VANCOUVER, BC – September 17, 2015 – LED Medical Diagnostics Inc. (“LED Medical” or “the Company”) wishes to clarify its announcement earlier today that the Company has entered into a non-binding Letter of Intent (“LOI”) to acquire 100% of a growing and profitable technology company that would complement LED’s existing business and provides a platform to assist LED in achieving its strategic, long-term business objectives.
The acquisition is arms’ length and would not represent a reverse takeover of LED Medical or a fundamental acquisition under TSX Venture Exchange policies and no change of control of LED Medical will result from the acquisition. The revenues and assets of the target represent less than 100% of LED Medical’s existing revenues and assets. The financing structure of the transaction is to be determined following completion of due diligence. Upon negotiation of the terms of the acquisition, the Company will disclose the terms of the acquisition by way of further press release.
The Company has engaged Bloom Burton & Co. Limited, a Toronto-based, healthcare specialized investment bank to act as financial advisor to the Company on the proposed transaction.
Completion of the proposed transaction is subject to a number of conditions, including the negotiation and settlement of definitive terms for the proposed transaction and the entering into of a definitive share purchase agreement among the parties, completion of due diligence, receipt of board approval, receipt of final approval of the TSX Venture Exchange, and the receipt of certain other customary consents. There can be no assurance that the Proposed Transaction will be completed.
About LED Medical Diagnostics Inc.
Founded in 2003 and headquartered in Burnaby, British Columbia, Canada, LED Medical Diagnostics Inc., through its wholly-owned subsidiaries LED Dental Inc. and LED Dental Ltd, provide dentists and oral health specialists with advanced diagnostic imaging products and software, in addition to the award-winning VELscope® Vx tissue fluorescence visualization technology. Backed by an experienced leadership team and dedicated to a higher level of service and support, LED Dental is committed to providing dental practitioners with the best technology available by identifying and adding leading products to its growing portfolio.
The Company is currently listed on the TSX Venture Exchange (TSX-V) under the symbol “LMD”, the OTCQX under the symbol “LEDIF”, as well as the Frankfurt Stock Exchange under the symbol “LME”. For more information, call 844.952.7327 or visit www.leddental.com/investor-relations.