Avra Med Robotics Inc. (AVMR)

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$AVMR AVRA Medical Robotics, Inc. (OTC: AVMR) PROVIDES UPDATE ON MERGER

https://www.globenewswire.com/news-release/2022/12/14/2573830/0/en/AVRA-Medical-Robotics-Inc-OTC-AVMR-PROVIDES-UPDATE-ON-MERGER.html

ORLANDO, FL, Dec. 14, 2022 (GLOBE NEWSWIRE) -- AVRA Medical Robotics, Inc. (“AVRA” or “the Company”) (OTC: AVMR), a medical robotics software and artificial intelligence company announced that it is continuing to progress to consummation of its acquisition by merger of CardioVentures, Inc. (“CardioVentures”), as previously reported in its Current Report on Form 8-K filed with the SEC on November 7, 2022.

CardioVentures holds an indirect controlling interest in an Indian private limited company (“SSI-India”). SSI-India is engaged in the development, commercialization, manufacturing, and sale of medical and surgical robotic systems utilizing patents, trademarks and other intellectual property. It has received full clinical approval by the Indian regulatory bodies and is now able to accept and deliver orders for its Mantra surgical robotic system within India and in over 54 other countries. With what the Company believes are superior functionality and ergonomics, the Mantra 2 can cost up to one half less than its direct competitors’ systems. Initial deliveries started in August 2022 in Delhi at the Rajiv Gandhi Cancer Institute and Research Center and the Mantra 2 System is now operating in 3 hospitals. SSI-India plans to begin seeking US FDA and European CE regulatory approvals in early 2023. The Mantra 2 System is a soft tissue based surgical robotic system, which the Company believes has broad applications in Urology, Gynecology, Thoracic, Head, Neck and General Surgery. Moreover, we anticipate that the system will be the first of its kind to be specifically tailored to assist in the performance of all complex cardiac surgical procedures.

Upon consummation of the merger, the Company will change its name to SS Innovations International, Inc. and the stockholders of CardioVentures will become the controlling shareholders of the Company. Post – Merger, we intend to focus a significant part of our efforts on expanding and further developing the business of SSI-India, which will be an indirect majority-owned subsidiary of the Company.