Ring Rescue

Dr. Kevin Spencer and Patrick Hennessy of Dartmouth, Nova Scotia pitched Ring Rescue, asking for $400,000 for a 10% stake in their medical device business. Their first product, a compression device for removing stuck rings, has been on the market for three years and sells for $325 US; they are also developing an FDA-cleared electric ring cutter kit that will sell for around $1,700 US. About 95% of sales go to the United States to hospitals, doctors and fire departments; they have sold $500,000 to date and project $1.2 million in sales next year. Kevin Spencer has personally invested $350,000, and total private investment is $1.85 million, with Kevin owning 25% and Patrick owning 11% of the company. The product is manufactured in Dartmouth, Nova Scotia, and Kevin Spencer still works full time as an emergency department doctor.

Wes Hall went out over the long timeline typical of medical device investments, Vincenzo Guzzo wanted founders fully committed and was concerned Kevin Spencer still practices medicine, and Manjit Minhas felt the market was too niche. Robert Herjavec offered $400,000 for 15%, with a condition that other medical devices be developed only through this company; Michele Romanow also offered $400,000 for 15% and asked if Kevin Spencer would take a sabbatical from medicine. Kevin Spencer and Patrick Hennessy accepted Robert Herjavec's offer of $400,000 for 15%.

Ring Rescue is still operating and sells through its website.