HALIFAX, Dec. 22 /PRNewswire-FirstCall/ - MedMira Inc., (“MedMira”) the global market leader in premium rapid diagnostic solutions, announced today that it has renegotiated certain terms of a $2.3 million convertible debenture originally issued in August 2004. This renegotiation does not result in any new funds being advanced to the Company.
The renegotiated debenture features a 15% interest rate with a maturity date of December 31, 2007. The principal is repayable in equal monthly instalments beginning in July 2006 and continuing to maturity. The debenture is convertible into common shares of MedMira Inc at $0.66 per share at any time during the term, at the option of the holder. In addition, the Company can require the holder to convert 50% of the principal amount due, on each principal repayment date, provided the closing price of the Company’s shares is equal to or greater than 150% of the conversion price for 10 consecutive trading days prior to the principal due date. These terms are subject to the approval of the TSX Venture Exchange.
“These renegotiated terms will allow the Company to focus our cash resources on growing the business over the coming months,” said Mr. Bill Gullage, chief financial officer of MedMira. “These new terms reflect the support of our investors and their confidence in our ability to execute our growth strategy.”
About MedMira
MedMira is the leading global manufacturer and marketer of in vitro flow-through rapid diagnostic tests. MedMira’s tests provide reliable, rapid diagnosis in just 3 minutes for the detection of human antibodies in human serum, plasma or whole blood for diseases such as HIV and hepatitis C. The United States FDA and the SFDA in the People’s Republic of China have approved MedMira’s Reveal(R) G2 and MiraWell(R) rapid HIV tests, respectively.
MedMira’s Reveal(R) G2 and MiraWell(R) rapid HIV tests are currently used in clinical laboratories, hospitals, and clinics where professional counselling and patient treatment are immediately available.
The MiraCare(TM) Rapid HIV Antibody Test, MedMira’s over-the-counter (OTC) product, is available in pharmacies throughout Hong Kong and Macao Special Administrative Regions, in the People’s Republic of China.
MedMira delivers rapid diagnostic solutions to healthcare communities around the globe. Its corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada with a representative office in Guilin, China.
This news release contains forward-looking statements, which involve risk and uncertainties and reflect the company’s current expectation regarding future events. Actual events could materially differ from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the company quarterly filings.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.
For more information visit MedMira’s website at www.medmira.com.
MedMira Inc.
CONTACT: Dr. James Smith, Investor Relations, Tel: (902) 450-1588, E-mail:ir@medmira.com; Andrea Young, Corporate Communications, Tel. (902)450-1588, Email: ayoung@medmira.com