|By Marketwired .||
|April 30, 2014 09:51 PM EDT||
MISSISSAUGA, ONTARIO -- (Marketwired) -- 04/30/14 -- MedX Health Corp. ("MedX" or the "Company") (TSX VENTURE: MDX) announced its results for the year ended December 31, 2013, which are also available on SEDAR (www.sedar.com)
The Company reported a loss of $1,892,345, or $0.04 per share for the year ended December 31, 2013 compared with a loss of $539,224, or $0.02 per share for the year ended December 31, 2012. Revenues of $579,645 for the year ended December 31, 2013 were lower than $728,286 in 2012, due to the competitive market conditions for its traditional therapeutic laser products. During the year, the Company settled $1,927,850 of debt through issues of common shares and warrants. The effect of application of the Black-Scholes model formula to value the warrants issued as part of those debt settlements had the effect of recording a non-cash loss of $810,721; this compared with debt settlements in the prior year, which had not included warrants, recording a non-cash gain of $993,309.
For the three months ended December 31, 2013, the Company reported a loss of $1,006,410, or $0.02 per share, compared with income of $512,481, or $0.10 per share for the three-month period ended December 31, 2012. The loss for the final Quarter contained a significant contribution of non-cash loss recorded as a result of issuance of warrants on debt settlements. Revenues of $160,555 for the three-month period ended December 31, 2013 were lower than $193,326 in 2012.
MedX is headquartered in Mississauga, Ontario (Toronto), and is a global leader in the design, manufacturing and distribution of quality low level laser and light therapy technologies for use in numerous medical settings, including rehab/chiropractic, dental, wound care, and veterinary medicine, providing patients with drug free and non-invasive treatment of tissue damage and pain. MedX laser and light products are FDA approved, Health Canada cleared, and CE Mark approved for use in North America as well as the European Union. MedX's products include SIMSYS and MoleMate, which are approved by Health Canada, and available to Canadian physicians and dermatologists, are FDA approved for use in the USA and are currently under review for CE approval for use in Europe, the UK, and Australia, as an optical biopsy that uses patented technology featuring a hand-held scanner device designed for clinical use that utilizes light to view beneath suspicious moles or lesions in a pain free, non-invasive manner, creating images in real-time for physicians and dermatologists to evaluate all types of moles or lesions within seconds. For more information log onto: www.simsys-molemate.com. For a complete profile of MedX and its products visit www.medxhealth.com.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.