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CVR Medical to acquire CVR Global's interest in joint venture

CVR Medical Corp. said it was fully acquiring a joint venture it had created with CVR Global.

The company will acquire CVR Global's 50% interest in the venture and terminate it, a deal that is backed by the boards of both companies and is subject to the approval of CVR Medical's shareholders and the TSX Venture Exchange.

The company will issue 30 million additional shares to CVR Global upon successfully achieving four key future milestones including, signing the agreement and achieving a C$50 million in sales revenue from CSS device sales.

"The mutual desire on both sides to put CVR Medical fully in the driver's seat with regards to the CSS speaks to the maturation of this company and hard work put in by everyone involved. We have an incredible product, and are ready to take the reigns and guide it to market with the intention of realizing its potential," CVR CEO Peter Bakema said in a statement.

CVR's carotid stenotic scan, or CSS, is a screening tool designed to detect a heart-related disease.

In addition, CVR Global, which would also be granted a 7% royalty on all CSS device sales and with a 3% royalty on all associated disposable sales, will become the company's largest individual shareholder following the completion of all mutually agreed upon milestones.

CVR Global holds about 9.7% of the issued and outstanding shares of CVR Medical.