Vancouver, British Columbia--(Newsfile Corp. - August 8, 2017) - CVR Global Inc., on behalf of CVR Medical Corp. (TSXV: CVM) (FSE: B3BN) (OTCQB: CRRVF) ("CVR Medical"), has signed a letter of intent with Canon Virginia, Inc. (CVI), Canon U.S.A., Inc.'s domestic manufacturing subsidiary, for the manufacturer of CVR's Carotid Stenotic Scan (CSS). The CSS is a device being developed for early detection of carotid arterial health, a leading indicator of Stroke.
CVR's pairing with CVI, after years of development and growing anticipation for its ground-breaking medical tech, is a landmark achievement and a testament to its industry-changing potential. "This collaboration opens a clear pathway to commercialization and sales for the Carotid Stenotic Scan," says CVR CEO Peter Bakema. "The confidence that CVI has shown with this commitment to dedicate engineering, manufacturing and logistics resources to this relationship represents the leap forward that we've long been building toward."
From their state-of-the-art facility in Newport News, VA, CVI is a leading global manufacturer of high tech consumer goods since 1985. With a recently expanded scope that includes ISO 13485 certification and a new facility dedicated to advanced medical device manufacturing, CVI is able to provide both a streamlined supply chain and a unique, customized manufacturing solution for CVR's device.
With this collaboration in place, CVR is extremely confident taking its product to market as it plans to leverage CVI's existing industry relations to maximize production value as the device scales to meet its high demand potential.
Capabilities such as the on-site molding of parts and full device assembly will substantially reduce costs, setting CVR on a course for expedited market entry with a significantly lower cost requirement. In addition to these advantages, CVI's fully evolved infrastructure enables them to provide solutions such as warehousing, distribution, warranty, maintenance, and product support.
"We are very pleased to begin working together with CVR Global," said Toru Nishizawa, President and CEO of Canon Virginia, Inc. "This is a true collaboration bringing together two companies with a shared belief and commitment to making a significant impact in the medical device industry. CVI brings the latest processes and technology solutions to our partners."
Bakema goes on to state, "We are thrilled and looking forward to working with CVI to create something truly special. Beyond their ability to provide outstanding insight and the most efficient manufacturing process, we feel incredibly fortunate to share our vision with CVI and the Canon family of companies, leading providers of consumer, business-to-business, and industrial digital imaging solutions. They've proven to be ahead of the curve across so many sectors of the industry, which is exactly the path we intend to pave in ours."
CVI Press Release: https://www.usa.canon.com/internet/portal/us/home/about/newsroom/press-releases/press-release-details/2017/20170807-CVI/20170807-CVI
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:
(signed) "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. 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.
