Biotricity Converts $1.8 Million of Private Investor Notes into Preferred Equity
REDWOOD CITY, Calif., Jan. 07, 2020 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB: BTCY ), a medical diagnostic and consumer healthcare technology company, announced today that it has converted approximately $1.8 million in debt investment from long-term private investors into its recent Preferred Equity transaction, bringing the cumulative total sold in this round to $7.8 million. This conversion further expands the company’s runway.
The conversion comes at an important time and is structured to reduce Biotricity’s short-term cash flow obligations, expand its runway, and benefit its execution strategy. This investment is another step for the company’s broader goal to gain a listing on a senior stock market exchange.
Biotricity is focused on growth and the expansion of its product portfolio. The capital raised, alongside with the revenues that the company currently generates, provides Biotricity with working capital to accomplish its goals for the coming year. Among other important initiatives, this capital infusion will be used to engage on the following priorities:
-- Growth and doubling of the company’s sales force; -- FDA filing for Biotres patch solution within the first 6 months of 2020, which will be a novel product in the field of Holter monitoring; -- FDA filing for Bioflux 2.0, the next generation of our award winning Bioflux® device.
“By converting this obligation, we are continuing to strengthen the financial position of the Company,” said Dr. Waqaas Al-Siddiq, Founder and CEO of Biotricity. “By structuring and implementing this conversion, we focused on reducing our shorter-term obligations in order to establish a stronger foundation for growth. We look forward to 2020 and our continued pursuit and execution of sales and technology milestones. We are grateful to our long-term investors for their support in Biotricity’s mission and the value it brings to the future of healthcare.”
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities.
About Biotricity Inc.Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. To learn more, visit www.biotricity.com.
Important Cautions Regarding Forward-Looking StatementsAny statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” “project,” or “goal” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company’s future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company’s current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company’s inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company’s inability to expand the Company’s business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company’s failure to implement the Company’s business plans or strategies. These and other factors are identified and described in more detail in the Company’s filings with the SEC. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
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