plans and the continued advancement of its technology.
The Company has filed with the Ontario Securities Commission (the "OSC") an application for an order revoking the cease trade order against the Company dated September 4, 2020 and an application for an order that the Company has ceased to be a reporting issuer in British Columbia, Alberta and Ontario (collectively, the "Orders"). The Company expects that the OSC will grant the Orders concurrently in due course.
The Common Shares of the Company will be delisted from the TSX Venture Exchange as the Company no longer meets ongoing listing requirements.
Medifocus is a biotechnology company with a portfolio of medical technologies that utilize patented Focal Thermal Technology to treat conditions ranging from prostate diseases to breast cancer. Its Prolieve® Thermodilatation™ System offers symptomatic relief to men with benign prostatic hyperplasia ("BPH") through a simple, fast, in-office treatment. Prolieve® is both FDA and Medicare approved for treating symptomatic BPH with over 120,000 cases performed in the United States alone, and with proven long-term safety, efficacy and durability. Its APA 1000 Breast Cancer Treatment System was licensed from Massachusetts Institute of Technology and developed by the Medifocus team. The Targeted Focal Thermotherapy has been demonstrated in Phase 2 clinical trials to offer significantly better tumor shrinkage in patients treated with the combined Chemothermal therapy compared those treated with Chemotherapy alone. APA 1000 was also shown to be effective in reducing margin positivity among patients treated with such thermotherapy prior to lumpectomy.
For more details, please visit:
Neither 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.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of applicable securities laws. Words such as "may," "will," "would," "should," "could," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "likely," "potential," "continue" or similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein may include, but are not limited to, expectations regarding the grant of the Orders by the OSC, the delisting of the Common Shares from the TSX Venture Exchange and statements relating to the business and future activities of Medifocus. These forward-looking statements are based on Medifocus' current projections and expectations about future events and other factors management believes are appropriate. Although Medifocus believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect. Actual results could differ materially from those projected in the forward-looking statements as a result of numerous factors, including certain risk factors, many of which are beyond Medifocus' control. Additional risks and uncertainties regarding Medifocus are described in its publicly-available disclosure documents, filed by Medifocus on SEDAR (www.sedar.com). The forward-looking statements contained in this news release represent Medifocus' expectations as of the date of this news release and subsequent events may cause these expectations to change. Medifocus undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133859