Quebec City, Canada, November 11, 2011 – TSO3 Inc. (“TSO3” or the “Corporation”) (TSX: TOS) an innovator in low temperature sterile reprocessing solutions for medical devices in healthcare settings, announced today that it has been notified by the Toronto Stock Exchange (the “TSX”) that the TSX has conditionally approved for filing the Corporation’s shareholder rights plan (the “Plan”) recently adopted by the Board of Directors of the Corporation (the “Board”), as previously announced by press release on October 25, 2011.
The final approval of the TSX is subject to the following conditions: (i) the Plan must be ratified by shareholders of the Corporation at a meeting to be held on or before April 25, 2012, which ratification must be evidenced by a majority of the voting securities cast in such meeting about the adoption of the Plan; and (ii) if the Plan is not ratified by the shareholders, the Plan must be rescinded or cancelled immediately after the above mentioned shareholders meeting.
TSO3 will seek shareholder ratification of the Plan at the next annual and special meeting of shareholders of the Corporation scheduled to be held on April 25, 2012. If the Plan is not ratified as such by the shareholders, it will be void and of no further force and effect. A summary of the principal terms of the Plan will be described in the management proxy circular to be sent to all shareholders prior to the meeting.
As previously disclosed, the Plan has been designed to give the Board and shareholders more time to fully consider any take-over bid, should one surface, and to provide the Board with more time to pursue, if appropriate, other alternatives to maximize shareholder value.
A complete copy of the Plan is available on SEDAR at www.sedar.com.
TSO3 enables better health care through the development of innovative, low-temperature medical device sterilization systems and offers these solutions through licensing agreements to reputable channel partners for global commercial reach.
The TSO3 sterile reprocessing solutions answer the global and growing need for economical and fast turnaround of a wide range of medical instruments. These solutions address cutting-edge, high-demand devices – such as flexible endoscopes – and support the development of increasingly sophisticated medical devices and techniques.
At TSO3 ‘s core, is its ability to conduct rapid research, development and prototyping as well as validating biocompatibility and functionality of innovative medical reprocessing systems. TSO3 maintains a rigorous quality system as well as in-house expertise for regulatory submissions.
For more information about TSO3, visit the Corporation’s Web site at www.tso3.com
Caution regarding forward-looking statements
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 Toronto Stock Exchange has neither approved nor disapproved the information contained herein and accepts no responsibility for it.
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