Source: MarketersMedia

Press Release: Miraculins : Luminor Medical Provides Corporate Update

MONTREAL, QC / ACCESSWIRE / June 22, 2016 / Luminor Medical Technologies Inc. (TSXV: LMT) (the "Company" or "Luminor Medical") (formerly Miraculins Inc.) announces a corporate update which includes the plan for additional revenue streams in the diabetes sector, the amendment of its secured loans and the addition of Chief Executive Officer, Christian Sauvageau to the Board of Directors.The Company, through its newly formed subsidiary, MedPath Vitality Corp. ("MedPath Vitality®"), plans to launch a new program that will help overweight consumers with chronic disease risk such as diabetes to improve their overall health and wellness. The MedPath Vitality program is an evolving Health Management program, which offers timely, respectful, caring and personalized solutions to consumers seeking a path to a healthier life. Individuals who have been identified with prediabetes or type 2 diabetes through the Scout DS® device are potential candidates for the MedPath Vitality program. Launching of the MedPath Vitality program will depend upon the completion of an equity and or debt financing.The Company's Chief Executive Officer, Christian Sauvageau, who has also joined the Board of Directors of the Company, said, "MedPath Vitality® will offer overweight people suffering from type 2 diabetes an evidence-based, non-pharmacological, end-to-end solution. With the launch of MedPath Vitality® planned for the second half of 2016, the Company believes this initiative will play an important role in driving organic growth and shareholder value."As a part of the corporate restructure, the Company entered into a license agreement with its newly formed wholly owned subsidiary, Scout Assessment Corp. ("Scout Corp"), whereby all revenue related to the Company's Scout DS® diabetes screening device and the PreVu® assets including current contracts and future contracts will flow through Scout Corp. The Company has entered into amending agreements to transfer its CDN$1,611,334 in secured loans (the "Loans") from Luminor Medical to Scout Corp. The Loans are secured through a general security agreement against Scout Corp. and the security interest against Luminor Medical has been discharged. The maturity date has been extended from a current obligation to $300,000 due on December 31, 2018, $400,000 due on December 31, 2019, $600,000 due on December 31, 2020 and $311,334 plus all accrued interest and any other amounts due on December 31, 2021. The principal and interest payments will be accelerated based on payments of ten percent (10%) of all gross sales on Scout Corp Assets."The corporate restructure allows Luminor Medical to segregate its current debt and assets in a subsidiary where the Company plans to reduce the costs of building the Scout DS® and will look for partners or strategic investors to develop and expand its international sales. More than 387 million people globally are affected by diabetes and it is estimated that more than 40% are undiagnosed. In addition, 1.1 billion people are estimated to be pre-diabetic, with approximately 90% completely unaware. Scout DS® represents an opportunity to introduce the first non-invasive diabetes screening device in developing country such as China, India, Africa, and Latin America countries where a point-of-care device is needed," said Luminor Medical CEO, Christian Sauvageau.About Luminor Medical TechnologiesLuminor Medical Technologies is a medical diagnostic company focused on acquiring, developing and commercializing non-invasive technologies for unmet clinical needs. The Company's Scout DS® device has been regulatory cleared in certain markets both as a clinical tool to assist in the identification of both prediabetes and type 2 diabetes, and is the first non-invasive testing system designed to provide a highly sensitive and convenient method for measuring prediabetes/type 2 diabetes related biomarkers in the skin, the accumulation of which are accelerated by abnormal blood sugar levels and oxidative stress. Unlike current testing methods, a Scout DS® test requires no blood draw, no fasting, and no waiting for a lab result. The product has been used and validated in thousands of patients around the world.For more information, please contact:Christian SauvageauPresident & CEOLuminor Medical Technologies Inc.Ph: (438) 889-3585Neither 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.Caution Regarding Forward-Looking InformationCertain statements contained in this media release constitute forward-looking information within the meaning of applicable Canadian provincial securities legislation (collectively, "forward-looking statements"). These forward-looking statements relate to, among other things, our objectives, goals, targets, strategies, intentions, plans, beliefs, estimates and outlook, including, without limitation, outcomes related to the strategic review process the Company has been undergoing and any related outcomes as regards changes to the Company's business plan and operations, as well as its planned stock consolidation and post-consolidation capital raise and can, in some cases, be identified by the use of words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.These statements reflect management's current beliefs and are based on information currently available to management. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things: Miraculins' early stage of development, lack of product revenues and history of operating losses, uncertainties related to clinical trials and product development, rapid technological change, uncertainties related to forecasts, competition, potential product liability, additional financing requirements and access to capital, unproven markets, supply of raw materials, income tax matters, management of growth, partnerships for development and commercialization of technology, effects of insurers' willingness to pay for products, system failures, dependence on key personnel, foreign currency risk, risks related to regulatory matters and risks related to intellectual property and other risks detailed from time to time in Miraculins' filings with Canadian securities regulatory authorities, as well as Miraculins' ability to anticipate and manage the risks associated with the foregoing. Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements may be found in the body of this news release. Miraculins cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on Miraculins' forward-looking statements to make decisions with respect to Miraculins investors and others should carefully consider the foregoing factors and other uncertainties and potential events.These risks and uncertainties should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Miraculins cannot provide assurance that actual results will be consistent with these forward-looking statements. Miraculins undertakes no obligation to update or revise any forward-looking statements except as may be required by law.Scout DS® is a registered trademark of Miraculins Inc. All Rights Reserved. 2016.SOURCE: Luminor Medical Technologies Inc. ReleaseID: 441508

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Annual Revenue
<$1M
Employees
6
Christian Sauvageau's photo - President & CEO of Miraculins

President & CEO

Christian Sauvageau

CEO Approval Rating

75/100

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