Titan Announces Resignations of Directors
Titan Medical Inc. (TSX: TMD; OTC: TMDIF) announced significant changes to its Board of Directors following its annual general meeting on September 30, 2024. In accordance with Titan's Majority Voting Policy, four directors - Anthony Giovinazzo, Cathy Steiner, Cary Vance, and Paul Cataford - tendered their resignations. The Corporate Governance and Nominating Committee must consider these resignations and make recommendations to the Board within 90 days.
Due to corporate law requirements and securities regulations, Titan must maintain a minimum of three directors and an audit committee with at least three independent directors. As a result, the Board has only accepted the resignations of Paul Cataford (Board Chairman) and Cary Vance, effective immediately. The company is now in a transitional period as it navigates these leadership changes while ensuring compliance with governance rules and policies.
Titan Medical Inc. (TSX: TMD; OTC: TMDIF) ha annunciato cambiamenti significativi nel suo Consiglio di Amministrazione dopo l'assemblea generale annuale del 30 settembre 2024. In conformità con la Politica di Voto Maggioritario di Titan, quattro amministratori - Anthony Giovinazzo, Cathy Steiner, Cary Vance e Paul Cataford - hanno presentato le loro dimissioni. Il Comitato per la Governance Aziendale e le Nomine deve esaminare queste dimissioni e fare raccomandazioni al Consiglio entro 90 giorni.
In base ai requisiti della legge societaria e delle normative sui valori mobiliari, Titan deve mantenere un minimo di tre amministratori e un comitato di revisione con almeno tre amministratori indipendenti. Di conseguenza, il Consiglio ha accettato solo le dimissioni di Paul Cataford (Presidente del Consiglio) e Cary Vance, con effetto immediato. L'azienda si trova ora in un periodo di transizione mentre gestisce questi cambiamenti di leadership, garantendo al contempo la conformità alle regole e alle politiche di governance.
Titan Medical Inc. (TSX: TMD; OTC: TMDIF) anunció cambios significativos en su Junta Directiva tras su reunión general anual el 30 de septiembre de 2024. De acuerdo con la Política de Votación Mayoritaria de Titan, cuatro directores - Anthony Giovinazzo, Cathy Steiner, Cary Vance y Paul Cataford - presentaron sus renuncias. El Comité de Gobernanza Corporativa y Nominaciones debe considerar estas renuncias y hacer recomendaciones a la Junta dentro de los 90 días.
Debido a los requisitos de la ley corporativa y las regulaciones de valores, Titan debe mantener un mínimo de tres directores y un comité de auditoría con al menos tres directores independientes. Como resultado, la Junta solo ha aceptado las renuncias de Paul Cataford (Presidente de la Junta) y Cary Vance, con efecto inmediato. La empresa se encuentra ahora en un período de transición mientras navega por estos cambios en el liderazgo, asegurándose al mismo tiempo de cumplir con las reglas y políticas de gobernanza.
Titan Medical Inc. (TSX: TMD; OTC: TMDIF)는 2024년 9월 30일 연례 총회 이후 이사회에 중대한 변화를 발표했습니다. Titan의 다수 투표 정책에 따라, 네 명의 이사 - Anthony Giovinazzo, Cathy Steiner, Cary Vance, Paul Cataford - 가 사직서를 제출했습니다. 기업 거버넌스 및 임원 추천 위원회는 이러한 사직서를 검토하고 90일 이내에 이사회에 권고해야 합니다.
법인 법률 요구사항과 증권 규정에 따라, Titan은 최소 3명의 이사와 최소 3명의 독립 이사로 구성된 감사위원회를 유지해야 합니다. 결과적으로, 이사회는 Paul Cataford(이사회 의장) 및 Cary Vance의 사직서만 즉시 수락했습니다. 회사는 이제 이러한 리더십 변화를 관리하는 전환기 상황에 있으며, 거버넌스 규칙 및 정책 준수를 보장하기 위해 노력하고 있습니다.
Titan Medical Inc. (TSX: TMD; OTC: TMDIF) a annoncé des changements significatifs au sein de son Conseil d'Administration suite à son assemblée générale annuelle du 30 septembre 2024. Conformément à la Politique de Vote Majoritaire de Titan, quatre administrateurs - Anthony Giovinazzo, Cathy Steiner, Cary Vance et Paul Cataford - ont présenté leur démission. Le Comité de Gouvernance et de Nominations doit considérer ces démissions et faire des recommandations au Conseil dans un délai de 90 jours.
