BURNABY, BC--(Marketwired - June 26, 2014) - LED Medical Diagnostics Inc. (TSX VENTURE: LMD) (OTCQX: LEDIF) (FRANKFURT: LME) ("LED Medical" or the "Company") reports it has raised $922,846 through the exercise of 4,035,811 warrants since January 1
Trading volume in the U.S. on the OTCQX increased to 15,666,312 for the first six months of 2014, as compared to 359,300 common shares for the first six months of 2013. The company's listing on the OTCQX in February 2013 was the initial step in the company's strategy for raising its profile among U.S. institutions, analysts, stockbrokers and individual investors. Trading volume on the TSX.V was 38,600,981 for the first six months for 2014, as compared to 4,555,194 for the first six months of 2013. It is important to recognize much of the volume on the TSX.V is double counted via share delivery on the other exchanges. In Europe, trading primarily on the FSE was 2,154,673 for the first six months of 2014, as compared to 740,946 for the first six months of 2013.
Additionally, LED now has approval from the Depository Trust Company ("DTC"), which provides the company with DTC eligibility. DTC eligibility allows the Company shares to be easily and economically transferred between brokerage accounts electronically. The DTC is the largest securities depository in the world and acts like a clearinghouse for brokers. Through the DTC process, the Company can see the number of shares moving into US ownership hands; in the last 6 months well over 15% of the float have moved into US shareholders accounts.
Dr. David Gane, LED Medical's CEO, states, "The company has undertaken a number of initiatives to increase its exposure and interest within the United States. Given that our corporate focus is on the U.S. diagnostic dental imaging market, the world's largest by far, these undertakings just make sense."
"More than 25 million scans have been performed using our VELscope® Vx Enhanced Oral Assessment System -- with the majority of them done by U.S. dentists on American citizens," continued Dr. Gane. "The technology has positively impacted thousands of lives within the United States. As we expand our U.S. operations, it is in imperative we enhance our public profile within the world's largest dental technology and capital market."
LED Medical is filing a Blue Sky application in California and is reviewing the possibility of filing Blue Sky applications in the 13 other states. This will facilitate the selling of the company's shares in a larger number of states.
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. 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, there have been more than 12,000 VELscope® Vx systems sold globally and they have been used to perform more than 25 million exams. For more information, call 604.434.4614 or visit www.leddental.com.
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Forward Looking Statements
This press release contains statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking information under applicable Canadian securities legislation that involve risks and uncertainties. Such forward-looking statements or information include statements regarding, but not limited to the Company's Blue Sky application in California as well Blue Sky applications in other states, its future growth strategy for the United States, its distribution strategy and product offerings, potential expansion of the Company's technology to other medical applications or markets, or the potential introduction of new technologies by the Company. Persons reading this press release are cautioned that such statements or information are only predictions, and that the Corporation's actual future results or performance may be materially different. Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to competition risks, distributor risks, product development risks such as regulatory, design, intellectual property and other factors described in the Corporation's reports filed on SEDAR including its Annual Information Form and financial report for the year ended December 31, 2012. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. All forward-looking statements made in this press release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by the Company will be realized. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.