Toronto, Ontario – TheNewswire – March 28, 2024 - Ventripoint Diagnostics Ltd. ("Ventripoint" or the "Company"), (TSXV:VPT); (OTC:VPTDF) is pleased to provide a corporate update on the Company’s current status and the outlook for 2024.

The Company entered 2024 continuing the refinement of its foundational technology and is currently strengthening its operations to enable more effective marketing, sales and customer support.  Hugh MacNaught assumed the role of Interim President and CEO in early February.

“During the past six weeks I have had the opportunity to more fully assess the technology, team and market opportunity and have identified key areas of focus for the company as it progresses towards the growth phase of its development,” commented Mr. MacNaught. “The enhancements to echocardiography enabled by VMS+ provide greater efficiency and reduced cost to healthcare providers while improving accessibility and comfort to patients.  The Company has no debt, a dedicated and motivated team, and a well-differentiated product. Our highest priority is to drive clinical awareness and adoption of our AI technology by healthcare providers in 2024”.

Sales, Marketing, and Distribution

Ventripoint’s highest priority for 2024 is to demonstrate its ability to establish commercial traction with product that has obtained regulatory clearance in key markets such as the U.S., E.U., U.K., and Canada.    

During the current quarter key activities include:

1.  Recruitment and on-boarding of a Strategic Partnerships Executive, Bart Hendriks, whose principal focus is on the E.U and U.K markets;

2.  Communicating with the existing customer base to assess the use of VMS+ in real life clinical settings and develop deeper insights into clinical indications and procedure volumes;

3.  Meeting with E.U. and U.K. distributors to review 2023 performance and 2024 objectives. We are working to improve the efficiency of installation, training and acceptance at customer sites to enable faster implementation of VMS+ products;

4.  Releasing VMS+3.2 with enhanced ease of use and 3D visualization features, for sale;

5.  Conducted an advanced training workshop in Germany led by Dr. med. Kai Thorsten Laser,

Deputy Director and Senior Physician of the Clinic for Paediatric Cardiology and Congenital Heart Defects at the Heart and Diabetes Center North Rhine-Westphalia, Germany.

6.  Identifying the conferences in 2024 that align most closely with Ventripoint’s commercial objectives.  Ventripoint is a Silver Sponsor for the 2024 AEPC meeting in May, where Ventripoint is a Silver Sponsor and will be providing demonstrations and a product workshop at the conference;

7.  Engaging the Visual Friday agency to perform a refresh of the Ventripoint brand. Style elements will be introduced in the next quarter;

8.  Initiating an update to the corporate website. This includes moving the site to a more flexible and robust platform and will include incorporation of style elements generated by the brand refresh;

9.  Initiating adoption of a CRM. This will integrate input from distributors, facilitate effective forecasting, and enable efficient manufacturing and supply chain management;

10.  Initiate recruitment of an MBA intern to develop market insights and intelligence. This is an important first step in evolving the corporate culture to addressing unmet clinical needs and ensuring optimal product/market fit.

11.  Closing the sale of a VMS+3.2 system to a top 10 U.S. cardiology centre;

12.  Engaging in ongoing discussions with partner Ascend regarding marketing, sales and development opportunities;

13.  Continuing to work with the Ollie Hinkle Heart Foundation to introduce VMS+ to paediatric cardiology centres.

Product Development and Manufacturing

During the current quarter key activities include:

1.  Release of VMS+3.2 for sale.  The key benefits to this update are related to the removal of magnets from the sensors, eliminating a calibration step and simplifying clinical workflow;

2,  Moving towards completion of validation and verification testing for VMS+4.0;

3.  Engaging service provider to perform Medical EMC Testing for Professional Healthcare Environment to comply with updated IEC 60601 standard;

4.  Preparation for submission of VMS+4.0 to FDA for 510(k) clearance;

5.  Passing the semi-annual factory inspection for NRTL certification;

6.  Initiating creation of a technology roadmap;

7.  Review of project management process and procedures;

8.  Review of supply chain, inventory and manufacturing.

Finance

During the current quarter key activities include:

1.  Working with auditors to complete the annual audit;

2.  Reviewing capital requirements for the current year.

After review and discussion, the Board of Directors has identified the need to secure off-the-market financing to support the company’s operations in 2024. An announcement will be made shortly concerning this matter.

Added Mr. MacNaught “Over the next month we will continue to focus on closing sales for VMS+3.2, preparing for the AEPC conference in May, submitting VMS+4.0 to FDA for 510(k) clearance and optimizing our internal processes to support growth.  During this time, I will be devoting more time and attention to the U.S. market to ensure that Ventripoint achieves a high rate of success.”

Conference Call

The Company will hold a conference call to discuss this update.

Wednesday April 3rd, 2024 11.00 am Eastern Time

• Participants can access the call by dialing 1-844-763-8274 or +1-647-484-8814. It is recommended that you call 10 minutes before the scheduled start time to avoid the queue. 

• After the call, an audio recording will be made available via telephone for one month, until end of day May 3rd. The recording can be accessed by dialing 1-855-669-9658 or +1-604-674-8052 and using the access code 5078#.  

• A written transcript of the call will be available on Ventripoint’s website shortly after its conclusion. 

About Ventripoint Diagnostics Ltd.

Ventripoint has become an industry leader in the application of AI (Artificial Intelligence) to echocardiography. Ventripoint's VMS products are powered by its proprietary knowledge-based reconstruction technology, which is the result of a decade of development and provides accurate volumetric cardiac measurements equivalent to MRI. This affordable, gold-standard alternative allows cardiologists greater confidence in the management of their patients. Providing better care to patients serves as a springboard and basic standard for all of Ventripoint's products that guide our future developments. In addition, VMS+ is versatile and can be used with all ultrasound systems from any vendor supported by regulatory market approvals in the U.S., Europe and Canada.

For further information, please contact:

Jonathan Robinson

JRobinson@oakhillfinancial.ca

416-669-1001

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

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends'' and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.