Toronto, Ontario–(Newsfile Corp. – August 26, 2020) – Therma Bright Inc. (TSXV: THRM), (“Therma Bright” or the “Company”), a progressive medical device technology company, is pleased to announce that it has closed the transaction to acquire Benepod®pain relief technology and other innovative medical device technology from Saringer Life Science Technologies Inc. (“Saringer” or “SLST Inc.”). After completion of final negotiations, Therma acquired the Saringer assets in an all cash transaction for $425,000.
The transaction includes the acquisition of products including BenePod® for chronic pain relief; ICEOtherm® for minor aches and pain in the hands, elbows and feet; and Venowave® to increase blood circulation in the legs.
In addition, in conjunction with closing this transaction, Therma has hired key personnel and acquired all inventory, tooling, customer lists, online domains, technical files, quality management systems and intellectual property such as patents and trademarks owned by SLST Inc. and other related companies associated with SLST Inc.
Part of the acquisition plans will include a full rebranding exercise, an e-commerce website and social media strategy. Therma has engaged with New York based boutique brand consultancy SCG Creative to lead positioning, drive messaging, increase exposure and deliver brand value.
Rob Fia, CEO, commented:
“We are pleased to close the acquisition of Saringer’s therapeutic treatment products. We feel Sarginer has created some hidden gems that we will market aggressively on different e-commerce platforms and traditional retail channels. Therma has saved a tremendous amount of time and expense in acquiring Saringer’s proven products which builds on our existing suite of novel medical device products.”
The Company also announces that pursuant to the Company’s 10% rolling stock option plan and in compliance with the policies of the TSX Venture Exchange, it has granted incentive stock options to a director of the Company to purchase up to an aggregate of 200,000 common shares of the Company. These options are exercisable for a period of 5 years at a price of $0.22 per share.