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Prevent Announces New Board of Directors and Management Changes

newsfilecorp

Calgary, Alberta–(Newsfile Corp. – May 31, 2019) – Prevent Health Care International Corp. (the “Corporation“) today announced the appointment of Robert Achtymichuk, Robert Kelley, and Steve Cochrane to the Corporation’s Board of Directors and Peter McKeown as the interim Chief Financial Officer. Mr. Achtymichuk has also been appointed as Vice President, Business Development.

Mr. Cochrane has 36 years of investment industry experience during which he has participated in raising in excess of $500,000,000 for a variety of “small cap” public companies in various businesses and industry sectors including mining. In addition to having been associated with numerous domestic transactions, Mr. Cochrane has also been involved with many international opportunities – primarily in China and most recently with a series of mining projects and concessions in Cambodia owned by a Canadian public company.

Mr. McKeown, CPA, has over 30 years experience as a senior officer and director of Canadian public companies engaged primarily in the resource and technology businesses.

Mr. Achtymichuk, P.Eng, has extensive capital markets experience over a 30 year career in the investment industry commencing with Wood Gundy in 1987. Other career highlights include a founding partner with Acumen Capital Partners, VP with Blackmont Capital capped off by 9 years as VP and Investment Advisor with Haywood Securities Inc. Since 2016, Robert has worked as an independent consultant assisting both private and publicly traded companies. Mr. Achtymichuk is a graduate of the University of Alberta with a BSc. Engineering in 1983.

Mr. Kelley has had an extensive career with high-growth companies from venture-capital backed high-technology startups to large public corporations. He has been the founding Chief Technology Officer (CTO) and VP Engineering for Pyramid Technology, one of the leading computer manufacturers now part of Fujitsu Siemens, Decisionism, an early data warehousing and business analytics companies acquired by Broadbase/Kana, and Crosswalk, Inc. and early high-performance grid storage vendor, as well as VP Strategic Marketing. Mr. Kelley has been a leader in developing and applying new technologies to a wide variety of business problems including supply chain, customer care, and decision support, and across multiple industries including telecommunications, media, healthcare, manufacturing and financial services. In addition to technology, engineering and marketing roles, Mr. Kelley is a Chartered Financial Analyst and has worked in mergers and acquisitions, strategic investments and regulatory valuations.

“I see the addition of the new board and management team as an excellent opportunity to bring their collective skills and extensive capital market experience required to develop the company’s proprietary cardiac monitoring device and software platform into a world class medical device. I look forward to working with the new team, to advance the Corporation’s my-CARDIA device and raising awareness in the investment community,” commented David Rubin, the President and CEO of the Corporation, on the appointment of the new board and management team.

The appointments remain subject to the approval of the Canadian Securities Exchange.

Transaction Update

The Corporation has notified the Alberta Securities Commission of its decision to withdraw the Amended and Restated Preliminary Prospectus dated April 23, 2019 effective immediately. This decision was driven by the recent management changes and the status of the Lotag Agreement. The Lotag Agreement, as amended, contains a condition requiring that the Corporation have its shares listed on a recognized stock exchange on or before May 27, 2019. The Corporation did not meet this condition and the 26,000,000 common shares issued to Lotag (HK) Limited in consideration for the technology will be returned to the treasury of the Corporation and the Lotag Agreement will no longer be exclusive. Management of the Corporation feels this will not have any significant impact on the development or sales of the device as the Corporation continues to own the technology. The Corporation will continue to pursue a listing on the Canadian Securities Exchange and management anticipates filing a new prospectus shortly.

The Corporation also announces it has terminated the services of Preston Maddin as Chief Financial Officer and Dwayne Sorobey as Vice President Finance and Communications of the Corporation and its wholly-owned subsidiary Prevent Health Care International Limited. Mr. Maddin and Mr. Sorobey have also resigned as directors of all subsidiary companies.

FOR FURTHER INFORMATION, PLEASE CONTACT:

David Rubin
President and Chief Executive Officer
eMail: drubin@prevent-healthcare.com
Mobile: +1-972-54-4687142

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45204