Ovid Capital Ventures Inc. provides update regarding proposed qualifying transaction with iTech Medical, Inc.

Ovid Capital Ventures Inc. provides update regarding proposed qualifying 
transaction with iTech Medical, Inc. 
/Not for distribution to United States newswire services or for release 
publication, distribution or dissemination directly, or indirectly, in whole 
or in part, in or into the United States./ 
MONTREAL, July 3, 2013 /CNW Telbec/ - Ovid Capital Ventures Inc. (TSXV: OCA.P) 
("Ovid") is pleased to provide its shareholders with the following update 
regarding its proposed transaction with iTech Medical, Inc. ("iTech") 
announced on April 19, 2013. 
Ovid continues to work with iTech to complete a transaction that will result 
in a reverse take-over of Ovid by the shareholders of iTech (the 
"Transaction"). Due diligence is well under way and the corporation is 
negotiating a definitive merger agreement (the "Definitive Agreement"), which 
is now expected to be signed on or before August 31, 2013 (or such other date 
as may be mutually agreed in writing between Ovid and iTech). As 
previously-indicated, the Transaction is subject to requisite regulatory 
approval, including the approval of the TSX Venture Exchange (the "TSXV") and 
standard closing conditions, the approval of the directors of each of Ovid and 
iTech of the Definitive Agreement and completion of due diligence 
investigations to the satisfaction of each of Ovid and iTech. Reference is 
made to Ovid's press release dated April 19, 2013 for additional details 
relating to Ovid, iTech and the Transaction. 
Secured Loan 
In order to assist iTech with its current working capital needs, including the 
completion of the audited statements of iTech and its wholly-owned subsidiary, 
BIOflex Medical Magnets, Inc. ("BIOflex"), Ovid has provided iTech with a 
secured loan in the principal amount of $125,000. The loan bears interest at 
a rate of 6% per annum and matures no later than July 3, 2014. The loan is 
secured by a general security over the assets of iTech and BIOflex. 
Once completed, the audited financial statements of iTech and BIOflex will be 
included in the filing statement prepared in connection with the Transaction. 
Concurrent Private Placement 
Ovid has engaged Jones, Gable & Company Ltd. (the "Agent") to act as agent, on 
a best efforts basis, in connection with a brokered private placement (the 
"Private Placement") of securities of Ovid that will close concurrently with, 
and as a condition of, the Transaction. Pursuant to the Private Placement, 
Ovid intends to issue a minimum of 11,500,000 common shares at a minimum price 
of $0.20 per share for minimum gross proceeds to Ovid of $2,300,000 and a 
maximum of 15,000,000 common shares at the same price for maximum gross 
proceeds to Ovid of $3,000,000. 
In connection with the Private Placement, the Agent will receive (i) a cash 
commission of 10% of the total proceeds of the Private Placement, and (ii) 
compensation options (the "Agent's Options") to acquire such number of common 
shares which is equal to 10% of the aggregate number of common shares sold 
pursuant to the Private Placement. Each Agent's Option shall entitle the Agent 
to acquire one additional common share of Ovid at an exercise price of $0.20 
per share for a period of two years from the completion of the Transaction. 
Insiders, Officers and Board of Directors of the Resulting Issuer 
Upon completion of the Transaction, it is now anticipated that the board of 
directors of the Resulting Issuer shall be comprised of: Wayne D. Cockburn, 
Michael Newman and Kosta Kostic. In addition, it is expected that the 
officers of the Resulting Issuer shall be Wayne D. Cockburn as Chief Executive 
Officer, Allan MacDougall as Chief Financial Officer, and Charlie Zablotsky 
continuing as President of BIOflex. The backgrounds of Messrs. Cockburn and 
Zablotsky were previously disclosed in the April 19, 2013 press release and 
Mr. Kostic is an existing director of Ovid. 
The following sets outs the backgrounds of Messrs. Newman and MacDougall. 
G. Michael Newman, Director 
Mr. Newman is currently the Managing Director of Boardwalk Capital Inc. Mr. 
Newman has over 35 years of senior management and public company experience. 
From January 2010 until March 2011, Mr.Newman was CEO of Caldera Geothermal 
Inc., a private exploration and development company. Prior to Caldera, Mr. 
