SAN DIEGO, March 15, 2021 (GLOBE NEWSWIRE) -- Salona Global Medical Device Corporation (formerly Brattle Street Investment Corp.) (the “ Company ” or “ Salona Global ”) (TSXV:SGMD) today announced the approval of all items of business disclosed in the management information circular dated January 26, 2021 (the “ Circular ”) at the previously announced annual general and special shareholders’ meeting (the “Meeting” ). Included in the business of the Meeting was the resolution to adopt the Change of Business as defined by the TSX Venture Exchange and to approve the first acquisition for the Company (the “ Transaction ”). All items of business were approved with overwhelming majorities.
“We’re pleased with the outcome of the Meeting” said Les Cross, Chairman of Salona Global, “With the successful resolution of our shareholder vote we are taking the necessary steps to have our shares recommence trading and get moving with our acquisition-oriented business plan. We are still waiting on final acceptance by the SEC of our S-1 Registration Statement that we filed before we can begin trading again. We will keep our shareholders up to date as we finalize that process.”
Upon re-listing, 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 Cross
Chairman of the Board and Interim Chief Executive Officer
Tel: 1 (800) 760-6826
Email: Info@Salonaglobal.com
Additional Information
Completion of the Transaction remains subject to a number of conditions, including but not limited to, TSX Venture Exchange 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture 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 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; 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.
