Eidam Diagnostics Corporation
and Wyn Metals Inc. have proposed to amalgamate
* The parties have agreed to extend the completion date
of the transaction to October 30, 2009.
* The parties have elected not to complete the proposed
amalgation, and have elected to allow the Letter Agreement to
expire without renewal.
Richmond, BC – June 12, 2009
Corporation ("Eidam") today announced that it has entered into
an arm’s length letter agreement ("Letter Agreement") dated May
29, 2009 with Wyn Metals Inc. ("WMI") of Vancouver, BC, pursuant
to which Eidam and WMI have proposed to amalgamate.
the arrangement Eidam would relinquish all of its shares for
61,870,100 common shares of the combined company plus 8,000,000
stock options, plus additional shares issued as part of the
financing raised prior to closing, and issuance of 300,000
shares of the resulting consolidated company to the investment
company that brokered this transaction.
The issued and
outstanding common shares of WMI as of the date of closing shall
not exceed 3,365,382 shares. These shares will be exchanged on a
1:1 basis with shares of the combined company.
proposed transaction will be completed on or before August 31,
2009 or such later date as shall be agreed upon between the
parties in writing. On completion of the proposed transaction,
the Company will be trading on the Canadian National Stock
Exchange. The Company will undertake to raise up to $5,000,000
in two or more tranches.
Prior to closing, Eidam will
hold an Annual and Special Meeting of Shareholders (the
"Meeting") to, among other items, have the shareholders of Eidam
vote on this proposed amalgamation.
Eidam Diagnostics Corporation is a privately held Canadian
company with offices in Canada, Switzerland and China.
The company's primary product, the CRT 2000® Thermographic
System is intended for use in
preventative healthcare, and is
able to detect the changes in the body's temperature regulation
to produce data that can be used for adjunctive diagnosis of
certain diseases. The CRT 2000® is the only contact thermography
device of its kind in the world. It is non-invasive, emits no
radiation, and can be used repeatedly for treatment monitoring.
The CRT 2000® has obtained CE accreditation and has been
listed as a US FDA 510(k) Class I medical device.
About Wyn Metals Inc.
On April 2, 2008, Canada Gas Corp. (formerly Wyn
Developments Inc.) ("Canada Gas") entered into an agreement with
WMI whereby Canada Gas would transfer to the Company, by way of
a Plan of Arrangement (the "Arrangement") under the Business
Corporations Act (British Columbia), its interest in the Thrust
Property. Upon closing of the transaction on June 10, 2008, WMI
was owned exclusively by existing Canada Gas shareholders. Each
shareholder of Canada Gas received 0.0909 common shares of WMI
for every one (1) common share of Canada Gas held, totaling
9,196,146 common shares. The Thrust property was transferred at
Canada Gas’ carrying value of $940,598.
WMI has an
accounting year end of January 31st and is in good standing in
its filings with submission of its audited year end occurring
the same week as the date of the Letter Agreement.
For further information please contact Eidam Diagnostics at
made in this release that are not based on historical fact are
forward-looking statements. Any forward-looking statements
made in this release represent management’s best judgment as to
what may occur in the future. However, the actual outcome and
results are not guaranteed and are subject o certain risks,
uncertainties, and assumptions and may differ materially from
what is expressed.
Completion of the transaction and
listing on the Exchange is subject to a number of conditions,
including but not limited to approval of the various securities
commissions and Exchange acceptance. Where applicable, the
transaction cannot close until the required shareholder approval
is obtained. There can be no assurance that the transaction will
be completed as proposed or at all.
cautioned that any information released or received with respect
to the transaction may not be accurate or complete and should
not be relied upon. Trading in securities should be considered
The Exchange has in no way passed
upon the merits of the proposed transaction and has neither
approved nor disapproved the contents of this press release.
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