BURNABY, British Columbia, October 3, 2013 — LED Medical Diagnostics Inc. (“LED” or the “Company”) (TSX-V: LMD) announced today that effective October 10, 2013, Dr. David Gane, DDS is being appointed as CEO. Dr. Gane is the former Vice President, Dental Imaging, for Carestream Dental LLC (a daughter company of Carestream Health LLC). LED’s current CEO, company founder and president Peter Whitehead, will voluntarily transition out of his management role to concentrate on research, development, special projects and business opportunities.
“LED is no longer an early-stage company,” said Whitehead. “The time has come for a succession plan that makes room for new people on the executive team and which improves our Sales and Marketing team. I have known Dr. Gane since the early days of the Company, and am confident that he embodies the skill-sets and experience appropriate to our next phase of growth. On a personal note, I remain fully committed to LED and will be working closely with Dr. Gane to ensure a seamless transition. I feel fortunate and very excited to continue my relationship with the Company while returning to my roots as an inventor of medical devices.”
David Gane DDS, BSc (Hons), has extensive experience in dentistry and the dental imaging industry. Since 1988 he has served in executive capacities with companies such as Source One Dental Imaging, Image FX Software Solutions and DICOM Imaging Systems.
LED also announces that it has granted a total of 1,700,000 incentive stock options to employees of the Company. Each stock option is exercisable to acquire one Common Share of the Company at $0.40 per share and the options have terms ranging from 32 months to 10 years.
LED further announces that, subject to TSX Venture Exchange approval, it is undertaking a non-brokered private placement of up to 15,000,000 units at an issue price of CDN$0.35 per unit for gross proceeds of up to $5.25 million. Each unit is comprised of one common share and one common share purchase warrant with each warrant entitling the holder to acquire one common share at an exercise price of US$0.50 for a period of 24 months. LED may pay finders’ fees with respect to certain subscriptions in accordance with TSX Venture Exchange policies. All of the securities issued in connection with the private placement will be subject to a restricted period that expires four months after the issuance date.
The proceeds will be used by LED to build out LED’s internal sales team, support product development, to investigate additional opportunities in the dental market and for working capital purposes.
About LED Medical Diagnostics Inc.
Founded in 2003 and headquartered in Burnaby, British Columbia, Canada, LED Medical Diagnostics Inc. is a leading developer of LED-based visualization technologies for the medical industry. The Company is currently listed on the Toronto Stock 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, visit www.ledmd.com.
Through its wholly-owned subsidiary, LED Dental Inc., the company manufactures the VELscope® Vx Enhanced Oral Assessment System, the first system in the world to apply tissue fluorescence visualization technology to the oral cavity. VELscope® Vx devices are now used to conduct more screenings for oral cancer and other oral diseases than any other adjunctive device. To date, the VELscope has sold over 13,000 units, and has been used to perform an estimated 25 million exams. For more information, visit www.leddental.com.