KIRKLAND, QC, May 10, 2016 /CNW Telbec/ – Ortho Regenerative Technologies Inc. ("Ortho RTi"), a Canadian orthopaedic biotechnology company, is pleased to announce that Manitex Capital Inc. ("Manitex") has declared a special dividend-in-kind (the "Dividend") of 1,256,127 Class "A" common shares of Ortho RTi, ("Ortho Shares") held by Manitex. The Dividend has a deemed price of $0.50 per Ortho Share and is payable on, or about, June 3, 2016 to holders of record of common shares of Manitex ("Manitex Shares") at the close of business on May 20, 2016 (the "Record Date").
The Dividend will be distributed on a pro rata basis. Based upon the number of Manitex Shares currently outstanding, and ignoring the effect of rounding for fractional interests, one Ortho Share will be paid under the Dividend for every ten Manitex Shares (or 0.1 Ortho Share per Manitex Share) held on the Record Date.
The distribution of the Ortho Shares forming the Dividend is qualified by the long-form prospectus of Ortho RTi dated April 29, 2016 (the "Prospectus"). After distribution of the Dividend, Manitex will continue to hold 3,852,873 Ortho Shares.
For more details on the Dividend and Ortho RTi, please consult the Prospectus and documents incorporated therein under the issuer profile of Ortho Regenerative Technologies Inc. on SEDAR at www.sedar.com.
The distribution of the Dividend is subject to final acceptance 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 Ortho RTI
For further information: Steve Saviuk, Executive Chairman, Ortho RTi, [email protected], 514-782-0951