AVRA Medical Robotics, Inc. (the “Company”) (OTCQB: AVMR), an artificial intelligence company building a fully autonomous medical robotic system combining artificial intelligence, machine learning and proprietary software, today announces that its Chairman & CEO, Barry Cohen, has increased his stake in the company by approximately 5% by purchasing an additional 1,000,000 common shares of AVRA stock. The shares will be restricted.
AVRA CEO Barry Cohen purchased his 1,000,000 shares by simultaneously exercising his option to purchase the shares at an exercise price of $0.10 per share, which put another $100,000 onto the Company’s balance sheet, while further reducing the company’s debt with a ‘debt for equity swap’ which canceled a $100,000 loan note he had granted to the Company.
This follows the Company’s recent announcement that, with the exception of loans from the CEO and a loan note for $25,000 due December 31, 2020, the Company had cleared all of its outstanding external debt, with one note of $25,000 being converted into shares at $1.50 per share and the remainder being repaid in full with accrued interest. Mr. Cohen now owns 10,536,438 common shares.
Mr Cohen commented, “While the extreme effects of the spread of the Coronavirus continue to disrupt our society and economy, the fundamentals of our Company and the opportunity to use medical technology like ours to improve people’s quality of life is more evident than ever. I believe the current stock price does not reflect AVRA’s growth potential, which is why I continue to invest even more of my personal funds in the company.”
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