Toronto, Ontario–(Newsfile Corp. – January 15, 2021) – Therma Bright Inc. (TSXV: THRM) (“Therma” or the “Company”), a progressive medical device technology company, is pleased to announce the appointment of Ian Levine to the advisory board to assist with future scaling for the manufacture of CoviSafe™.
Mr. Levine will build the overall operations for the Therma Bright team to secure efficient and smooth delivery of CoviSafe™ to our global customers. Mr. Levine’s experience in global manufacturing and distribution of regulated healthcare products will be instrumental in the final development of CoviSafe™ and the establishment of Therma Bright’s manufacturing, logistics and distribution platforms for CoviSafe™.
Mr. Levine has over 22 years’ experience as an entrepreneur in the healthcare and manufacturing industries. He has held roles as a senior executive reporting to board of directors and has taken numerous board member roles. Mr. Levine has experience building start-ups turning them into robust companies including one that became a successful $200M+ international company with over 280 employees across North America. Mr. Levine’s skill set will be essential for the long-term growth of Therma Bright which includes organizational development; human resource management; research and development; product design; continuous product quality improvement; quality management and regulatory compliance; sales and marketing strategy; global sourcing; cultural diversification; operational excellence; and market positioning.
Mr. Levine is fluently bilingual in both official languages (English and French) and is an inventor of multiple global patents for medical devices. Mr. Levine holds a Bachelor of Science Degree in Anatomical Sciences and a Master’s in Business Administration, both from McGill University.
Rob Fia, CEO & President commented:
“Therma Bright is pleased to add Ian Levine to our advisory team. Ian’s experience in product design and development, scaling up manufacturing, quality management and distribution and marketing represents a significant addition to the Therma Bright team. Therma Bright is moving rapidly through R&D with CoviSafe™ as we prepare the path for regulatory submissions to the FDA, Health Canada, and to obtain the CE mark for Europe. Ian will work with manufacturers for CoviSafe™ with a focus on scaling commercial production for worldwide distribution once regulatory approval is achieved.”
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 an officer of the Company to purchase up to 200,000 common shares of the Company. These options are exercisable for a period of 5 years at a price of $0.35 per share.
Therma Bright also announces that it has negotiated debt settlements with arm’s length and non-arm’s length creditors. Pursuant to the debt settlement agreements, and subject to acceptance by the TSX Venture Exchange, the Company has agreed to settle aggregate outstanding debt of $260,000 in consideration for which it will issue an aggregate of 866,664 common shares at a deemed price of $0.30 per share. Certain Insiders of the Company participated in the debt settlements (Joe Heng, Tim Peterson and Spencer Sungbum Huh, each a director of the Company, agreed to settle $20,000 debt owed to each of them for 66,666 shares each; and Victor Hugo, the Company’s CFO, agreed to settle $10,000 debt for 33,333 shares). Participation by Insiders in the debt settlements is considered a “related party transaction” pursuant to MI 61-101. The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insiders’ participation in the debt settlements in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the debt settlements by the Insiders did not exceed 25% of the fair market value of the Company’s market capitalization. All shares issued in relation to these debt settlements are subject to a hold period expiring four months + one day after the date the shares are issued, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
Therma Bright is not making any express or implied claims that its product, CoviSafe™, has the ability to eliminate or cure COVID-19 or the SARS-CoV-2 virus.