VANCOUVER, BRITISH COLUMBIA– Pyng Medical Corp. (the “Company” or “Pyng“) (TSX VENTURE:PYT) is pleased to announce that the previously announced acquisition of all of the issued and outstanding common shares of Pyng (the “Shares“) by Teleflex Medical Canada Inc., a wholly-owned subsidiary of Teleflex Incorporated, by way of plan of arrangement (the “Arrangement“), has been approved by the holders (the “Securityholders“) of Pyng’s Shares, options, warrants and convertible debentures. At the special meeting of Pyng Securityholders held on March 27, 2017 (the “Meeting“), a special resolution approving the Arrangement was approved by 99.97% of the votes cast by the shareholders of Pyng, voting as a single class, present in person or represented by proxy and entitled to vote at the meeting, approved by 99.98% of votes cast by Securityholders, voting as a single class, present in person or represented by proxy and entitled to vote at the Meeting and approved by 99.96% of the votes cast by shareholders of Pyng present in person or represented by proxy and entitled to vote at the Meeting, excluding votes cast by those persons whose votes must be excluded pursuant to applicable securities law.
Pursuant to the Arrangement, all currently outstanding stock options and warrants will be deemed to be exercised for that number of Shares equal to the “in-the-money amount” of such stock options and warrants in accordance with their terms and all convertible debentures will be deemed to be converted into Shares in accordance with their terms. On closing of the Arrangement, each shareholder of Pyng, including holders of stock options, warrants and convertible debentures receiving Shares pursuant to the Arrangement, will receive cash consideration of US$0.30203 for each Share held.
The Arrangement remains subject to final approval from the Supreme Court of British Columbia (the “Court“). The Court hearing for the final order to approve the Arrangement is scheduled to take place on March 29, 2017, and the completion of the Arrangement is expected to occur on April 3, 2017.
Additional information regarding the terms of the Arrangement is set out in Pyng’s management information circular dated February 20, 2017, which is available under Pyng’s profile at www.sedar.com.
About Pyng Medical Corp.
Based in Richmond, British Columbia, Pyng Medical Corp. commercializes award-winning trauma and resuscitation products for front-line critical care and emergency medical personnel. Pyng’s expanded product portfolio includes a variety of innovative, lifesaving tools, including intraosseous infusion, pelvic stabilization, hemorrhage control and emergency airway management. With Growing markets in North American, Europe and Asia, Pyng offers user-preferred medical devices for use by emergency medical services, hospital staff and military forces worldwide.
For More Information:
Chief Financial Officer
Pyng Medical Corp.
(604) 303-7964 x219
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release contains forward-looking statements based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the completion of the Arrangement and the receipt of court approval, described in this release are forward-looking statements. Some of the forward-looking statements may be identified by words like “expects”, “anticipates”, “plans”, “intends”, and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents which may be filed with the British Columbia Securities Commission, the Alberta Securities Commission and the TSX Venture Exchange could cause results to differ materially from those stated. These factors include, but are not limited to, changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business; material adverse changes in the business or operations of any of the parties; the Company’s ability to satisfy the conditions of the Arrangement Agreement; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw materials, research and development of new products, including regulatory approval and market acceptance; and seasonality of sales in some products.