Toronto, Ontario--(Newsfile Corp. - January 15, 2020) - Therma Bright Inc. (TSXV: THRM), ("Therma Bright" or the "Company"), a progressive medical device technology company, enters into a non-binding letter of intent ("LOI") to acquire Benepod® pain relief technology and other medical device related technology from Saringer Life Science Technologies Inc. ("Saringer" or "SLST Inc."). Therma is in the process of conducting due diligence on Saringer. The LOI contemplates that this transaction will be structured as an asset purchase transaction which is expected to include the following terms:
- Sale price - $500,000 with a minimum of 10% payable in cash and the balance in shares of Therma Bright Inc.
- Products include Benepod® for chronic pain, ICEOtherm® for minor aches and pain in the hands, elbows and feet, and Venowave® to increase circulation.
- Upon completion of the transaction Therma intends to hire key personnel, acquire all inventory, tooling, customer lists, online domains, technical files, quality management systems and intellectual property such as patents and trademarks owned by SLST Inc. or other related companies associated with SLST Inc.
- Therma expects to complete a concurrent offering at the time of closing, with terms of the offering to be determined at that time.
- The asset purchase is expected to be concluded by March 31st, 2020.
More information about Saringer products can be found at:
The transaction will be subject to TSX Venture Exchange approval.
Rob Fia, CEO, commented:
"This is an attractive acquisition for Therma Bright. The acquisition of Saringer's products fast tracks the acquisition of a proven pain relief technology saving our Company extensive time and expense related to design, quality management implementation and IP protection. We have already fielded interest to market the Benepod® product as well as Venowave® for use in a large market application for chronic wound healing and the prevention of arterial ulcers. We expect to close on this transaction quickly."
About Therma Bright Inc.
Therma Bright is a progressive medical device technology company focused on providing consumers with quality medical devices that address their dermatological and healthcare needs. Clear and healthy skin for all is at the core of the Company's philosophy as is the belief that such outcomes should not be a privilege for only those who can afford costly procedures and treatments. The Company's breakthrough proprietary technology delivers effective, non-invasive and pain free skin care.
Therma Bright received a Class II medical device status from the FDA for its platform technology that is indicated for the relief of the pain, itch, and inflammation from over 20,000 different insect stings and bites, (including bees, wasps, hornets, mosquitoes, black flies and jellyfish). The Company received approval for the above claims from FDA (United States) in 1997.
For further information please contact:
Therma Bright Inc.
FORWARD LOOKING STATEMENTS
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or the Company's future performance and include the acquisition of the Saringer products and future customer orders for such products, all as described in the news release. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. In addition to other risks, the Company may not protect all or any of the patents as described in this news on the timelines described. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims 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 under applicable securities regulations.
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 press release.
This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
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