Aug 1 (Reuters) - Titan Medical Inc TMD.TO
* Longtai Medical agrees to convert Titan Medical's distributorship deposit to equity
* Titan Medical Inc - agreement with Longtai Medical Inc for conversion of Longtai's $2.0 million distributorship deposit to equity
* Titan Medical Inc says Titan will issue to Longtai 16.9 million units at a price of CDN$0.15 per unit