Toronto, Ontario–(Newsfile Corp. – April 8, 2020) – Therma Bright Inc. (TSXV: THRM), (“Therma Bright” or the “Company”), a progressive medical device technology company, has agreed to extend the closing of the asset purchase transaction with Saringer Life Science Technologies Inc. (“Saringer”). As previously reported on January 15, 2020 the Company entered into a non-binding letter of intent (“LOI”) to acquire Benepod®pain relief technology and other medical device related technology from Saringer.
Despite the difficulties being faced during the current Covid-19 pandemic crisis, Therma has agreed with Saringer to extend the period to complete due diligence, prepare definitive agreements and conclude the asset purchase on or about July 31, 2020. The terms as outlined in the press release issued on January 15, 2020 will remain the same.
More information about Saringer products can be found at:
The transaction will be subject to TSX Venture Exchange approval.
Rob Fia, CEO, commented:
“The Covid-19 crisis has created a difficult environment to conclude the transaction between Therma and Saringer on our original timeline. We continue to believe that Saringer is an attractive acquisition as Saringer’s BenePod® technology is a proven pain relief technology saving Therma extensive time and expense related to design, quality management implementation and IP protection.