- CVR Medical Corp. (CVM.H) has signed an amended agreement with CVR Global Inc
- The 2018 Restructuring Agreement between CVR Medical Corp. and CVR Global Inc. has now been amended in favour of a “new” Restructuring Agreement
- CVR Global Inc. will exclusively license to CVR Medical Corp. all the intellectual property (IP) for all potential uses in exchange for a 5.0 per cent royalty
- CVR Medical Corp. is a healthcare company focused on the commercialization of its proprietary Carotid Stenotic Scan device (CSS)
- CVR Medical Corp. was unchanged at $0.015 at 1:46 PM ET
CVR Medical Corp. (CVM.H) has signed an amended agreement with CVR Global Inc.
The 2018 Restructuring Agreement between CVR Medical Corp. and CVR Global Inc. has now been amended in favour of a “new” Restructuring Agreement.
In accordance with the restructuring, CVR Global Inc. will exclusively license to CVR Medical Corp. all the intellectual property (IP) for all potential uses in exchange for a 5.0 per cent royalty on all sales of the Carotid Stenotic Scan (CSS), future updates/renditions of the CSS and associated disposable medical items.
CVR Medical Corp. will fully control the CSS development and any other devices it may develop in the future.
CVR Medical Corp. will subsequently release from escrow the remaining shares of CVR Medical Stock under the “Release Protocol” delineated below.
The agreement states that CVR Global Inc. will receive no additional equity in CVR Medical Corp.
This “new” agreement differs from the 2018 Restructuring Agreement in the following ways: It changes the royalty from sales of devices and disposables from 8 per cent to 5 per cent.
The licence is no longer limited to the CSS device and its improvements. With no restrictions on using the intellectual property (IP), the “company” can pursue other avenues the IP allows. There are no additional shares granted under this “new” agreement.
As consideration under the 2018 Restructuring Agreement, CVR Global was issued an aggregate of 30,000,000 common shares of CVR medical stock. 25,000,000 shares are in escrow.
CVR Medical Corp. is a healthcare company that operates in the medical device industry and is focused on commercializing its proprietary Carotid Stenotic Scan device (CSS).
CVR Medical Corp. was unchanged at $0.015 at 1:46 PM ET.
