OTTAWA, April 18, 2016 /CNW/ - Annidis Corporation
(TSX Venture: RHA) ("Annidis" or the "Corporation"),
is pleased to announce, subject to the final acceptance of the TSX
Venture Exchange (the "TSXV"), the appointment of Mr.
Cameron Bramwell as the new
President and Chief Executive Officer of Annidis effective
immediately. In connection with Mr. Bramwell's appointment,
Mr. Michael Crowley has resigned
from his interim position as President and Chief Executive Officer
of Annidis. Mr. Crowley will remain a director of the
Corporation.
Mr. Bramwell brings over 25 years of experience in the
technology industry to Annidis. He has expertise in the leadership
of both software and hardware companies operating in business to
business marketplaces. In addition to his expertise as a
marketing strategy consultant, Mr. Bramwell will draw from his
recent experiences as Chief Marketing Officer of StarTech.com, as
well as President & CEO of Adlib Software. Mr. Bramwell
has extensive experience piloting growth, in various stages of
technology companies from inception through to maturity. In
addition to his entrepreneurial and technology growth experience,
Mr. Bramwell brings a wealth of international business, marketing
strategy, and general management experience.
Mr. Bramwell graduated from the University
of Western Ontario in London,
Ontario with a Bachelor of Science in Biology and a Masters
of Business Administration from the Richard Ivey School of Business
at University of Western Ontario where
he graduated as an Ivey Scholar.
Chairman of Annidis, Gerald
Slemko, stated that "Mr. Bramwell has worked with Annidis as
a consultant for the past five months. His performance, track
record, leadership, exceptional strategic marketing and execution
abilities will be instrumental in advancing the market acceptance
of the Annidis product offering."
Michael Crowley noted that "Mr.
Bramwell will bring a wealth of expertise, including
customer-focused product development and marketing strategy,
combined with a demonstrated track record of success in creating
bottom line performance through strong people leadership". He
added, "through his recent involvement, Mr. Bramwell has developed
a deep understanding of the strategic priorities of the business
that will accelerate his tactical approach."
On his appointment, Mr. Bramwell states that "the underlying
technology embodied by the Annidis RHA brings strong clinical
utility to optometric practices. In recent months, the RHA's
advantage in early detection of vision impacting eye disease has
been proven by several comparative studies conducted in clinics
across North America – this
advantage will be a fundamental component of the next wave of our
marketing initiatives as we advance the RHA into broader market
acceptance."
Option Grant
Pursuant to Mr. Bramwell's retainer, the Corporation has granted
an aggregate of 3,000,000 stock options to him pursuant to the
Corporation's stock option plan. The options expire 5 years
from the issue date and have an exercise price of $0.05 per share. The options are subject to
vesting as follows: 1,500,000 options shall vest upon TSXV
acceptance of Mr. Bramwell's appointment, and an additional
1,500,000 options vest on December 31,
2016.
New Grid Promissory Note
Subject to the approval of the TSXV, Annidis has completed the
private placement of a $1,300,000
grid promissory note (the "Grid Note") with Yimai Technology
International Corporation Limited an insider of the Corporation,
(the "Lender") pursuant to which the Corporation may draw
upon for general working capital purposes. The Grid Note
matures and becomes due and payable on the earlier of December 31, 2016 and the completion by the
Corporation of an equity financing of not less than $5,000,000. The Grid Note bears interest at
rate of 10% per annum payable at maturity. The Corporation may
prepay the outstanding principal amount of the Grid Note together
with all accrued and unpaid interest, without penalty, at any time
prior to the maturity date of the Grid Note.
The issuance of the Grid Note to the Lender constitutes a
"related party transaction" as defined under TSXV Policy 5.9 and
Multilateral Instrument 61-101 ("MI 61-101"). The
Corporation is relying on the exemptions from the formal valuation
and minority shareholder approval requirements as set out under
sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the fair
market value of the consideration for the Note will not exceed 25%
of fair market value of the Corporation's market capitalization.
The Corporation is issuing this press release, and it is
reasonable to do, less than 21 days prior to the closing of the
issuance of the Note as the closing is not subject to any
shareholder approval and the Corporation and the Lender were ready
and able to close prior to such 21 day period and the Corporation
is in need of the proceeds.
About Annidis Corporation
Annidis (TSX-V: RHA) has developed, manufactures and sells a
patented imaging platform technology based on multi-spectral
imaging. The current RHA is a retinal screening technology used by
primary care professionals for early disease detection. The RHA is
complementary to diagnostic imaging technologies and supports the
timely identification, treatment and monitoring of a wide range of
vision threatening diseases.
Neither 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.
Certain statements in this press release are forward looking
statements and are prospective in nature, including statements with
respect to the Corporation's intended use of the proceeds of the
Note. Forward‐looking statements are not based on
historical facts, but rather on current expectations and
projections about future events, and are therefore subject to risks
and uncertainties which could cause actual results to differ
materially from the future results expressed or implied by the
forward‐looking statements. These statements
generally can be identified by the use of
forward‐looking words such as "may", "should",
"will", "could", "intend", "estimate", "plan", "anticipate",
"expect", "believe" or "continue", or the negative thereof or
similar variations. Such statements are qualified in their entirety
by the inherent risks and uncertainties surrounding future
expectations. Such forward‐looking statements should
therefore be construed in light of such factors, and the
Corporation is not under any obligation, and expressly disclaims
any intention or obligation, to update or revise any
forward‐looking statements, whether as a result of
new information, future events or otherwise.
SOURCE Annidis Corporation