Therma Bright to Spin Off Consumer Product Portfolio to Create Two Publicly Traded Companies
Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) has announced plans to spin off its Consumer Product Portfolio into a separate publicly traded company. The transaction, expected to complete in the first half of 2025, aims to enhance shareholder value and operational focus. The consumer portfolio will include TheroZap insect bite therapy device, InterceptCS cold sore prevention system, Benepod pain relief device, and AcuVid Covid-19 rapid antigen test. Shareholders will receive pro-rata distribution of shares in the new company. The AGM has been deferred until June 30, 2025, to align with the spin-off approval process.
Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ha annunciato piani per scorporare il suo Portafoglio di Prodotti di Consumo in una società pubblica separata. L'operazione, prevista per completarsi nella prima metà del 2025, mira a migliorare il valore per gli azionisti e il focus operativo. Il portafoglio consumer includerà il dispositivo per la terapia delle punture d'insetto TheroZap, il sistema di prevenzione delle herpes labiali InterceptCS, il dispositivo per il sollievo dal dolore Benepod e il test rapido per antigeni Covid-19 AcuVid. Gli azionisti riceveranno una distribuzione pro-quota delle azioni della nuova società. L'assemblea generale è stata rinviata al 30 giugno 2025, per allinearsi con il processo di approvazione dello scorporo.
Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ha anunciado planes para dividir su Cartera de Productos de Consumo en una empresa pública separada. La transacción, que se espera completar en la primera mitad de 2025, tiene como objetivo aumentar el valor para los accionistas y el enfoque operativo. La cartera de consumo incluirá el dispositivo para terapia de picaduras de insectos TheroZap, el sistema de prevención de herpes labial InterceptCS, el dispositivo de alivio del dolor Benepod y la prueba rápida de antígeno Covid-19 AcuVid. Los accionistas recibirán una distribución proporcional de acciones en la nueva empresa. La reunión anual se ha pospuesto hasta el 30 de junio de 2025, para alinearse con el proceso de aprobación de la división.
Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF)가 소비자 제품 포트폴리오를 별도의 상장 회사로 분할할 계획을 발표했습니다. 2025년 상반기 내 완료될 예정인 이번 거래는 주주 가치를 높이고 운영 집중도를 강화하는 것을 목표로 하고 있습니다. 소비자 포트폴리오에는 TheroZap 모기 물림 치료 장치, InterceptCS 구순포진 예방 시스템, Benepod 통증 완화 장치, AcuVid Covid-19 신속 항원 시험이 포함됩니다. 주주들은 새로운 회사의 주식을 비율에 따라 분배받게 됩니다. AGM(주주총회)은 스핀오프 승인 절차에 맞추기 위해 2025년 6월 30일까지 연기되었습니다.
Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) a annoncé des plans pour démembrer son Portefeuille de Produits de Consommation en une entreprise publique distincte. La transaction, qui devrait être complétée au cours de la première moitié de 2025, vise à augmenter la valeur pour les actionnaires et à améliorer le focus opérationnel. Le portefeuille de consommation comprendra le dispositif de thérapie contre les piqûres d'insectes TheroZap, le système de prévention des boutons de fièvre InterceptCS, le dispositif de soulagement de la douleur Benepod et le test antigénique rapide Covid-19 AcuVid. Les actionnaires recevront une distribution proportionnelle des actions de la nouvelle entreprise. L'assemblée générale a été reportée au 30 juin 2025, pour s'aligner avec le processus d'approbation de la scission.
Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) hat Pläne angekündigt, sein Verbraucherproduktportfolio in ein separates börsennotiertes Unternehmen auszugliedern. Die Transaktion, die voraussichtlich in der ersten Hälfte von 2025 abgeschlossen sein wird, zielt darauf ab, den Wert für die Aktionäre zu steigern und den operativen Fokus zu erhöhen. Das Verbraucherportfolio wird das Insektenstich-Therapiegerät TheroZap, das Herpesbläschen-Präventionssystem InterceptCS, das Schmerztherapiegerät Benepod und den Covid-19-Schnellantigentest AcuVid umfassen. Die Aktionäre erhalten eine proportional verteilte Aktienzuteilung des neuen Unternehmens. Die Hauptversammlung wurde auf den 30. Juni 2025 verschoben, um sich mit dem Genehmigungsprozess der Ausgliederung abzustimmen.