En raison des exigences légales et des réglementations sur les valeurs mobilières, Titan doit maintenir un minimum de trois administrateurs et un comité d'audit composé d'au moins trois administrateurs indépendants. Par conséquent, le Conseil n'a accepté que les démissions de Paul Cataford (Président du Conseil) et de Cary Vance, avec effet immédiat. L'entreprise est maintenant dans une période de transition alors qu'elle gère ces changements de direction tout en veillant à respecter les règles et politiques de gouvernance.
Titan Medical Inc. (TSX: TMD; OTC: TMDIF) gab bedeutende Änderungen in seinem Vorstand nach der jährlichen Hauptversammlung am 30. September 2024 bekannt. Gemäß Titans Mehrheitsabstimmungspolitik haben vier Direktoren - Anthony Giovinazzo, Cathy Steiner, Cary Vance und Paul Cataford - ihre Rücktritte eingereicht. Der Ausschuss für Unternehmensführung und Nominierung muss diese Rücktritte prüfen und dem Vorstand innerhalb von 90 Tagen Empfehlungen vorlegen.
Aufgrund der Anforderungen des Unternehmensrechts und der Wertpapiergesetze muss Titan mindestens drei Direktoren und einen Prüfungsausschuss mit mindestens drei unabhängigen Direktoren haben. Infolgedessen hat der Vorstand nur die Rücktritte von Paul Cataford (Vorsitzender des Vorstands) und Cary Vance mit sofortiger Wirkung akzeptiert. Das Unternehmen befindet sich nun in einer Übergangsphase, während es diese Führungswechsel navigiert und gleichzeitig die Einhaltung der Governance-Regeln und -Politiken sicherstellt.
- Board restructuring may bring fresh perspectives and potentially improved governance
- Company adhering to its Majority Voting Policy, demonstrating commitment to shareholder interests
- Significant leadership turnover may lead to temporary instability
- Potential challenges in maintaining regulatory compliance with minimum director requirements
- Possible delays in decision-making during the 90-day consideration period for resignations
TORONTO, Ontario, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Titan Medical Inc. (“Titan”) (TSX: TMD; OTC: TMDIF) announces that following its annual general meeting held on September 30, 2024 (the “Meeting”) and in accordance with Titan’s Majority Voting Policy (the “Voting Policy”), Anthony Giovinazzo, Cathy Steiner, Cary Vance and Paul Cataford have tendered to the Board of Directors (the “Board”) their resignations as directors of Titan (including Paul Cataford’s resignation as Board Chairman).
Pursuant to the Voting Policy, the Corporate Governance and Nominating Committee of the Corporation (“Committee”) must consider such resignations and make a recommendation to the Board as to whether to accept such resignations within ninety (90) days of the Meeting. In its deliberations, the Committee may consider, among other things, the effect any resignation may have on the Corporation’s ability to comply with any applicable governance rules and policies.
In accordance with Titan’s Articles and corporate law requirements, Titan must have a minimum of three directors and under the applicable securities instrument governing audit committees, Titan’s audit committee must currently comprise a minimum of three independent directors.
As a result of the foregoing, the Board has only accepted Paul Cataford and Cary Vance’s resignations with immediate effect at this time.
About Titan Medical
Titan Medical Inc. (TSX: TMD; OTC: TMDIF), a medical technology company incorporated under the Business Corporations Act (Ontario) and headquartered in Toronto, Ontario, has developed an expansive patent portfolio related to the enhancement of robotic assisted surgery (RAS), including through a single access point, and is currently focused on evaluating new opportunities to further develop and license its intellectual property.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws, which reflect the current expectations of management of Titan’s future growth, results of operations, performance and business prospects and opportunities. Forward-looking statements are frequently, but not always, identified by words such as “may”, “would”, “could”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “potential for” and similar expressions, although these words may not be present in all forward-looking statements. Forward-looking statements that appear in this release may include, without limitation, references to: regarding the closing of the Proposed Transaction, planned acceptance of resignations by certain directors, filling of vacancies on the Board, and other statements that are not historical facts.
These forward-looking statements reflect management’s current beliefs with respect to future events, and are based on information currently available to management that, while considered reasonable by management as of the date on which the statements are made, are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. Forward-looking statements involve significant risks, uncertainties and assumptions and many factors could cause Titan’s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Such factors and assumptions include, but are not limited to, the factors listed in the “Risk Factors” section of Titan’s Annual Information Form for the fiscal year ended December 31, 2023 and in the Management Information Circular for the Meeting (which may be viewed at www.sedarplus.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements.
Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions and Titan has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking statements, Titan cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. Except as required by law, Titan expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, investors should not place undue reliance on forward-looking statements. All the forward-looking statements are expressly qualified by the foregoing cautionary statements.
Contacts
Titan Medical Inc.
Chien Huang
Chief Financial Officer
investors@titanmedicalinc.com
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