Vancouver, British Columbia--(Newsfile Corp. - January 11, 2018) - CVR Medical Corp. (TSXV: CVM) (FSE: B3BN) (OTCQB: CRRVF) ("CVR Medical") is pleased to announce the signing of an official Memorandum of Understanding with the Seoul Metropolitan Government (SMG) of the Republic of South Korea. The Understanding states the mutual interest and intended collaboration on new business opportunities as part of CVR's global market expansion and the South Korean government's initiative to revitalize its bio-medical device industry.
The Memorandum, signed at the turn of Y2018, signals growing confidence and anticipation for CVR's launch of the "Carotid Stenotic Scan (CSS)" device, a non-invasive, non-emitting detector of carotid artery stenosis. Through its partnership with the SMG, CVR will be positioned to take advantage of a vast, growing Asian-Pacific market while leveraging Seoul's financial, administrative, and R&D capacities.
As a company with patents on novel technologies and an approaching shift into sales and marketing on the global stage, CVR brings to Seoul a wealth of opportunity to share in this process and its subsequent adaptations with South Korean bio-venture firms, hospitals and universities.
"This announcement is a true look into the future of our company and how it can impact lives on a global scale," says CVR CEO Peter Bakema. "We believe that working with the Seoul Metropolitan Government will not only bear fruit in a market expansion and industry revitalization sense, but will gain both parties access to the kind of diverse, cutting-edge resources and information that will allow us to compete with the world's foremost companies in the bio-tech and medical device sectors. We're extremely proud and look forward to all the possible developments to come from this partnership."
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:
Peter Bakema, CEO, President and Director
Telephone: (734) 718-5115
Email: info@cvrmed.com
or
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.
