The company has been making significant progress and we feel it’s now appropriate to provide an update to our shareholders.
The LOM Intellectual Property (IP) Marketing Team together with Deloitte, Symbient and with advice from Jennifer Marles have presented and demonstrated the LOM syringe and technology to several leading companies in the Medical Industry. These efforts have been conducted either through in person meetings or by video conference. We continue to respond to due diligence issues from the interested parties.
The interest established has developed beyond the Retractable Syringe and into the Blood Collection Devices for which Provisional Patent Applications ( PPA ) have been filed. These PPA’s have enabled us to share further details of the devices that are contributing to increasing interest in the overall LOM IP. We are also meeting the demand for a 1 ml syringe by incorporating our IP technology in the design of our 1 ml retractable syringe.
We have begun the process for Symbient to build prototypes of both the Blood Collection Devices and the 1 ml Syringe.
There are costs associated with designing new products, building prototypes and associated legal costs to prepare and file additional patents. In order to fund these projects the Board has decided to offer a Privileged Share or Rights Offering to all existing shareholders. As a result of the efforts we have been making in respect of providing the Canadian shareholders in particular with an efficient tax treatment upon the eventual sale of the LOM IP the Privileged Share Offering will be a very beneficial opportunity for everyone.
Shortly we will be able to announce and launch this Offering.
Should you have any questions about this update, please contact us via the form on this page.