MedX Health Corp. Announces Proposed Debt Settlements and Private Placement

MISSISSAUGA, ON, Oct. 29, 2013 /CNW/ - MedX Health Corp. (TSX-V - MDX), announces that it has entered into agreements to settle a total of $1,779,933 of debt owed to certain trade creditors, general creditors and insider creditors, subject to all relevant consents and approvals.  Under the Debt Settlement Agreements, a total of $179,708 of trade debt will be settled by issuance of 898,812 shares issued at $0.20 per share, $1,164,620 of debt due to general creditors will be settled by issuance of 11,646,204 units at $0.10 per unit, and $435,603 of debt due to insider creditors will be settled by issuance of 1,742,415 shares at $0.25 per share.  Each of the units proposed to be issued to general creditors will be comprised of one fully paid common share and one-half of a share purchase warrant; each whole warrant will be exercisable to purchase one common share at $0.20 per share for the period to December 31, 2014, and at $0.30 from January 1, 2015 to December 31, 2015.  Regulatory and other consents will include approval from the TSX Venture Exchange and, in relation to shares issuable to insiders, approval of shareholders (excluding votes of shares owned by the relevant insiders).

Additionally, the Company is pleased to announce that it is proposing, subject to all relevant consents and approvals, including in particular, but not limited to approval from the TSX Venture Exchange, to raise $150,000 by issuance of 15 units as follows.

(a) Each Unit comprises one "designated" Unsecured Convertible Redeemable Loan Note("Loan Note(s)") with a face value of $10,000 and one "designated" detachable, share purchase warrant ("Warrant(s)");

(b) Each Loan Note will bear interest at ten per cent (10%), payable at the end of each calendar quarter while it is outstanding;

(c) The Conversion price for each Loan Note is $0.10, thus 100,000 fully paid common shares for each Loan Note on full conversion;

(d) Each Warrant entitles the holder to purchase up to 100,000 additional common shares at $0.20 per share; exercise period is directly linked to expire on the date that is nine months after the maturity date of the respective Loan Note to which the warrant was originally attached; the Warrant expiration date is not changed in the event of earlier redemption or conversion of the originally attached Loan Note.

(e) The Company may give notice to redeem any of the Loan Notes prior to its maturity date, without any obligation to designate the Loan Note to be redeemed in any particular order - i.e. the Company can elect to redeem later maturing Notes if it wants to, and does not have to redeem earlier maturing Notes first;

(f)  Each Unit, and the underlying Loan Note and Warrant will be designated by a letter, from "A" to "O" Note "A" will mature on March 31, 2014, and subsequent Notes will expire sequentially on the last day of each month for fourteen months commencing April 30, 2014.

MedX presently has 44,966,291 common shares issued and outstanding.

About MedX

MedX is a twelve (12) year old Canadian company, headquartered in Mississauga, Ontario (Toronto), and is a global leader in the design, manufacturing and distribution of quality low level laser and light therapy technologies for use in numerous medical settings, including rehab/chiropractic, dental, wound care, and veterinary medicine, providing patients with drug free and non-invasive treatment of tissue damage and pain. MedX laser and light products are FDA approved, Health Canada cleared, and CE Mark approved for use in North America as well as the European Union. MedX Health acquired the worldwide assets of SIMSYS™ and MoleMate™ in June, 2011. For a complete profile of MedX Health Corp. and its products visit www.medxhealth.com.

About SIMSYS™ and MoleMate™ Skin Cancer Imaging

SIMSYS™ and MoleMate™ received approval from Health Canada, and are available for all Canadian physicians and dermatologist. SIMSYS™ and MoleMate™ is also FDA approved for use in the USA and is currently under review for CE approval for use in Europe, the UK, and Australia. For more information log onto: www.simsys-molemate.com and click on 'See More', and see approximately 2mm below the surface of suspicious moles and lesions with additional information and images related to every mole and lesions associated with all types of melanomas and non-melanomas. SIMSYS™ and MoleMate™ is an optical biopsy that uses patented technology that features a hand-held scanner device designed for clinical office use that utilizes light to view beneath suspicious moles or lesions in a pain free, non-invasive manner, creating images in real-time for physicians and dermatologist to evaluate all types of moles or lesions within seconds, providing images that can reveal if a mole or lesion is benign, or something more serious, often eliminating the need for skin biopsies, resulting in less pain, scarring, and expense. Physicians and dermatologist interested in learning more should contact MedX Health Corp. or log onto www.simsys-molemate.com.

This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE: MedX Health Corp.

Investors:
Steve Guillen / Chief Executive Officer
MedX Health Corp.
[email protected]
Phone: [phone]