LOS ANGELES, CA / June 12, 2023 / CompuMed, Inc. (OTC Pink:CMPD), a leader in providing diagnostic telemedicine, is announcing the purchase of CompuMed shares held by V.I. Capital Fund, a Washington Limited Partnership (the Fund) as well as David Pointer’s resignation as a Director of CompuMed.
Prior to the repurchase, the Fund owned 425,403 shares of CompuMed, or 25.3% of the 1,678,707 shares outstanding in total. David Pointer, on behalf of the Fund’s general partner, notified the Corporation of the Fund’s desire to liquidate certain investment positions including CompuMed. The Fund decided to give its limited partners the choice of receiving either cash or their pro-rata shares held in the Fund. CompuMed offered the Fund $2.00 per share for CompuMed shares being sold from the Fund. Limited partners opted to retain 63,235 CompuMed shares. The remaining 362,168 shares are being purchased by CompuMed for the agreed price of $2.00 per share at a total cost to CompuMed of $724,336. As previously disclosed in annual reports to Stockholders, the Board authorized repurchases of shares at an expense of up to $1,000,000. The Corporation will retire the repurchased shares.
Both David Pointer and Lee Keddie are investors in the Fund. Mr. Keddie is the CEO of CompuMed and both he and Mr. Pointer are Directors of CompuMed. Both Mr. Keddie and Mr. Pointer recused themselves from the Corporation’s decision to offer $2.00 per share for shares held by the Fund. That decision was made by Loren Den Herder, the Corporation’s third and only independent Director and based on advice from outside counsel and members of management other than Mr. Keddie. Likewise, Mr. Keddie disclosed to CompuMed that he abstained from voting with the Fund’s partners and instead informed the limited partners that he would sell shares in direct proportion to the amount sold by the Fund, which resulted in Mr. Keddie retaining 6,584 shares in CompuMed previously held through the Fund. Mr. Pointer elected to sell his entire position in CompuMed shares held though the Fund, though he still holds shares that he purchased directly.
Following the share repurchase, Mr. Pointer resigned his position as a Chairman and Director of CompuMed. The corporation greatly appreciates his leadership and guidance as Chairman over the past seven years. A separate announcement will address filling the vacancy on the Board. In the interim, Loren Den Herder will serve as Chairman of the Board of Directors.
Inquiries about this can be sent to [email protected] or contact Laura Carroll at 310-258-5002.