G Medical Innovations Holdings Ltd. (NASDAQ: GMVD) Announces Share Repurchase Program
May 20 2022 - 9:00AM
G Medical Innovations Holdings Ltd. (NASDAQ: GMVD)
(the “Company”) today announced that its board of directors
has authorized a share repurchase program to acquire up to $1
million of the Company's ordinary shares (the “Repurchase Plan”).
The Company may purchase ordinary shares from time to time in the
open market, through privately negotiated transactions, or any
other legally permissible ways, depending on market conditions,
share price, trading volume and other factors. Such repurchases
shall be made in compliance with the rules of the United States
Securities and Exchange Commission (the “SEC”) and other applicable
legal requirements. As of May 17th, 2022, the Company had
approximately $3 million of cash, $6 million in account receivables
and had 24,386,680 ordinary shares outstanding.
The Company may repurchase all or a portion of
the authorized repurchase amount. The Repurchase Plan does not
obligate the Company to repurchase any specific number of the
ordinary shares and may be suspended or terminated at any time at
management’s discretion.
About G Medical Innovations
G Medical Innovations Holdings Ltd. is an early
commercial stage healthcare company engaged in the development of
next generation mHealth and telemedicine solutions and monitoring
service platforms.The Company’s solutions and services can empower
consumers, patients, and providers to better monitor, manage and
improve clinical and personal health outcomes, especially for those
who suffer from cardiovascular disease (or CVD), pulmonary disease
and diabetes. The Company’s current product lines consist of its
Prizma medical device (or Prizma), a clinical grade device that can
transform almost any smartphone into a medical monitoring device
enabling both healthcare providers and individuals to monitor,
manage and share a wide range of vital signs and biometric
indicators; its Extended Holter Patch System, a multi-channel
patient-worn biosensor that captures electrocardiography (or ECG)
data continuously, including its QT Syndrome Prolongation Detection
Capabilities Patch. In addition, the Company is developing its
Wireless Vital Signs Monitoring System (or VSMS), which is expected
to provide full, continuous, and real time monitoring of a wide
range of vital signs and biometrics. Its monitoring services
include provision of Independent Diagnostic Testing Facility (or
IDTF) monitoring services and private monitoring services. Visit
https://gmedinnovations.com/.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995 and other
Federal securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. For example, the Company is using
forward looking statement in this press release when it
discusses that it may repurchase ordinary shares from time to
time in the open market, all or a portion of the authorized
repurchase amount through privately negotiated transactions, or any
other legally permissible ways, depending on market conditions,
share price, trading volume and other factors. Because such actions
deal with future events and are based on the Company’s current
expectations, they are subject to various risks and uncertainties,
and actual results, performance, or achievements of the Company
could differ materially from those described in or implied by the
statements in this press release. The forward looking statements
contained or implied in this press release are subject to other
risks and uncertainties, many of which are beyond the control of
the Company, including those set forth in the Risk Factors section
of the Company's Annual Report on Form 20-F for the year ended
December 31, 2021 filed with the SEC on April 29, 2022, and in any
subsequent filings with the SEC. Except as otherwise required by
law, the companies undertakes no obligation to publicly release any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. References and links to websites have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press
release.
INVESTOR RELATIONS CONTACT:
G Medical InnovationsKobi Ben-Efraim, CFO+972
8-958-4777service@gmedinnovations.com
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