Stock symbol: TSX: TOS
Outstanding shares: 72,888,182
QUEBEC CITY, July 2, 2013 /CNW Telbec/ - TSO(3) Inc. ("TSO(3)") an innovator
in low-temperature sterilization technology for medical devices in healthcare
settings, today announced that the Company has settled the ongoing dispute
with the 3M Company ("3M") through the mediation process.
On August 2, 2012, TSO(3) announced that the Company had terminated its
Agreement with its former channel partner 3M, for the exclusive supply,
distribution, license and service of the new STERIZONE(®) 125L+ Sterilizer
branded as the 3M™ Optreoz™ 125-Z. The Agreement, dated December 2009 and
amended in May 2011, provided conditions for either party to terminate the
agreement. TSO(3) exercised this right and provided a letter of termination to
3M on June 15, 2012. 3M had disputed TSO(3)'s right to terminate the agreement.
In respect of the terms outlined in the settlement, limited details are being
released. An amount of $2 million inclusive of the repurchase of inventory as
well as settlement fees will be paid by TSO(3) to 3M.
"We are satisfied with the terms of the settlement and that the dispute has
been settled", stated R.M. (Ric) Rumble, CEO of TSO(3).
Current Installed Base
The current installed base of TSO(3) STERIZONE(®) 125L+ Sterilizers (3M™
Optreoz™ 125-Z) will be supported by TSO(3) until a new agreement is in
place with a distribution partner. "We have maintained a close connection with
the Canadian base of users and we have everything in place to maintain
existing customers and provide additional support", concluded R.M. (Ric)
TSO(3), founded in Québec City in 1998, specializes in the research and
development of innovative, high-performance medical instrument sterilization
technology with high commercial potential. TSO(3) designs products for sterile
processing areas in the hospital environment and offers an advantageous
replacement solutions to other low temperature sterilization processes
currently used in hospitals. For more information about TSO(3), visit the
Company's Web site at www.tso3.com
The statements in this release and oral statements made by representatives of
TSO(3) relating to matters that are not historical facts (including, without
limitation, those regarding the timing or outcome of any financing undertaken
by TSO(3)) are forward-looking statements that involve certain risks,
uncertainties and hypotheses, including, but not limited to, general business
and economic conditions, the condition of the financial markets, the ability
of TSO(3) to obtain financing on favourable terms and other risks and
The TSX has neither approved nor disapproved the information contained herein
and accepts no responsibility for it.
Caroline Côté Vice President - Investor and Business Relations
418651-0003, Ext. firstname.lastname@example.org
SOURCE: TSO3 Inc.
To view this news release in HTML formatting, please use the following URL:
CO: TSO3 Inc.
NI: MTC LAW VERDICTS LAWVIEWS
-0- Jul/02/2013 10:30 GMT
Press spacebar to pause and continue. Press esc to stop.