Stock symbol: TSX: TOS
Outstanding shares: 72,888,182
QUEBEC CITY, June 18, 2013 /CNW Telbec/ - 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
The TSX has neither approved nor disapproved the information contained
herein and accepts no responsibility for it.
SOURCE: TSO3 Inc.
For further information:
Vice President - Investor and Business Relations
418 651-0003, Ext. 237