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TSO3 closes Cdn$23 000 000 bought dealMarch 8, 2007Québec City, March 8, 2007 – TSO3 Inc. (“TSO3”) (TSX: TOS) announces today that it has successfully completed its previously announced public offering of 8,000,000 units (the "Units") to a syndicate of underwriters led by Canaccord Adams at a price of Cdn$2.50 per Unit (the ”Issue Price”). The underwriters have also exercised in full their over-allotment option and purchased an additional 1,200,000 units at the issue price, for total gross proceeds of Cdn$ 23 million.Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable at a price of Cdn$3.00 for a period of two years from the closing date. The Company intends to use the proceeds of the offering primilary for commercialization, research and development and for working capital purposes. “We are pleased with this show of confidence in us by the financial markets and can now focus our efforts towards the successful commercialization of the 125L Ozone Sterilizer,” said Jocelyn Vézina, Chief Executive Officer of TSO3 Inc. “Our product is clearly being accepted by the market, and this financing allows us to reinforce the company’s foundation and also double our sales force by the end of the year. Furthermore, we are giving ourselves the means not only to accelerate the development of new products, but of new markets as well,” he concluded. The securities offered 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 applicable exemption from the registration requirements. 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. About TSO3 TSO3 is located in Québec City, Québec, Canada, and was founded in 1998. The Company’s mission is to develop and market innovative and comprehensive sterilization solutions. TSO3 has perfected an innovative sterilization process using ozone as the sterilizing agent. The first product based on this technological platform is the 125L Ozone Sterilizer, which is intended for hospital sterilization units. The 125L – named after its 125-litre/4.3-cubic-foot capacity – was designed to sterilize heat-sensitive surgical and diagnostic devices which are expensive and in high demand from the surgical suite. The ozone sterilization process is a safe, efficacious, fast and cost-effective response to evolving sterilization needs. The 125L Ozone Sterilizer by TSO3 has been cleared for commercialization by Health Canada and by the U.S. Food and Drug Administration (FDA). TSO3 completed the sale of its first sterilizer in Q4 2005. TSO3 currently has more than 50 employees, 23 of whom work in the sales and marketing team. The statements in this release and oral statements made by representatives of TSO3 relating to matters that are not historical facts (including, without limitation, those regarding the timing or outcome of any financing undertaken by TSO3) are forward-looking statements that involve certain risks, uncertainties and hypotheses, including, but not limited to, general business and economic conditions, the condition of the financial markets, the ability of TSO3 to obtain financing on favourable terms and other risks and uncertainties. The TSX has neither approved nor disapproved the information contained herein and accepts no responsibility for it. - 30 - Source: TSO3 Inc. Information: Marc Boisjoli CFO (418) 651-0003, Ext. 228 Email : mboisjoli@tso3.com Mathieu Claise Interim Director, Corporate Communications and Investor Relations (418) 651-0003, Ext. 237 Email: ir@tso3.com |
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