RE: Update27 Aug 2024 17:27
Audited Financial Statements
The previous auditor did not provide timely sign-off of the audited financial statements for the year ending December 31, 2022. These were only provided in November 2023.
This has resulted in a delay in the Company listing process as the British Columbia Securities Commission now requires the Company to file audited financial statements for the year ended December 31, 2023 and interim financial statements for the six months ended June 30, 2024 for them to complete the Prospectus review.
In early 2024 the Company resolved to replace the auditor. McGovern Hurley was appointed in May 2024 and are currently undertaking the audit of the financial statements for the year ended December 31, 2023 and a review of the interim financial statements for the six months ended June 30, 2024.
The December 31, 2023 financial statements will include:
i) the securitisation debt finance conversion to equity; and
ii) the removal of the top up liability US$3,813,998
Patents
In a real boost to the Company’s value proposition, the Company was awarded the European Union Patent. The significance lies not only in the value accretion but in the fact that this is the first time the Foley catheter (invented in 1928) has had a major technical improvement recognised by an EU patent award.
Patent awards have now been received for Canada, Eurasia, Morocco, Panama, Japan, Philippines, Israel, South Korea, Saudi Arabia, Australia, India and the Europe Union.
The Company continues efforts to obtain the US patent.
PureFlowCath Medical Device Update
The Company completed Phase One Proof of Concept work with Paragon Medical in 2023.
Phase Two will be a significant investment to produce a working prototype suitable for the commencement of testing.
The Company has completed the due diligence to select a reputable international organisation with a strong record in the development of medical devices from design through to packaging. To this end, the Company is pleased to announce the signing of a Master Service Agreement with Cambridge Consultants Limited dated August 15, 2024.
Shareholder Invitation
The Company encourages shareholder communications and cordially invites you to register for a teleconference with Management and the Board of Directors on September 12, 2024, at 6 pm CST.
You are required to register in advance for this meeting at:
https://us06web.zoom.us/meeting/register/tZwsc-msrDkiH9GSpGkswjpSjFDn1Tdc3U7m
After registering, you will receive a confirmation email containing information about joining the meeting.
www.InnomedTec.com
Billy Williams Disclosure Officer/Director +1 251 786 4695 billy@wfgplanning.com
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Audited Financial Statements
The previous auditor did not provide timely sign-off of the audited financial statements for the year end