Update on Re-listing and Shareholder Vote
On
Currently, the Company has several acquisition targets in various stages of maturity and management is very optimistic one or more of the potential deals will proceed to close after listing.
Upon re-listing, Salona Global (investor information at www.salonaglobal.com) will focus on completing a number of acquisitions and plans to achieve scale through a combination of further transactions and organic growth. It will be operating in the
Salona Global is led by US healthcare executive Mr.
Mr. Cross is the former Chairman and CEO of DJO Global, which completed aUS$200m IPO on the NYSE in 2001 and was subsequently sold toBlackstone forUS$1.6 billion in 2007.Mr. Cross has been a leader in healthcare acquisitions and integrations, having completed and integrated nearly 20 acquisitions.
Ms.
Ms. Kiernan is the former CEO ofSalter Labs (www.salterlabs.com), a medical device company owned byRoundtable Healthcare Partners (a private equity fund).Ms. Kiernan is a former director and Chairwoman of the Governance, Nominating and Audit Committees ofAmerican Medical Systems , a Nasdaq company that was sold toEndo Pharmaceuticals forUS$2.9 billion .
As previously announced,
Post-Closing Growth Plan for Salona Global
The acquisition oriented growth plan will aim to leverage the liquid Canadian capital markets to target smaller US-based and international private medical device companies offering stock and cash deals to acquire, integrate and grow a large, broad-based medical technology company.
The post-Transaction organic growth strategy is to increase revenue and profits and therefore earnings per share (EPS) by:
- Growing revenues through expanded international distribution: Leveraging management’s existing and robust sales distribution networks in
Europe ,Japan andAustralia to increase sales for each acquired company; - Expanding product lines: developing, in-licensing or acquiring new IP protected devices synergistic with the acquisitions; and
- Increasing profits: operational integration reducing supply chain risks and increasing cash flow and margin.
Management notes that the financial information in the Company’s press release dated
The Company’s financial statements for the three and nine months ended
For more information please contact:
Chairman of the Board and Interim Chief Executive Officer
Tel: 1 (800) 760-6826
Email: Info@Salonaglobal.com
Additional Information
Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained.
There can be no assurance that the Transaction will be completed as proposed or at all. The certain financial data contained herein is unaudited and may be subject to refinement or modification during the audit process. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
The
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within
Unless otherwise specified, all dollar amounts in this press release are expressed in Canadian dollars.
Neither Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include: information relating to the business plans of the Company; closing of the Transaction (including receipt of final Exchange approval), and timing thereof; timing of the Meeting; the business to be conducted by the Company upon completion of the Transaction; the Company being optimistic one or more of the potential deals will proceed to close after listing; the Company’s intention to list on the US exchange; and the Company’s post-acquisition organic growth plan and strategy, including to increase revenue and profits and therefore earnings per share (EPS) and the manner in which the Company proposes to accomplish it. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: (i) there is no assurance that the Company will obtain all requisite approvals for the Transaction, including the approval of shareholders and the Exchange for the Transaction (which may be conditional upon amendments to the terms of the Transaction); (ii) following completion of the Transaction, the Company may require additional financing from time to time in order to continue its operations and financing may not be available when needed or on terms and conditions acceptable to the Company; (iii) new laws or regulations could adversely affect the Company’s business and results of operations; and (iv) the stock markets have experienced volatility that often has been unrelated to the performance of companies. These fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: currency fluctuations; disruptions or changes in the credit or security markets; results of operation activities and development of projects; project cost overruns or unanticipated costs and expenses, and general market and industry conditions and risks related to COVID-19 including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession. The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, its securities, or its financial or operating results (as applicable). The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company does not undertake to update this information at any particular time except as required in accordance with applicable laws.
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