Toronto, Ontario–(Newsfile Corp. – January 15, 2020) – Therma Bright Inc. (TSXV: THRM), (“Therma Bright” or the “Company”), a progressive medical device technology company, enters into a non-binding letter of intent (“LOI”) to acquire Benepod®pain relief technology and other medical device related technology from Saringer Life Science Technologies Inc. (“Saringer” or “SLST Inc.”). Therma is in the process of conducting due diligence on Saringer. The LOI contemplates that this transaction will be structured as an asset purchase transaction which is expected to include the following terms:
- Sale price – $500,000 with a minimum of 10% payable in cash and the balance in shares of Therma Bright Inc.
- Products include Benepod® for chronic pain, ICEOtherm® for minor aches and pain in the hands, elbows and feet, and Venowave® to increase circulation.
- Upon completion of the transaction Therma intends to hire key personnel, acquire all inventory, tooling, customer lists, online domains, technical files, quality management systems and intellectual property such as patents and trademarks owned by SLST Inc. or other related companies associated with SLST Inc.
- Therma expects to complete a concurrent offering at the time of closing, with terms of the offering to be determined at that time.
- The asset purchase is expected to be concluded by March 31st, 2020.
More information about Saringer products can be found at:
The transaction will be subject to TSX Venture Exchange approval.
Rob Fia, CEO, commented:
“This is an attractive acquisition for Therma Bright. The acquisition of Saringer’s products fast tracks the acquisition of a proven pain relief technology saving our Company extensive time and expense related to design, quality management implementation and IP protection. We have already fielded interest to market the Benepod® product as well as Venowave® for use in a large market application for chronic wound healing and the prevention of arterial ulcers. We expect to close on this transaction quickly.”