PETACH TIKVA, Israel, May 23, 2016 /PRNewswire/ --
Emerald Medical Applications Corp. (OTCQB: MRLA), an Israel-based medical technology company dedicated to marketing its FDA registered, HIPPA compliant, APP to detect the suspicion of Melanoma using its proprietary, patent pending automated picture comparing technology, today entered into a $1 million equity purchase agreement with private investment fund, Kodiak Capital Group, LLC.
Under the terms of the Agreement, Emerald has the right to sell Kodiak $1 million of its common stock. Kodiak cannot require MRLA to sell shares to Kodiak, but is obligated to make purchases as requested by MRLA. Proceeds from the financing will be utilized as working capital to promote the marketing of the DermaCompare technology.
Lior Wayn, Emerald's CEO, commented,"We are excited to have Kodiak recognize our significant growth potential and look forward to continuing the strong start of our United States marketing plan."
Ryan Hodson, Managing Member of Kodiak,commented, "We share the same beliefs as the CEO of Facebook (FB) and Alphabet (GOOG) that artificial intelligencewill do an amazing amount of good in the world, and believe AI applications will be the fastest growing commercial technology sector, over the next several years," he continued,"Emerald provides an elegant solution, utilized by a lot of people, with many more to come."
About Emerald Medical Applications Corp
Emerald Medical Applications Corp. is an Israeli-based medical technology company that utilizes proprietary military image processing technology and state of the art data analytics to improve the analysis of medical images. Emerald's flagship solution, DermaCompare™, is an FDA Class #1 approved, HIPPA-compliant, skin cancer (melanoma) screening platform that enables physicians to identify and monitor changes in their patients' skin health, specifically the early detection of cancerous moles and skin anomalies.
The DermaCompare™ patient application is available in Mac or Android based platforms and works using virtually any digital camera, including cell phones, iPads, tablets and other similar devices, to take Total Body Photography ("TBP") images and, in real-time, transmit these images for dermatological evaluation and identification of suspicious moles, lesions and other skin conditions. These images are then compared using Emerald's cloud database, as well as the patient's previous Total Body Photography images, which will dramatically enhance a physician's ability to detect Melanoma earlier, more accurately and more efficiently than other means of diagnosis.For more information, visit: http://www.dermacompare.com
About Kodiak Capital Group, LLC
Kodiak is an institutional investor headquartered in Newport Beach, California. Kodiak provides equity and debt funding to public and private companies. Kodiak's funding provides long-term strategic capital, providing companies with certainty, flexibility and consistency. Kodiak's investments are in a wide range of industries emphasizing alternative energy, consumer products, life sciences, and social media technology. For more information, visit http://www.kodiakfunds.com
Notice Regarding Forward-Looking Statements:
This press release may contain forward-looking statements, about Emerald's expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, Emerald or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by Emerald with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of Emerald's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause Emerald's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause Emerald's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements, including, but not limited to, the factors summarized in Emerald's filings with the SEC. In addition, Emerald operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. Emerald does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. Reference is made to the disclosure under "risk factors" included in our Registration Statement on Form S-1 which was declared effective by the U.S. Securities and Exchange Commission on January 20, 2016.
Lior Wayn, CEO
SOURCE Emerald Medical Applications Corp.