ORLANDO, Fla., March 24, 2020 (GLOBE NEWSWIRE) -- AVRA Medical Robotics, Inc. (the “Company”) (OTCQB: AVMR), an artificial intelligence company building a fully autonomous medical robotic system combining artificial intelligence, machine learning and proprietary software, today announces that its Chairman & CEO, Barry Cohen, has increased his stake in the company by approximately 5% by purchasing an additional 1,000,000 common shares of AVRA stock. The shares will be restricted.
AVRA CEO Barry Cohen purchased his 1,000,000 shares by simultaneously exercising his option to purchase the shares at an exercise price of $0.10 per share, which put another $100,000 onto the Company’s balance sheet, while further reducing the company’s debt with a ‘debt for equity swap’ which canceled a $100,000 loan note he had granted to the Company.
This follows the Company’s recent announcement that, with the exception of loans from the CEO and a loan note for $25,000 due December 31, 2020, the Company had cleared all of its outstanding external debt, with one note of $25,000 being converted into shares at $1.50 per share and the remainder being repaid in full with accrued interest. Mr. Cohen now owns 10,536,438 common shares.
Mr Cohen commented, “While the extreme effects of the spread of the Coronavirus continue to disrupt our society and economy, the fundamentals of our Company and the opportunity to use medical technology like ours to improve people’s quality of life is more evident than ever. I believe the current stock price does not reflect AVRA’s growth potential, which is why I continue to invest even more of my personal funds in the company.”
| Contacts: | Barry Cohen |
| AVRA Medical Robotics, Inc. | |
| Chairman and CEO | |
| bcohen@avramedical.com | |
Note to Editors:
About AVRA Medical Robotics
AVRA Medical Robotics, Inc. (OTCQB: AVMR) is a medical software and artificial intelligence company building a fully autonomous medical robotic system combining artificial intelligence, machine learning and proprietary software.
It is empowering doctors and the practice of surgery through the use of software and artificial intelligence.
AVRA, with a research agreement in place with the University of Central Florida known for its advances in robotics and guidance systems, is developing a fully autonomous surgical robotic system that “robotizes” a wide range of surgical procedures using surgical and non-surgical devices and instruments which are currently being performed by human hands.
AVRA is concentrating its research and development efforts to meet the rising expectations of patients and practitioners for the precision, efficiencies and safety offered by robotics, artificial intelligence and proprietary software when combined with proven medical devices and surgical instruments.
AVRA’s current focus is developing a treatment-independent precision guidance system, applicable to a variety of minimally and non-invasive procedures, to leverage the growing demand for practical medical robotic devices, with an initial focus on skin resurfacing aesthetic procedures.
For more information visit the company’s website at www.avramedical.com.
Forward Looking Statements
This press release may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995.
The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “will,” “intend,” “may,” “plan,” “project,” “should,” “could,” “seek,” “designed,” “potential,” “forecast,” “target,” “objective,” “goal,” or the negatives of such terms or other similar expressions to identify such forward-looking statements. These statements relate to future events or AVRA’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.