Vancouver, British Columbia--(Newsfile Corp. - February 24, 2025) - Beyond Medical Technologies Inc. (CSE: DOCT) (FSE: 7FM) (OTC Pink: DOCKF) ("Beyond Medical" or the "Company") is pleased to announce the successful closing of its previously announced non-brokered private placement financing for total gross proceeds of $375,000. The Company also announces the appointment of Litong Cao as Chief Operating Officer (COO) and the resignation of Michael Kelly.
The private placement involved the issuance of 7,500,000 units at a price of $0.05 per unit. The net proceeds from the financing will be used for working capital, corporate development, and the advancement of the Company's treasury management initiatives.
The Company is also proceeding to settle $179,750 of its outstanding debt obligations at a price of $0.05 per share.
Management Changes
Beyond Medical is pleased to announce the appointment of Litong Cao as its new Chief Operating Officer (COO). Litong brings extensive experience in institutional investments and operational leadership across the technology and financial sectors. She has held key leadership roles, including COO at Parallel, a Sequoia-backed company, and Partner, Head of Investments at a Family Office, where she played a pivotal role in launching a $1 billion liquid fund. Her strategic and operational expertise will be invaluable as the Company moves forward with its growth initiatives.
Additionally, the Company announces that Michael Kelly has stepped down from his role as Director. The Board of Directors thanks Mr. Kelly for his contributions and wishes him success in his future endeavors.
Additional Disclosure
Daniel Liu, CEO and a director of the Company, and Hongming Luo, a director of the Company (collectively, the "Interested Parties"), purchased or acquired direction or control over a total of 1,751,800 units as part of the private placement. The placement to the Interested Parties constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Notwithstanding the foregoing, the directors of the Company have determined that the Interested Parties' participation in the private placement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(a) and 5.7(1)(a) of MI 61-101. The Company did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of Interested Parties had not been confirmed at that time.
About Beyond Medical Technologies Inc.
Beyond Medical Technologies Inc. is a health technology company focused on advancing innovative solutions in the medical and life sciences sectors. The Company is dedicated to improving patient outcomes and operational efficiencies through cutting-edge technology and strategic partnerships.
On behalf of the Board of Directors
Daniel Liu, Chief Executive Officer
Email: danzliu94@gmail.com
https://beyond-md.ca/
Neither the Canadian Securities Exchange nor its Regulation Services Provider has reviewed or accepts responsibility for the accuracy or adequacy of this release.
FORWARD-LOOKING STATEMENTS
This news release includes certain statements that may be deemed "forward-looking statements." All statements in this news release, other than statements of historical fact, that address events or developments the Company expects to occur are forward-looking statements. Forward-looking statements are not historical facts and are generally, but not always, identified by words such as "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," and similar expressions, or by statements that events or conditions "will," "would," "may," "could," or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially include market prices, the continued availability of capital and financing, and general economic, market, or business conditions. Investors are cautioned that such statements are not guarantees of future performance, and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management as of the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates, opinions, or other factors should change.
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SOURCE: Beyond Medical Technologies Inc.
