Ticker: TSX – TOS
Shares Outstanding: 73,999,656
QUEBEC CITY, Feb. 10, 2015 /CNW Telbec/ - TSO3 Inc. (TSX: TOS) ("TSO3" or the "Corporation"), an innovator in sterilization technology for medical devices in healthcare settings, today announced that, further to discontinuing support of its first generation sterilizer, the 125L ozone-only sterilizer, in 4th Quarter 2014, the Company has decided to cease maintaining that technology in its active portfolio. As a result of that decision, the Company has identified associated assets with this initial technology and expects to write off approximately $600,000 in its fiscal year 2014 statements.
Cost to support the initial platform far outweighed revenue opportunities from the limited, remaining installed base. As a result the Company expects this decision to have a positive impact on its financial position moving forward. Few if any customers have been impacted as a result of this decision. From here on the Company will focus its financial and human resources on its newly FDA cleared and competitively superior product, the STERIZONE® VP4 Sterilizer.
Founded in 1998, TSO3's activities encompass research, development, commercialization and licensing of sterilization processes for heat-sensitive medical devices, related equipment, accessories and consumable supplies. TSO3 designs products for sterile processing areas in the hospital environment and offers an advantageous replacement solution 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 uncertainties.
The TSX has neither approved nor disapproved the information contained herein and accepts no responsibility for it.
SOURCE TSO3 Inc.
For further information: R.M. (Ric) Rumble, President and CEO, (418) 651-0003, Ext. 254, Email: [email protected]