AVRA Medical Robotics, Inc. (OTC: AVMR) PROVIDES UPDATE ON MERGER

Rhea-AI Summary

AVRA Medical Robotics (OTC: AVMR) is progressing with its acquisition of CardioVentures, Inc., as previously disclosed. CardioVentures controls SSI-India, which has clinical approval for its Mantra 2 surgical robotic system. This system, offering superior functionality and lower costs, is now operational in three hospitals and aims to expand into the US and European markets. The merger will rename the company to SS Innovations International, Inc., focusing on further developing SSI-India. This strategic move aims to bolster AVRA's position in the medical robotics industry.

Positive

• Acquisition of CardioVentures expected to enhance market position.
• SSI-India's Mantra 2 system offers cost-effective solutions, potentially boosting sales.
• The system has received clinical approval and is operational in multiple hospitals.

Negative

• Integration challenges may arise post-merger.
• Dependence on successful regulatory approvals in the US and Europe is a risk.

ORLANDO, FL, Dec. 14, 2022 (GLOBE NEWSWIRE) -- AVRA Medical Robotics, Inc. (“AVRA” or “the Company”) (OTC: AVMR), a medical robotics software and artificial intelligence company announced that it is continuing to progress to consummation of its acquisition by merger of CardioVentures, Inc. (“CardioVentures”), as previously reported in its Current Report on Form 8-K filed with the SEC on November 7, 2022.

CardioVentures holds an indirect controlling interest in an Indian private limited company (“SSI-India”). SSI-India is engaged in the development, commercialization, manufacturing, and sale of medical and surgical robotic systems utilizing patents, trademarks and other intellectual property. It has received full clinical approval by the Indian regulatory bodies and is now able to accept and deliver orders for its Mantra surgical robotic system within India and in over 54 other countries. With what the Company believes are superior functionality and ergonomics, the Mantra 2 can cost up to one half less than its direct competitors’ systems. Initial deliveries started in August 2022 in Delhi at the Rajiv Gandhi Cancer Institute and Research Center and the Mantra 2 System is now operating in 3 hospitals. SSI-India plans to begin seeking US FDA and European CE regulatory approvals in early 2023. The Mantra 2 System is a soft tissue based surgical robotic system, which the Company believes has broad applications in Urology, Gynecology, Thoracic, Head, Neck and General Surgery. Moreover, we anticipate that the system will be the first of its kind to be specifically tailored to assist in the performance of all complex cardiac surgical procedures.

Upon consummation of the merger, the Company will change its name to SS Innovations International, Inc. and the stockholders of CardioVentures will become the controlling shareholders of the Company.   Post – Merger, we intend to focus a significant part of our efforts on expanding and further developing the business of SSI-India, which will be an indirect majority-owned subsidiary of the Company.

About AVRA Medical Robotics

AVRA Medical Robotics, Inc., (OTC: AVMR) is a medical software and artificial intelligence company building a fully autonomous medical robotic system combining artificial intelligence, machine learning and proprietary software.

It is empowering doctors and the practice of surgery through the use of software and artificial intelligence.

AVRA is concentrating its research and development efforts to meet the rising expectations of patients and practitioners for the precision, efficiencies and safety offered by robotics, artificial intelligence and proprietary software when combined with proven medical devices and surgical instruments.

For more information visit AVRA’s website at www.avramedical.com.

Forward-Looking Statements

This press release may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “will,” “intend,” “may,” “plan,” “project,” “should,” “could,” “seek,” “designed,” “potential,” “forecast,” “target,” “objective,” “goal,” or the negatives of such terms or other similar expressions to identify such forward-looking statements. These statements relate to future events or AVRA’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Contact: aclug@avramedical.com

FAQ

What is the latest update on AVRA Medical Robotics' acquisition of CardioVentures?

AVRA Medical Robotics is progressing with its acquisition of CardioVentures, which holds a controlling interest in SSI-India, a company focused on medical robotics.

What is the significance of SSI-India's Mantra 2 surgical robotic system?

The Mantra 2 system is clinically approved and offers advanced functionality at competitive pricing, with applications in various surgical fields.

When is the merger between AVRA Medical Robotics and CardioVentures expected to be completed?

The exact timeline for the merger has not been disclosed, but AVRA continues to work toward consummation.

How will the acquisition impact AVRA's future operations?

Post-merger, AVRA will rename to SS Innovations International, Inc. and focus significantly on developing SSI-India's operations.

What regulatory approvals are needed for SSI-India's Mantra 2 system?

SSI-India plans to seek US FDA and European CE regulatory approvals in early 2023.