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DIAGNOS Announces Closing of Private Placement

BROSSARD, Quebec, Feb. 11, 2020 (GLOBE NEWSWIRE) -- DIAGNOS Inc. (“DIAGNOS” or the “Corporation”) (TSX Venture: ADK) (DGNOF), a leader in early detection of critical health issues through the use of Artificial Intelligence (AI), announces that it has completed the non-brokered private placement previously announced on February 5, 2020, of 4,547,110 common shares of the Corporation (each a “Share”) issued at a price of $0.18 per Share, for gross proceeds of $818,479.80 (the “Private placement”).

The proceeds from the Private placement will mainly be used to fund sales and marketing as well as administrative expenses.

In connection with the Private placement, the Corporation has retained the services of two brokers to act as finders. As per the terms of their engagement agreements, an aggregate cash commission of $63,750.38 was paid and 354,169 broker warrants were issued. Each broker warrant entitles the holder to purchase one Share at an exercise price of $0.20 per Share for a period of 24 months until February 11, 2022. As a result of the Private placement, one subscriber, Mr. Tristram Coffin, will become insider of the Corporation.

All securities issued as part of the Private placement are subject to a statutory four-month hold period ending June 12, 2020 and the Private placement is subject to receipt of all required approvals, including the approval of the TSX Venture Exchange, as well as the execution of formal documentation.

All monies quoted in this press release shall be stated and paid in lawful money of Canada.

DIAGNOS is a publicly-traded Canadian corporation with a mission of early detection of critical health issues through the use of its Artificial Intelligence (“AI”) tool CARA (Computer Assisted Retina Analysis). CARA is a tele-ophthalmology platform that integrates with existing equipment (hardware and software) and processes at the point of care. CARA’s Artificial Intelligence image enhancement algorithms make standard retinal images sharper, clearer and easier to read. CARA is accessible securely over the internet, and is compatible with all recognized image formats and brands of fundus cameras, and is EMR compatible. CARA is a cost-effective tool for screening large numbers of patients in real-time and has been cleared for commercialization by several regulatory authorities such as Health Canada, the U.S. Food and Drug Administration and the European Union.

Additional information is available at www.diagnos.com and www.sedar.com.

This news release contains forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in these statements. DIAGNOS disclaims any intention or obligation to publically update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Mr. André Larente, President
Tel: 450-678-8882 ext. 224