Newman was CEO of InterRent Real Estate Investment Trust from December 2006 to 
September 2009, and President and CEO of InterRent International Properties 
Inc. from 1999 to 2006. InterRent was founded by Mr. Newman in 1997 to acquire 
multi-unit residential properties within the Greater Toronto Area and under 
his leadership grew from 9 to 4,033 units and was named one of Canada's 100 
Fastest Growing Companies by Profit Magazine for two consecutive years, 2008 
and 2009. 
Allan MacDougall, Chief Financial Officer 
Mr. MacDougall joined iTech in May 2013 as the company's Chief Financial 
Officer. Mr. MacDougall is an innovative finance leader with extensive 
experience providing corporate finance oversight and strategy to organizations 
in public and private industries. Prior to joining iTech, Mr. MacDougall was 
the Global Finance Director for Dumas Contracting Ltd., a private mining 
construction/engineering company. From 2006 until 2011, Mr. MacDougall was 
the Director of Finance for Rogers Communications Inc., a $15 billion public 
communications company. At Rogers, Mr. MacDougall was accountable for 
controllership, financial planning and analysis, budgeting and forecasting for 
the various business units of the company. Prior to Rogers, Mr. MacDougall was 
VP, Corporate Controller for Bechtel Engineering Canada, a $30 billion public 
engineering company. At Bechtel, he led the finance, administration, tax 
compliance and legal functions for nine (9) Canadian entities and reported 
directly to the Canadian President and the global CFO. Mr. MacDougall received 
his CA designation from McGill University. 
Further Information 
All information contained in this news release with respect to Ovid and iTech 
was supplied by the parties respectively, for inclusion herein, and each party 
and its directors and officers have relied on the other party for any 
information concerning the other party. 
Completion of the Transaction is subject to a number of conditions, including 
but not limited to, TSXV acceptance and, if applicable, pursuant to the 
requirements of the TSXV, majority of the minority shareholder approval. Where 
applicable, the Transaction cannot close until the required shareholder 
approval is obtained. There can be no assurance that the Transaction will be 
completed as proposed or at all. 
Investors are cautioned that, except as disclosed in the management 
information circular or filing statement to be prepared in connection with the 
Transaction, any information released or received with respect to the 
transaction may not be accurate or complete and should not be relied upon. 
Trading in the securities of a capital pool company should be considered 
highly speculative. 
The TSX Venture Exchange Inc. has in no way passed upon the merits of the 
proposed transaction and has neither approved nor disapproved the contents of 
this press release. 
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 RELEASE. 
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release 
includes certain "forward-looking statements" under applicable Canadian 
securities legislation. Forward-looking statements include, but are not 
limited to, statements with respect to: the terms and conditions of the 
proposed Transaction; the terms and conditions of the proposed Private 
Placement; use of funds; and the business and operations of the Resulting 
Issuer after the proposed Transaction. Forward-looking statements are 
necessarily based upon a number of estimates and assumptions that, while 
considered reasonable, are subject to known and unknown risks, uncertainties, 
and other factors which may cause the actual results and future events to 
differ materially from those expressed or implied by such forward-looking 
statements. Such factors include, but are not limited to: general business, 
economic, competitive, political and social uncertainties; delay or failure to 
receive board, shareholder or regulatory approvals; and the ability of the 
Resulting Issuer to execute and achieve its business objectives. There can be 
no assurance that such statements will prove to be accurate, as actual results 
and future events could differ materially from those anticipated in such 
statements. Accordingly, readers should not place undue reliance on 
forward-looking statements. Ovid and iTech disclaim any intention or 
obligation to update or revise any forward-looking statements, whether as a 
result of new information, future events or otherwise, except as required by 
law. 
For further information regarding the Transaction, please contact: 
Edward Ierfino, Chief Executive Officer, Ovid Capital Ventures Inc. 
Telephone:514-562-1374 Email: eierfino@gmail.com 
Wayne D. Cockburn, Chief Executive Officer, iTech Medical, Inc. 
Telephone:905-853-2424 Email: wayne.cockburn@itechmedical.com 
SOURCE: Ovid Capital Ventures Inc. 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/July2013/03/c5048.html 
CO: Ovid Capital Ventures Inc.
ST: Quebec
NI: FIN MNA 2575 WNEWS  
-0- Jul/03/2013 14:49 GMT
 
 
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