- Creation of two focused public companies potentially increasing shareholder value
- Strategic positioning in growing markets: pain management ($7.94B) and skincare ($115.65B)
- Cost efficiency through AGM deferral avoiding double meeting costs
- Transaction completion subject to multiple regulatory approvals and conditions
- Capital requirements and structures for both companies still undefined
- Delayed AGM until June 2025 extends shareholder waiting period
Toronto, Ontario--(Newsfile Corp. - November 18, 2024) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF), a leading developer and investment partner in advanced diagnostic and medical device technologies, has completed its announced strategic review, and has set the course to spin-off the Company's Consumer Product Portfolio into its own separate publicly traded company. This move is aimed at strengthening Therma Bright's strategic and operational focus, capitalizing on growth opportunities, and unlocking shareholder value.
Both companies are expected to maintain a strong strategic relationship, preserving a key value proposition for shareholders. It is anticipated that the spin-off will be completed during the first half of 2025.
The spin-off transaction will require shareholder approval. In order to preserve cash and avoid the double costs of holding two shareholder meetings within months of each other, Therma Bright has obtained the necessary regulatory approvals to defer this year's AGM for up to six months, such that it must be held no later than June 30, 2025. Consequently, the Company has cancelled the AGM which it had originally scheduled for December 31, 2024. Therma Bright will provide shareholders with updates on the status of this transaction in the coming months as material information becomes available.
Spin-Off Overview:
Therma Bright's board and management team have determined that as part of the Company's strategic business review of its portfolio, as previously announced on March 21, 2024, that a spin-off of its Consumer Product Portfolio provides the best path to enhance the company's value, as it will create two (2) publicly traded companies, each with its own market potential. This will allow for more focus around each company's product development, sales and marketing, operation and distribution, as well as enhance shareholder value.
"Our management and board have determined that the spin-off of our consumer products will generate greater focus for each business's success, while enhancing shareholder value." expressed Rob Fia, Chairman and CEO of Therma Bright. "We have great confidence that now is the ideal time for this spin-off given the current market conditions, and the expected growth of the consumer medical device industry, particularly in the North America. "
Transaction details around the spin-off will be forth coming, as Therma Bright shareholders are expected to receive a pro-rata distribution of shares of the new Company's stock. The spin-off is subject to confirmation by the Company's legal and tax advisors to determine the most advantageous structure for both Therma Bright and its shareholders with respect to tax purposes.
Furthermore, Therma Bright is dedicated to optimizing strong capital allocation strategies for each company, in line with their respective long-term goals. Further details pertaining to the transaction, such as each companies' respective capital structures and capital requirements, governance, and other elements, will be announced at the appropriate time.
Although THRM expects to complete the spin-off within the aforementioned time frame, this transaction is subject to all customary conditions including the final approval of the Therma Bright Board of Directors, receipt of a tax opinion, the filing and effectiveness of disclosure statements, and obtaining all necessary regulatory approvals.
Consumer Product Portfolio:
Subsequent to the spin-off, the Company's consumer medical devices will include TheroZapTM insect bite therapy device, InterceptCS cold sore prevention system, Benepod hot and cold pain relief device and AcuVidTM Covid-19 rapid antigen test technology. Per Research and Markets, "The Pain Management Devices Market is valued at USD 7.94 billion in 2024 and is anticipated to grow at a CAGR of 4.8 %, during the forecast period to 2035." According to Fortune Business Insights, "The global skincare market size was valued at USD 109.71 billion in 2023 and is projected to grow from USD 115.65 billion in 2024 to USD 194.05 billion by 2032, exhibiting a CAGR of
"By creating two focused, agile companies that can pursue tailored sales and marketing strategies aligned with specific long-term growth goals, we believe that both companies will experience rapid growth in their own right," stated Rob Fia. "As separate public companies with a commercial relationship, we are confident in delivering a superior outcome and will provide further updates on the spin-off progress in the coming months."
Sources: https://www.fortunebusinessinsights.com/skin-care-market-102544 and https://www.businesswire.com/news/home/20241028760787/en/Pain-Management-Devices-Market-Report-Industry-Trends-and-Global-Forecasts-to-2035---ResearchAndMarkets.com
About Therma Bright Inc.:
Therma Bright is a developer and partner in a wide range of leading edge, proprietary diagnostic and medical device technologies focused on providing consumers and medical professionals with quality, innovative solutions that address some of today's most important medical and healthcare challenges. Therma Bright Inc. trades on the (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX). Visit: www.thermabright.com.
Therma Bright Inc.
Rob Fia, CEO
rfia@thermabright.com
Follow us on:
Twitter
FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events and related information such as the spin out of the Company's consumer product portfolio as a separate public company as described in the news release. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether such results will be achieved. Actual results could differ materially from those anticipated due to several factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230381
FAQ
When will Therma Bright (TBRIF) complete its consumer product portfolio spin-off?
What products will be included in Therma Bright's (TBRIF) consumer product spin-off?
How will Therma Bright (TBRIF) distribute shares of the new company?
When is Therma Bright's (TBRIF) next AGM following the postponement?
