L.O.M. MEDICAL INTERNATIONAL ANNOUNCES DEBT REDUCTION
February 2017 – L.O.M. Medical International Inc. (“LOM” or the “Company “) The Company is pleased to announce it has reduced its creditor debt by offering certain creditors shares in exchange of the debt. The Company has settled on over $2.5 million in outstanding Loans and convertible Debentures. The remaining outstanding convertible debentures and shareholder loan now total under $450,000.
L.O.M. is further pleased to note that is has successfully raised over $1.4 million by way of its current Private Placement for Shares in its Canadian Subsidiary.
The reduction in the outstanding debts carried by the Corporation allows for new funds to go directly towards the initial production run of our 3 ml syringe for independent testing required for the FDA and CE certification applications and to provide syringes for pre-marketing to interested distributors. The funding will also provide the funds to begin the manufacturing of the semi-automated full scale production assembly line.
L.O.M. Medical International Inc. was incorporated in Delaware, USA and is a developer of medical products for the health care industry. L.O.M. Medical is the owner of all the shares of L.O.M. Laboratories Inc. (“L.O.M. Labs”), a Company registered in the Province of Alberta Canada.