TORONTO, ONTARIO – January 12, 2006 – Z-Tech (Canada) Inc. (“Z-Tech”), a leader in new technologies for breast cancer screening, has secured a US$3.0 million venture loan from MMV Financial.
Z-Tech® is committed to improving breast cancer survival rates by improving breast screening accuracy and by making the screening procedure more accessible. Z-Tech has developed a patent protected technology which detects the electrical characteristic change that occurs when normal tissue undergoes malignant change. The first use of this technology has been in the development of a medical device for the detection of breast cancer in a screening environment.
The Z-Tech Breast Cancer Detection System is capable of detecting breast cancer very early — when treatment is most effective and least invasive. The procedure is quick, painless, inexpensive and does not use X-ray radiation. Clinical trials, involving several thousand participants, are underway at sites in the United States, Canada and Europe to determine whether the Z-Tech's Breast Cancer Detection System may be used as a primary screening technology for detecting breast cancer.
“Z-Tech’s breast scan method is an exciting development in the screening for breast cancer”, said Brian Hendry, Senior Vice President, MMV Financial Inc.
“The financing from MMV allows us to further our clinical trials without the loss of management focus which an equity financing would have required”, Steven Nakashige, Z-Tech President & CEO.
About MMV Financial Inc.:
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions to technology and life sciences companies, with a focus on the Canadian and North American sectors. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners of Hartford, Connecticut, Caisse de dépôt et placement du Québec of Montreal, and Wells Fargo Foothill, a part of Wells Fargo Company. For more information visit http://www.mmvf.com/
For more information contact:
Z-Tech (Canada) Inc.
Ron Baker, VP Finance & Business Operations
Tel: (416) 421-4788
Fax: (416) 421-8180
MMV Financial Inc.
Brian Hendry, Senior Vice President
Tel: (416) 977-9718
Fax: (416) 591-1393