TORONTO, ONTARIO--(Marketwire - Oct. 19, 2012) -
(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)
Further to its news release of April 8, 2011, Medifocus Inc. (Medifocus or the Company) (TSX VENTURE:MFS)(OTCQX:MDFZF) announces that it has awarded 3,000,000 shares (the Shares) to its directors and officers as follows:
Common Shares Granted
|Grant B. Walsh
||Chairman of the Board
|Joseph S.C. Chan
|Dr. Augustine P.Y. Chow
|Joe K.F. Tai
|Dr. Augustine Y. Cheung
||President and CEO
||Chief Operating Officer
||Chief Financial Officer
The Shares were issued, at a deemed price of $0.18 per Share, in lieu of a portion of the directors and officers cash compensation as well as in recognition of their continued service to the Company. The awards permit the directors and officers to participate in the success of the Company and is intended to focus the management team on achieving the Company's strategic goals and increasing shareholder value. The shareholders of the Company had previously approved the issuance at the Company's last annual meeting of shareholders including approval by a majority of disinterested shareholders.
Medifocus owns a patented microwave focusing technology platform (the Adaptive Phased Array (APA) technology), which can precisely target and control microwave energy to cause heating in cancerous tumors anywhere in the body reliably and repeatedly. The ability to target tumors with a precision controlled dose of heat can be used to destroy tumors at higher temperatures, to treat tumors in combination with chemotherapy and/or radiation at moderate temperatures for increased effectiveness and reduced toxicity and to trigger the targeted release of therapeutic drugs and genes at tumor sites at lower temperatures. While the core technology has been licensed from the Massachusetts Institute of Technology, Medifocus has further refined the precision of the microwave focusing and control ability and developed a commercial system dedicated exclusively for the treatment of Breast Cancer. With the acquisition of Prolieve, Medifocus now owns in addition, a revenue generating commercial BPH heat treatment product generating cash flow to support the development and commercialization of other catheter based or APA based external focused heat systems for targeted thermotherapy of deep seated tumors anywhere in the body. Please visit www.medifocusinc.com for more details.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the proposed transactions and neither of the foregoing entities has approved or disapproved of the contents of this press release.