KIRKLAND, QC, April 29, 2016 /CNW Telbec/ - Manitex
Capital Inc. ("Manitex") announces that its affiliate, Ortho
Regenerative Technologies Inc. ("Ortho RTi"), has filed a final
prospectus with the securities regulatory authorities of all
provinces and territories in Canada. The final prospectus of Ortho RTi can be found on SEDAR at
www.sedar.com.
The non-financing prospectus was filed in connection with a
proposed distribution by Manitex of a maximum of 1,256,127 Class
"A" common shares of Ortho RTi to
holders of Manitex common shares as a dividend-in-kind. The
dividend would be paid on the basis of one Class "A" common share
of Ortho RTi for every ten Manitex
common shares which are outstanding on the record date to be fixed
by the board of directors of Manitex.
Ortho RTi has applied to list its
Class "A" common shares on the Canadian Securities Exchange.
Listing will be subject to Ortho RTi
fulfilling all of the listing requirements of that stock
exchange.
Related Party Transactions
On August 1, 2015, Manitex entered
into Share Purchase Agreements with certain officers and executives
of Manitex or its affiliate, Valeo Pharma Inc. (the "Officers and
each an "Officer") whereby Manitex sold a total of 500,000
Ortho RTi Class "A" common shares
("Ortho RTi Shares") to the Officers at a purchase price of
$0.10 per Ortho Share. The purchase price of the Ortho
Shares was paid by the issuance of interest-bearing promissory
notes ("Notes") by each Officer. The principal sum of each Note is
due and payable on August 1,
2016.
On November 1, 2016, Manitex
granted, transferred, assigned and delivered to three non-executive
directors of the Corporation, a total of 30,000 Ortho RTi Shares at
a deemed price of $0.20 per
Ortho RTi Share in lieu of
directors' compensation.
The above-mentioned transactions are subject to approval 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 Manitex Capital Inc.