KIRKLAND, QC, April 29, 2016 /CNW Telbec/ - Manitex Capital Inc. ("Manitex") announces that its affiliate, Ortho Regenerative Technologies Inc. ("Ortho RTi"), has filed a final prospectus with the securities regulatory authorities of all provinces and territories in Canada. The final prospectus of Ortho RTi can be found on SEDAR at www.sedar.com.
The non-financing prospectus was filed in connection with a proposed distribution by Manitex of a maximum of 1,256,127 Class "A" common shares of Ortho RTi to holders of Manitex common shares as a dividend-in-kind. The dividend would be paid on the basis of one Class "A" common share of Ortho RTi for every ten Manitex common shares which are outstanding on the record date to be fixed by the board of directors of Manitex.
Ortho RTi has applied to list its Class "A" common shares on the Canadian Securities Exchange. Listing will be subject to Ortho RTi fulfilling all of the listing requirements of that stock exchange.
Related Party Transactions
On August 1, 2015, Manitex entered into Share Purchase Agreements with certain officers and executives of Manitex or its affiliate, Valeo Pharma Inc. (the "Officers and each an "Officer") whereby Manitex sold a total of 500,000 Ortho RTi Class "A" common shares ("Ortho RTi Shares") to the Officers at a purchase price of $0.10 per Ortho Share. The purchase price of the Ortho Shares was paid by the issuance of interest-bearing promissory notes ("Notes") by each Officer. The principal sum of each Note is due and payable on August 1, 2016.
On November 1, 2016, Manitex granted, transferred, assigned and delivered to three non-executive directors of the Corporation, a total of 30,000 Ortho RTi Shares at a deemed price of $0.20 per Ortho RTi Share in lieu of directors' compensation.
The above-mentioned transactions are subject to approval by the TSX Venture Exchange.
Caution regarding forward-looking statements
This news release may contain certain forward-looking statements regarding the Company's expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, amongst others, uncertainty as to the final result and other risks. The Company disclaims any intention or obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws.
About Ortho Regenerative Technologies Inc.
Ortho RTi is a Canadian orthopaedic biotechnology company dedicated to the development of medical devices that treat unmet needs in the orthopaedic market. Based on a proprietary biopolymer platform, the company is developing new regenerative treatments for soft tissue tears in the shoulder and knee as well as articular cartilage injuries, all currently with few productive options for repair.
About Manitex Capital Inc.
Manitex Capital Inc. specializes in the acquisition of equity interests in emerging life science companies and actively participates in their management. Manitex currently has 12,561,276 common shares outstanding which are quoted for trading on the TSX Venture Exchange.
TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
SOURCE Manitex Capital Inc.
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For further information: Manitex Capital Inc., Steve Saviuk, Chairman and CEO Tel.: 514-694-0150, email@example.com