Corporate Update – July, 2017
VANCOUVER, Canada –- L.O.M. Medical International Inc. and it subsidiary L.O.M. Laboratories Inc (“L.O.M.” or “the Company”), announces the results of its Annual General Meeting of Shareholders (“AGM”) held on July 4, 2017 in the city of Vancouver, British Columbia.
Management wishes to thank all the shareholders who participated in the meeting and notes that over 62% of the outstanding shares of L.O.M. Medical International Inc. were voted while L.O.M. Laboratories had over 95% of its shares voted. Herbert Towning, CEO and President, noted that “I am pleased to announce that all the resolutions put forward at the AGM passed with overwhelming majority 86% to 99% of shares voted in favor. We are pleased to be able to go forward with the support of our shareholders.”
Among the motions approved by L.O.M. shareholders included the following:
- Election of all of all five nominees to serve until the next annual meeting of shareholders of the Company, or until their successors are elected or appointed. Directors Herbert Towning (President & CEO), Dr. Charles Clements (Chief Medical Officer). Alan Lawrence (Corporate Secretary) Dr. Ken Powell were re-elected, and Eric Andreasen was also elected to the Board of Directors of the Company.
- Approval of L.O.M. Medical’s stock option plan; and
- Re-appointment of James Stafford, Chartered Accountants as the Company’s external auditor.
After the formal portion of the meeting had concluded L.O.M. was pleased to have Mr. Jeremy Webster from Deloitte Canada give a brief presentation.
Jeremy gave those in attendance a brief outline of the achievements from the past year including the following points.
- Syringe design work has been completed.
- L.O.M. has engaged a regulatory consultant for US FDA 510(k) clearance and CE Marking certification (Europe).
- OEM agreement signed with prominent syringe and device manufacturer in China.
- L.O.M. continues to build its patent portfolio.
- L.O.M. Laboratories Inc. was granted two more patents in May 2017. These were given for its Second Generation syringe for the USA and Brazil (i.e. “Single-use pneumatic safety syringe providing gas-driven needle retraction”).
- Continued capital has been raised.
- The advisory board has seen the addition of two prominent and experienced industry veterans (Dr. Peter Johann and Robert Pelzer)
- The audit has been completed.
- Shareholder information meetings have been held in Saskatoon, Calgary, Edmonton, Kelowna and Vancouver.
Jeremy further touched on the items currently in progress and then also gave a brief outline of the steps that are currently in the planning stages. These items included:
- Finalizing molds for initial batch of syringe production. First batch of syringes will be used for regulatory and marketing purposes.
- L.O.M. team working with various partners to ensure design, manufacturing and regulatory processes are coordinated, planned and organized.
- Ongoing financing / capital raise.
- Conduct 2 independent laboratory tests to confirm each device conforms to regulations and claims.
- Obtain FDA 510(k) clearance in the US, a CE Marking in Europe and pass the China Food and Drug Administration (CFDA) registration process.
- Establish an automated production line for the syringes.
- Evaluate strategic alternatives to monetize the technology.
- Commence discussions with strategic partners or buyers for monetization transaction(s).
After a brief questions and answer period Mr. Ralph Woloschuk, the Company’s Chief Technical Officer also spoke to shareholders and gave a brief outline of the Status and Development of the L.O.M. Retractable Syringe.
Mr. Woloschuk informed shareholders that our OEM (as previously announced), Shanghai Kindly Enterprise Development Group, known as KDL, has been working closely with our engineers. He explained that this well established relationship has achieved certain improvements to the L.O.M. syringe design and function.
We are now positioned to finalize the engineering drawings, complete the 3 ml syringe production style molds and for KDL to produce the first batch of 3,000 syringes in August 2017.
Our FDA and CE consultants, CE Medical Experts, located in the Netherlands, have prepared the protocols outlining the testing procedures to be followed. They will also prepare the necessary documentations for applications for FDA 510(k) clearance in the US and CE Marking in Europe. CE Medical Experts have contracted laboratories in both the UK and Germany to conduct required testing. In Late August 1,000 syringes will be provided to each laboratory when testing will begin.
L.O.M.’s current development situation is a very positive after a considerable period of very focused effort.
After concluding his summary Mr. Woloschuck, the Board and management answered shareholders questions for the floor and provided details of the current private placement and fund raising efforts.
On conclusion Herbert again thanked those in attendance and also sends the same thanks to all L.O.M. shareholders for their continued support. L.O.M. and it projects are progressing steadily and we will continue to update shareholders as we move forward.
About L.O.M. Medical International Inc.
L.O.M.’s superior technology design will dramatically decrease needle stick injuries from immunizations delivery and other uses that may result in the transmission of communicable diseases, and thus reduces the loss of life, illness and costs associated with needle stick injuries worldwide.
L.O.M. currently has 5 products engineered with the revolutionary new gas cell technology. Our focus is to provide unique and cost effective pneumatic single use “smart” retractable safety syringe products that have been designed to drastically reduce the risk of accidental needle stick injuries while minimizing the space required to safely dispose of the syringe after use. Thus L.O.M. is meeting the needs of the medical industry, practitioners, patients and the environment.
For additional information and other corporate information, please visit the Company’s website at https://lommedical.com or email us at email@example.com and/or call Debbie Ulansky (Investor Relations) 604-616-6265
ON BEHALF OF THE BOARD OF DIRECTORS
President, CEO and Director