Salona Global Medical Device Corporation (formerly Brattle Street
Investment Corp.) (the “
Company” or
“
Salona Global”) (TSXV:SGMD) today gave an update
on its ongoing Change of Business (as such term is defined by the
TSX Venture Exchange (the “
TSXV”)) and related
acquisition of South Dakota Partners Inc. (the
“
Transaction”) and progress towards resuming
trading on the TSXV. The Company is working on closing
documentation for the Transaction as well as having its Form S-1
Registration Statement declared effective by the SEC. The Company
anticipates these events occurring on or about the same time within
the next few weeks or less.
“We’re excited to resume trading upon closing of
the Transaction,” said Les Cross, Chairman. “We’ve had several
submissions and responses from the SEC on our Form S-1 Registration
Statement and expect approval shortly. With this last major step
nearly complete, we look forward to closing the Transaction
quickly.” Upon closing of the Transaction and the SEC declaring
the Form S-1 Registration Statement effective, the previously
issued subscription receipts will be exchanged for securities of
the Company.
Upon closing of the Transaction, Salona Global
(investor information at www.salonaglobal.com) will focus on a
number of acquisitions and plans to achieve scale through a
combination of further transactions and organic growth. It will be
operating in the US$30 billion recovery science market including
post-operative pain, wound care and other markets serving the
ageing population in developed economies. Salona Global’s emphasis
will include products and technologies that will be disruptive in
the marketplace. After an initial growth phase, SGMD has the
ultimate goal of listing on a US exchange.
Salona Global is led by US healthcare executive
Mr. Les Cross (Chairman of the Board and Interim CEO).
- Mr. Cross is the former Chairman
and CEO of DJO Global, which completed a US$200m IPO on the NYSE in
2001 and was subsequently sold to Blackstone for US$1.6 billion in
2007.
- Mr. Cross has been a leader in
healthcare acquisitions and integrations, having completed and
integrated nearly 20 acquisitions.
Ms. Jane Kiernan, a US healthcare executive, as
Vice Chairwoman of the Board.
- Ms. Kiernan is the former CEO of
Salter Labs (www.salterlabs.com), a medical device company owned by
Roundtable Healthcare Partners (a private equity fund).
- Ms. Kiernan is a former director
and Chairwoman of the Governance, Nominating and Audit Committees
of American Medical Systems, a Nasdaq company that was sold to Endo
Pharmaceuticals for US$2.9 billion.
As previously announced, Mr. Cross and Ms.
Kiernan are joined on the board by Dr. Ken Kashkin, the former
Chief Medical Officer of Ferring Pharmaceuticals, a multi-billion
dollar private healthcare company, and a former senior executive at
Abbot Laboratories, and Mr. Kyle Wilks, a US Naval Academy
graduate, a former Executive Director at a mid-market healthcare
private equity group and a former senior manager at Baxter
Healthcare. Mr. Kyle Appleby is the interim Chief Financial Officer
of the Company.
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 and Australia
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.
For more information please contact:
Les CrossChairman of the Board and Interim Chief
Executive OfficerTel: 1 (800) 760-6826Email:
Info@Salonaglobal.com
Additional Information
Completion of the Transaction remains subject to
a number of conditions, including but not limited to, TSXV
acceptance.
There can be no assurance that the Transaction
will be completed as proposed or at all. Investors are cautioned
that, except as disclosed in the Circular 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.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
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 news 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
news release include: information relating to the business plans of
the Company; closing of the Transaction; the business to be
conducted by the Company upon completion of the Transaction;
Company’s intention to list on the US exchange; the expected
approval, and timing of such approval, by the SEC of the Company’s
S-1 registration statement, 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
TSX Venture Exchange for the Transaction (which may be conditional
upon amendments to the terms of the Transaction); (ii) there is no
assurance that the Company will obtain approval of the SEC for its
S-1 Registration Statement, (iii) 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; (iv) new laws or
regulations could adversely affect the Company’s business and
results of operations; and (v) 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: material changes to the Company
which require an amendment to the Circular; 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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