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DIAGNOS Announces Corporate Reorganization Update

BROSSARD, Quebec, June 10, 2019 (GLOBE NEWSWIRE) -- DIAGNOS Inc. (“DIAGNOS”, “the Corporation” or “we””) (TSX Venture: ADK), (DGNOF), a leader in early detection of critical health issues through the use of its FLAIRE platform based on Artificial Intelligence (AI), announces that it has completed the reorganization of its debt and capital structure initially announced on March 11, 2019.

Debt in the form of 10% secured convertible debentures (“Debentures”)

As announced on May 15, 2019, DIAGNOS proceeded with the redemption of 100% of the principal amount of the Debentures and the unpaid and accrued interest up to May 14, 2019.

Debt in the form of 10% unsecured convertible notes (“Notes”)

As announced on May 15, 2019, DIAGNOS proceeded with the redemption of 85% of the principal amount of the Notes and the unpaid and accrued interest up to May 14, 2019. As of today, the outstanding amount of Notes payable is $150,000 which will be due for repayment on (i) October 13, 2020, for $50,000 and (ii) October 23, 2020, for $100,000.

Capital structure

Further to the press release dated April 10, 2019 announcing the approval, by the shareholders of the Corporation, of a common share (“Share”) consolidation whereby ten (10) pre-consolidation Shares would result in one (1) post-consolidation, on April 24, 2019, the Shares of the Corporation began trading on a post-consolidation basis. As such, the number of outstanding Shares was divided by ten and the price of the Shares was multiplied by ten.

“I would like to personally thank our shareholders and former debt holders for their continuous support. The redemption of the Debentures and the Notes in the aggregate amount of $6.5 Million now allows DIAGNOS to present a much improved balance sheet which in turn, we strongly believe, will help us to bid on, and win, major health screening contracts,” said Mr. Georges Hébert, Chairman of the board of directors of DIAGNOS.

About DIAGNOS

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. CARA complies with local regulations, is FDA cleared for commercialization in the United States of America, is Health Canada licensed for commercialization in Canada and is CE marking compliant in Europe.

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

For further information, please contact:

Mr. André Larente, President
DIAGNOS Inc.
Tel: 450-678-8882 ext. 224
alarente@diagnos.ca

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.

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.