LAVAL, QC, May 5, 2015 /CNW Telbec/ - Ergoresearch Ltd (TSXV: ERG) – based in Laval and known under the «Équilibre, orthèses et biomécanique» banner – announces today the closing of the transaction previously announced on April 23, 2015 regarding the acquisition of 49% of the issued and outstanding shares of Orthoconcept (2008) inc.
The purchase price was paid by issuing 500 000 common shares (TSXV: ERG) to the vending shareholder, namely 9211-5096 Québec inc.. The issued shares will be under escrow for a total period of four (4) years following the transaction, half of which will be released after a twenty-four (24) month period.
With this transaction, Ergoresearch now hold 100% of the outstanding shares of Orthoconcept (2008) inc. the Corporation already owned 51% of the issued and outstanding shares of Orthoconcept (2008) inc.
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.
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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: Sylvain Boucher, President and CEO - Ergoresearch Ltd., Tel.: 450-973-6700, ext. 213 / [email protected]