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Wednesday, 07/31/2019 8:20:24 AM

Wednesday, July 31, 2019 8:20:24 AM

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Attached is the press release announcing our manufacturing facility has been certified and is shipping the first VMS+3.0 products to hospitals in western Canada.

Here is some background:

1. We announced back in June that we stop using a contract manufacturer, which we had used for VMS+2.0 and create an internal fabrication facility at our head office in Toronto.
2. This was possible as the VMS+3.0 is a much simpler and less-costly machine to fabricate due to the new tracking method which is a simple circuit board embedded in the adaptor for the ultrasound probe.
3. Of course we had to have the facility certified before we could begin to manufacture devices and this was achieved Thursday last week.
4. We have now fabricated the first two VMS+3.0 in this certified facility and will ship them tomorrow or Friday to fulfil the first two purchase orders, which were from a Heart Institute and a Children’s hospital in western Canada (their policies are not to allow third parties to name them in press releases).
5. This is major milestone for the company and its mission to improve cardiac care for children and adults.
6. It has been an amazing summer so far with Health Canada and European approvals for the VMS+3.0, the establishment of the new manufacturing centre and now first sales - all in under two months.
7. We have more orders coming soon from Canada and Europe will come back from vacation in September and again a number of sites have indicated they are ready to purchase the new system.
8. We are still awaiting US-FDA clearance and have been told the agency is working to complete their review as soon as possible. Again we have hospitals ready to acquire the VMS+3.0 as soon as it is approved in the USA.
9. Our Chinese partners are also advancing their sales pipeline and expect to have first sales very soon.