Toronto, Ontario--(Newsfile Corp. - September 27, 2023) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ("Therma" or the "Company"), developer of its smart-enabled AcuVid™ COVID-19 Rapid Antigen Saliva Test and other progressive diagnostic and medical device technologies, announces that it has entered into an amended agreement with respect to its previously announced acquisition with 2740162 Ontario Inc., operating as August Therapeutics ("August") and Ketiko Bio Corp ("Ketiko") (collectively the "Vendors") to acquire a 25% interest in each of InStatin, Inc. ("InStatin") and InVixa, Inc. ("InVixa"), and to acquire an existing option to acquire additional shares in InStatin and InVixa, as more particularly described in the Company's December 1, 2022 press release.
Under the amended agreement, Therma Bright has agreed to issue 55,000,000 shares to the Vendors (27,500,000 to each of the Vendors) at the market price, in exchange for 4,159,904 shares in the capital of InVixa from Ketiko (representing approximately 61% of the issued and outstanding shares therein), and 520,000 shares in the capital of InStatin (representing approximately 17% of the issued and outstanding shares therein). Additionally an option will provide Therma with the right to purchase up to an additional 577,386 shares in the capital of InStatin in consideration of cash payments of up to $499,997.08.
In connection with the acquisition, the Company shall issue a finder's fee expected to be payable through the issuance of 3,472,222 shares in the Company's capital stock to an arm's length finder for its assistance in sourcing the transaction.
The foregoing transaction remains subject to the approval of the TSX Venture Exchange.
The company is developing inhaled statins to prevent and treat acute lung disease caused by COVID-19. The company is fully focused on the development of novel inhaled therapies for the treatment of COVID-19 pneumonia and acute respiratory distress syndrome (ARDS). For additional information visit www.invixainc.com.
InStatin is developing novel treatments using inhaled statins for the treatment and management of patients with chronic lung conditions such as asthma and chronic obstructive pulmonary disease ("COPD"). For additional information visit www.instatininc.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
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Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events such as the development of novel treatments to treat COVID-19, Asthma and COPD and related technology 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.
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