TSXV: CHIP.H
CALGARY, AB, Sept. 8, 2021
/CNW/ - Health Logic Interactive Inc. ("Health Logic"
or the "Company") (TSXV: CHIP.H) (OTCPK: CHYPF) is pleased
to announce today that its wholly-owned operating subsidiary, My
Health Logic Inc., ("My Health Logic" or the
"Subsidiary") has received a short-term loan of $585,000 CAD (the "Loan") in the form of
unsecured promissory notes (the "Notes") from BWL
Investments Ltd. ("BWL Investments"), an insider of the
Company, and two arm's-length third party investor (together with
BWL Investments, the "Lenders").
The Notes are unsecured, bear interest at a rate of nine percent
(9%) per annum and mature on August 12, 2022. My Health Logic
may at any time repay some or all of the Loan (without prepayment
charges or penalty of any kind) by providing prior notice of the
prepayment to the Lenders.
The Loan is expected to be used for the continued development of
the My Health Logic's lab-on-chip and MATLOC products, along with
software development costs, regulatory costs for an expected United
States Federal and Drug submission (the "FDA Submission")
and to fund the working capital of My Health Logic.
Pursuant to Multilateral Instrument 61-101 Protection of
Minority Security Holders in Special Transactions ("MI
61-101"), the Loan will constitute a "related party
transaction" as Mr. Braeden Lichti
controls BWL Investments and beneficially exercises control or
direction of greater than 10% of the common shares of the Company.
The Company has relied on exemptions from the formal valuation and
minority approval requirements of MI 61-101 (pursuant to
subsections 5.5(a) and 5.7(a)) as the fair market value of the
consideration received from BWL Investments will not exceed 25% of
the Company's market capitalization. The Loan has been approved by
all of the directors of the Company and the Subsidiary.
About the Company
Health Logic Interactive, through its wholly owned operating
subsidiary My Health Logic, is developing and commercializing
consumer focused handheld point-of-care diagnostic devices that
connect to patient's smartphones and digital continued care
platforms. The Company plans to use their patent pending
lab-on-chip technology to provide rapid results and facilitate the
transfer of that data from the diagnostic device to the patient's
smartphone. The Company expects this data collection will allow it
to better assess patient risk profiles and provide better patient
outcomes. Our mission is to empower people with the ability to get
early detection anytime, anywhere with actionable digital
management for chronic kidney disease. For more information visit
us at: www.healthlogicinteractive.com.
Further information regarding Health Logic Interactive Inc. and
its disclosure documents are available on SEDAR at
www.sedar.com.
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.
Cautionary Notes
Certain statements contained in this press release constitute
"forward-looking statements". All statements other than statements
of historical fact contained in this press release, including,
without limitation, those regarding the Loan, including the use
intended purpose of the Loan and its repayment schedule, the
completion of the FDA Submission, and the Company's strategy,
plans, objectives, goals and targets, and any statements preceded
by, followed by or that include the words "believe", "expect",
"aim", "intend", "plan", "continue", "will", "may", "would",
"anticipate", "estimate", "forecast", "predict", "project", "seek",
"should" or similar expressions or the negative thereof, are
forward-looking statements. These statements are not historical
facts but instead represent only the Company's expectations,
estimates and projections regarding future events. These statements
are not guarantees of future performance and involve assumptions,
risks and uncertainties that are difficult to predict. Therefore,
actual results may differ materially from what is expressed,
implied or forecasted in such forward-looking statements.
Additional factors that could cause actual results, performance or
achievements to differ materially include, but are not limited to
the risk factors discussed in the Company's Management's Discussion
and Analysis for the year ended December 31, 2020. Management
provides forward-looking statements because it believes they
provide useful information to investors when considering their
investment objectives and cautions investors not to place undue
reliance on forward-looking information. Consequently, all of the
forward-looking statements made in this press release are qualified
by these cautionary statements and other cautionary statements or
factors contained herein, and there can be no assurance that the
actual results or developments will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, the Company. These forward-looking
statements are made as of the date of this press release and the
Company assumes no obligation to update or revise them to reflect
subsequent information, events or circumstances or otherwise,
except as required by law.
SOURCE Health Logic Interactive Inc.