CompuMed Announces Purchase of Shares held by VI Capital and Changes in the Board of Directors
CompuMed, Inc. announces the purchase of CompuMed shares held by V.I. Capital Fund and David Pointer's resignation as a Director. The Fund owned 25.3% of the shares outstanding. CompuMed offered $2.00 per share for the shares being sold. Limited partners opted to retain some shares while the remaining shares are being purchased by CompuMed for a total cost of $724,336. The Corporation will retire the repurchased shares.
Positive
CompuMed is purchasing shares held by V.I. Capital Fund, reducing their ownership percentage. Limited partners chose to retain some shares, indicating confidence in the company. The repurchase of shares shows CompuMed's commitment to shareholder value.
Negative
David Pointer's resignation as a Director may raise concerns about leadership stability. The purchase of shares by CompuMed could put downward pressure on the stock price in the short term.
06/12/2023 - 04:30 PM
LOS ANGELES, CA / ACCESSWIRE / June 12, 2023 / CompuMed, Inc. (OTC Pink:CMPD), a leader in providing diagnostic telemedicine, is announcing the purchase of CompuMed shares held by V.I. Capital Fund, a Washington Limited Partnership (the Fund) as well as David Pointer's resignation as a Director of CompuMed.
Prior to the repurchase, the Fund owned 425,403 shares of CompuMed, or 25.3% of the 1,678,707 shares outstanding in total. David Pointer, on behalf of the Fund's general partner, notified the Corporation of the Fund's desire to liquidate certain investment positions including CompuMed. The Fund decided to give its limited partners the choice of receiving either cash or their pro-rata shares held in the Fund. CompuMed offered the Fund $2.00 per share for CompuMed shares being sold from the Fund. Limited partners opted to retain 63,235 CompuMed shares. The remaining 362,168 shares are being purchased by CompuMed for the agreed price of $2.00 per share at a total cost to CompuMed of $724,336. As previously disclosed in annual reports to Stockholders, the Board authorized repurchases of shares at an expense of up to $1,000,000. T he Corporation will retire the repurchased shares.
Both David Pointer and Lee Keddie are investors in the Fund. Mr. Keddie is the CEO of CompuMed and both he and Mr. Pointer are Directors of CompuMed. Both Mr. Keddie and Mr. Pointer recused themselves from the Corporation's decision to offer $2.00 per share for shares held by the Fund. That decision was made by Loren Den Herder, the Corporation's third and only independent Director and based on advice from outside counsel and members of management other than Mr. Keddie. Likewise, Mr. Keddie disclosed to CompuMed that he abstained from voting with the Fund's partners and instead informed the limited partners that he would sell shares in direct proportion to the amount sold by the Fund, which resulted in Mr. Keddie retaining 6,584 shares in CompuMed previously held through the Fund. Mr. Pointer elected to sell his entire position in CompuMed shares held though the Fund, though he still holds shares that he purchased directly.
Following the share repurchase, Mr. Pointer resigned his position as a Chairman and Director of CompuMed. The corporation greatly appreciates his leadership and guidance as Chairman over the past seven years. A separate announcement will address filling the vacancy on the Board. In the interim, Loren Den Herder will serve as Chairman of the Board of Directors.
Inquiries about this can be sent to investorrelations@compumedinc.com or contact Laura Carroll at 310-258-5002.
About CompuMed, Inc.
CompuMed, Inc. (OTCPink:CMPD) Diagnostic Telemedicine services provide patients with the highest level of clinical care at reduced costs. Its telecardiology and teleradiology offerings provide real-time access to U.S. Board-Certified specialists through cloud-based technology and integrated medical devices to medical facilities anywhere in the world. The Corporation has been in business over 26 years and services over 1,000 clinical settings. CompuMed is headquartered in Los Angeles, CA. Visit CompuMed at www.compumedinc.com .
Forward-Looking Statements
Statements contained in this report, such as statements about revenue, operations, and earnings growth and other financial results are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements including statements concerning the Corporation's plans, objectives, expectations and intentions are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These statements are subject to uncertainties and risks including, without limitation, product and service demand and acceptance, changes in technology, ability to raise capital, the availability of appropriate acquisition candidates and/or business partnerships, economic conditions, the impact of competition and pricing, capacity and supply constraints or difficulties, government regulation and other risks identified in the Corporation's filings with the Securities and Exchange Commission and OTC Pink operated by OTCMarkets. All such forward-looking statements are expressly qualified by these cautionary statements. The Corporation expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect events, conditions or circumstances on which any such statement is based after the date hereof, except as required by law.
SOURCE: CompuMed, Inc.
https://www.accesswire.com/760738/CompuMed-Announces-Purchase-of-Shares-held-by-VI-Capital-and-Changes-in-the-Board-of-Directors
What is CompuMed announcing?
CompuMed is announcing the purchase of shares held by V.I. Capital Fund and David Pointer's resignation as a Director.
How many shares did the Fund own?
The Fund owned 425,403 shares of CompuMed, or 25.3% of the total outstanding shares.
What price did CompuMed offer for the shares?
CompuMed offered $2.00 per share for the shares being sold.
How many shares are being purchased by CompuMed?
CompuMed is purchasing 362,168 shares from the Fund.
What is the total cost to CompuMed for the shares?
The total cost to CompuMed for the shares is $724,336.
What will happen to the repurchased shares?
The Corporation will retire the repurchased shares.
Who will serve as Chairman of the Board of Directors?
Loren Den Herder will serve as Chairman of the Board of Directors in the interim.
How can I contact investor relations?
Inquiries can be sent to investorrelations@compumedinc.com or contact Laura Carroll at 310-258-5002.
