RAMAT GAN, Israel, July 31, 2018 (GLOBE NEWSWIRE) -- via NetworkWire -- Pure Capital today announces that it has completed its acquisition of 217,696 ADRs of Medigus Ltd (NASADQ: MDGS) and as a result now holds more than 5 percent of the company.
Upon the acquisition, and in accordance with Israeli regulations, Pure Capital sent a letter to Medigus’ chief executive officer, chairman of the board, and the directors, calling for an immediate general assembly meeting of the shareholders of Medigus and the dismissal of the internal members of the board.
The replacement nominees, led by Professor Benad Goldwasser, have been carefully vetted and were selected following a thorough due diligence process. Dr. Goldwasser is a urological surgeon, inventor, entrepreneur, venture capital investor and co-founder of Medinol Ltd., Israel’s most successful medical device company.
In the letter, Pure Capital detailed previous actions which it believes have been harmful to shareholders. These actions, conducted by Medigus’ management and board, include continual capital consolidations and capital raises under unfavorable terms. Furthermore, Pure Capital has requested that Medigus not execute disposition of the assets of the company, attempt to raise capital, or make public or private offerings until the meeting.
Pure Capital is committed to fully replacing the internal members of the board of directors and substantially enhancing shareholder value in the process. According to the Israeli GCL, the meeting must be held no later than 21 business days from the date of the letter of demand.
About Pure Capital Ltd.
Pure Capital is a privately owned investment company. Over the last two years, the firm has led various transactions and capital raises totaling over $200 million in the U.S, Canada and Israel.
About Medigus
Medigus is a medical device company specializing in developing minimally invasive endosurgical tools and highly innovative imaging solutions. They are the pioneer developer of the MUSE™ system, an FDA-cleared and CE-marked endoscopic device to perform Transoral Fundoplication (TF) for the treatment of GERD (gastroesophageal reflux disease), one of the most common chronic conditions in the world. In 2016, the CMS established the Category I CPT® Code of 43210 for TF procedures, such as the ones performed with MUSE, which establishes reimbursement values for physicians and hospitals. MUSE is gaining adoption in key markets around the world – it is available in world-leading healthcare institutions in the U.S., Europe and Israel. Medigus is also in the process of obtaining regulatory clearance in China. Medigus is traded on the Nasdaq Capital Market and the TASE (Tel-Aviv Stock Exchange Ltd.). To learn more visit www.Medigus.com or www.RefluxHelp.com
Contact:
Victor Tshuva
Victor Tshuva & Co Law Office
Tel: 011-972- 36138484
victor@vtlaw.co.il