LAVAL, QC, Nov. 4, 2015 /CNW Telbec/ - Ergoresearch Ltd ("Ergoresearch" or "the Company") announces that it has obtained approval from the Toronto Stock Exchange in order to proceed with a normal course issuer bid.
Therefore, for a twelve month period beginning on November 11 2015 and ending on November 10 2016, Ergoresearch will be authorized to acquire, from time to time and when it deems it appropriate, up to a maximum of 3,813,633 common shares, representing approximately 5% of the issued and outstanding shares as at November 04, 2015.
The common shares purchased will be cancelled.
As of November 04, 2015, Ergoresearch had 76,272,673 common shares issued and outstanding and the Company has not purchased any common shares of the Company in the last 12 months.
Ergoresearch's Board of Director considers that the acquisition of common shares in the course of this issuer bid may represent a sound use of the Corporation's funds both for the Corporation and for its shareholders. Purchases will be made in accordance with TSX venture Exchange requirements, on the open market through the facilities of the Exchange. To the knowledge of the Company, no director, senior officer or other insider of Company currently intends to sell any common shares under this Bid.
As of today, Ergoresearch reports no significant changes in its business or its activities.
None of Ergoresearch's directors or senior officers, nor any of their associates, nor any person acting jointly or in concert with Ergoresearch, or holding 10% or more of the shares of any class of shares of Ergoresearch, will receive any direct or indirect benefit as a result of this Normal Course Issuer Bid other than the benefits conferred upon all Ergoresearch shareholders.
GMP Securities LP, 145 King Street West, Toronto (Ontario) M5H 1J8, will act as member and broker in connection with this Bid.
The Normal Course Issuer Bid has been approved by the TSX Venture Exchange.
Ergoresearch is a Canadian company that designs and manufactures cutting edge technologies for the orthopedic industry. The Company holds a portfolio of patents in the bionics field, including the intellectual property used in the Power Knee, the world's only motor-powered AI prosthesis for above-knee amputees. Ergoresearch designed and commercialized WebFit™, the first robotized custom-fit orthotics manufacturing software program and launched OdrA, a new category of orthotic that, with the action of its world-patented distraction-rotation action, revolutionizes the treatment of pain associated with knee osteoarthritis.
Ergoresearch owns the largest orthotics network in Quebec, now known as Equilibre. The Corporation is listed on the TSX Venture Exchange under the ERG symbol.
This document is not intended to encourage the purchase of securities listed on the TSX Venture Exchange. TMX Group and its affiliates do not endorse or recommend any of the securities referenced here. Please seek professional advice to evaluate specific securities.
Certain statements in this Press Release contain forward-looking statements and information that may entail certain risks related to uncertainties. Such statements are based on management's expectations and no assurance can be given that potential future results or circumstances described in the forward looking statements will be achieved or will occur, as these statements are subject to numerous uncertainties and risk factors. Such risk factors include, but are not limited to, those related to the Company's ability to finance its activities, competition, ability to negotiate and maintain partnerships, the market acceptance of the Company's product, the strength of intellectual property, the success of research and development programs, the trust invested in sub-contractors or their core personnel as well as other risks and uncertainties that are put forth every now and then by the Company in the documents filed with various Canadian securities and exchange commissions and made available at www.sedar.com.
The reader should not give great importance to forward-looking statements as (i) the results may differ from conclusions, predictions or projections contained in such forward-looking statements; and (ii) certain important factors or hypotheses taken into account in reaching conclusions or the preparation of a projection or prediction may prove to be incorrect in fact.
These statements are correct only on the date on which they were written, and Management disclaims any obligation to revise these statements after any event, circumstance or other situation, except as required by law. All figures are in Canadian dollars, unless otherwise specified.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Ergoresearch Ltd
For further information: Source: Sylvain Boucher, President and CEO - Ergoresearch Ltd., Tel.: 450-973-6700, ext. 213 / [email protected]; Information: Mylène Dumoulin, Communications Coordinator - Ergoresearch Ltd., Tel.: 450-973-6700, ext. 248 / [email protected]