ChroMedX Engages Hochuen International Corp. for Improved Prototype Cartridge Production
TORONTO, ONTARIO -- (December 8, 2015) - ChroMedX Corp. (the “Company”) (CSE: CHX, OTC: MNLIF, Frankfurt: EIY2), a developer of in vitro diagnostics and point-of-care testing (POCT) is pleased to report that it has engaged Hochuen International Corp. to produce an enhanced version of its prototype HemoPalm cartridges. ChroMedX Corp. has entered into a development agreement with Hochuen International Corp. to produce the enhanced version of its HemoPalm cartridges by machining as a preliminary step, which will be followed by injection moulding. “By utilizing the knowledge gained from micromachined cartridges conducted at McMaster university, the Company has made significant improvements to the cartridge design and can now move to the important step of manufacture of HemoPalm cartridges by injection moulding,” said Dr. Wayne Maddever, President & CEO, ChroMedX Corp. ChroMedX previously announced its development programme with McMaster University’s Manufacturing Research Institute (MMRI), when fabrication of a prototype HemoPalm cartridge, a key component of the HemoPalm analysis system, was completed. As a result of the McMaster work, the Company has developed an improved cartridge which is smaller and will reduce manufacturing costs. Other Business The Company has granted an additional 620,000 stock options to certain directors and consultants pursuant to the Company employee stock option plan. The options are exercisable at $0.20 for a term of 5 years and vest over a 3 year term. About Hochuen: Hochuen was founded in 2000 with specialization in die cutting, printing, CNC, plastic injection molding and assembly. The company is located in Shenzhen, China with over 3,500 employees. There are 3 manufacturing plants with total 800,000 square feet, including a class 10,000 clean room for medical device manufacturing. In 2012, Hochuen opened US office in Los Angeles. In 2012, Hochuen was certified with ISO13485, and has served the biomedical and life science community with high quality biological testing and diagnostics consumables and device components. Hochuen attracts world class talents with microfluidics and medical devices experience. It also serves as a microfluidics design house with the following design capabilities: micromixing, microvalves, micropumps and integrated devices. About ChroMedX Corp. ChroMedX Corp. is a medical technology company focused on the development of novel medical devices for in vitro diagnostics and point-of-care testing. The devices are protected by the Company's issued and pending patents, dealing with blood collection, analysis and plasma/serum processing. Follow ChroMedX Corp.: Facebook: facebook.com/ChroMedXcorp Twitter: www.twitter.com/ChroMedXcorp Investor Relations: Shawn Overton d. 647-528-9344 o. 647-872-9982 ext. 2 TF. 1-844-247-6633 ext. 2 soverton@ChroMedX.com NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Forward-looking Information Cautionary Statement Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.