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Imagin Medical Comments on Recent Promotional Activity Pursuant to OTC Markets Request
VANCOUVER, British Columbia and BOSTON, Nov. 28, 2018 (GLOBE NEWSWIRE) -- Imagin Medical Inc. (CSE: IME) (OTCQB: IMEXF) (Frankfurt & Stuttgart Symbol: DPD2) (“Imagin” or the “Company”) wishes to make the following statements regarding certain market activity surrounding its common shares (the "Common Shares").
On November 26, 2018, the Company was notified by the OTC Markets about certain promotional emails distributed in relation to its Common Shares from November 23 through November 26, 2018. Based on a review of the recent trading activity in the Common Shares, it appears that the effect of these promotional emails may have been an increase in the volume of Common Shares traded on November 26, 2018 on the OTCQB. It is not, however, possible to accurately quantify this effect, and there was virtually no change in the closing price of the Common Shares on November 26, 2018.
After due inquiry, Imagin confirms that neither the Company nor any of its officers, directors or, to the knowledge of the Company, controlling shareholder (i.e. shareholders owning 10% or more of the Common Shares) or third-party service provider were involved, directly or indirectly, with the creation and/or distribution of the promotional emails, nor did they authorize or pay for such. The promotional emails were created, distributed and paid for by an unknown and unaffiliated third party.
While it appears from reviewing the promotional emails that certain statements and claims made therein were taken from the Company’s website, historical press releases and other public documents, Imagin did not have any editorial control over the content. Further, there were certain statements made in the promotional emails which encouraged investors to purchase the Common Shares. These statements expressed the views of the authors only and the Company disclaims any potentially exaggerated or misleading statements contained in the material. In addition, the Company has determined that certain statements included in the promotional emails might be misleading and/or incomplete and cautioned recipients should not place undue reliance on these promotional emails. Specifically, the Company does not condone the use of sensational language to describe its business prospects or growth potential within its industry. The Company does not condone any statements made regarding the urgency of investing in the Common Shares, or any other similar statements. Finally, the Company notes that investing in the Common Shares involves certain risks and uncertainties that investors should review prior to making any investment decision. The Company encourages all investors to undertake proper due diligence and carefully consider all investment decisions. The Company directs potential investors to rely solely on its filings and disclosures made with Canadian securities regulators available at www.sedar.com and on the OTC Disclosure & News Service available at www.otcmarkets.com.
Since November 1, 2017, the Company has engaged the following providers of investor relations, public relations, advertising and other related services, including the advertising of the Company and its Common Shares: Capital Ideas Media, Bolero Companies, Johl Jetkar Consulting, Oceanpoint, Public Eye, Hybrid Capital, Financial Buzz, Tyler Media, Integral Wealth Services, Thought Launch Capital, Think Ink Marketing, Stockhouse Publishing, and Kilmer Lucas Inc.
After due inquiry, no officer, director or, to the knowledge of the Company, controlling shareholder or third party service provider, has sold or purchased shares of the Company within the last 90 days.
In April 2018, Imagin completed a well-publicized private placement of a total of 17,919,820 units (the “Private Placement”) at CAD$0.22 per unit, which represented a slight discount to the then closing price of its Common Shares. Each unit consisted of one Common Share and one common share purchase warrant, with each warrant entitling the holder to acquire one additional Common Share at a price of CAD$0.38 within 24 months from the date of issuance. Other than the Private Placement, the Company has not issued any Common Share or convertible instruments at a discount to the then current market price.
About Imagin Medical Inc.
Imagin is developing powerful new imaging solutions for the detection and visualization of cancer. The Company believes its technology will radically improve cancer care during minimally invasive procedures, improving the surgeon’s ability to visualize, identify and remove cancerous cells. Imagin’s initial target market is bladder cancer, the sixth most common cancer in the U.S., and the costliest cancer to treat due to a greater than 50% recurrence rate. Developed at the Lawrence Livermore National Laboratory, Imagin’s advanced, ultrasensitive imaging technology is based upon improved optical designs and advanced light sensors. Learn more at www.imaginmedical.com.
The CSE has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of activities, variations in the underlying assumptions associated with the estimation of activities, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Canadian securities regulators available at www.sedar.com. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
Stephen Kilmer, Investor Relations
Jim Hutchens, President & CEO