TSO3 TO EVALUATE STRATEGIC ALTERNATIVES IN PARALLEL WITH US REGULATORY APPROVAL PROCESS
Quebec City, June 18, 2013 – TSO3 Inc. (“TSO3”) an innovator in low-temperature sterilization technology for medical devices in healthcare settings, today announced that while it is pursuing the US regulatory approval for the STERIZONE® 125L+ Sterilizer and continuing commercial negotiations on a non-exclusive basis, TSO3 has initiated a process to assess the range of strategic alternatives available to the Company, as a means to maximize shareholder value once regulatory clearance has been achieved.
The purpose of this process is to evaluate the options available to the Company, by assessing the interest for the products, technology and development opportunities that TSO3 provides. TSO3 may ultimately determine that its current business plan is the best means to enhance shareholder value.
“The Board and Management have the responsibility to safeguard and maximize shareholder value. As a result, it has been decided that a review of our options and alternatives was warranted and the Board of Directors will establish an independent committee to oversee the process”, said R.M. (Ric) Rumble, CEO of TSO3.
TSO3 has engaged Desjardins Capital Markets to assist in this process and will continue with all of its planned business activities throughout the strategic review process. No deadline has been set for completing the review, and there can be no assurance that the strategic review will result in the consummation of any transaction. The Company does not intend to make further announcements regarding the strategic review process unless it concludes they are warranted by the circumstances or are expressly required by law.
The Company is in regular communication with the US Regulatory Agency. However, it has not yet received the previously stated NSE letter from the Agency to begin the de novo process. “The Agency has offered a meeting to discuss the file”, stated R.M. (Ric) Rumble. “The meeting is planned to take place over the coming weeks and TSO3 expects to provide a progress report following the meeting”.
TSO3, founded in Québec City in 1998, specializes in the research and development of innovative, high-performance medical instrument sterilization technology with high commercial potential. TSO3 designs products for sterile processing areas in the hospital environment and offers an advantageous replacement solutions to other low temperature sterilization processes currently used in hospitals. For more information about TSO3, visit the Company’s Web site at www.tso3.com
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.
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