TBRIF - Therma Bright Announces Strategic Review & Update on Investment in Inretio
Toronto, Ontario--(Newsfile Corp. - March 21, 2024) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ("Therma" or the "Company"), developer and partner in a wide-range of leading-edge, proprietary diagnostic and medical device technologies, announced that its Board of Directors ("the Board") has initiated a review process to review, evaluate and explore a broad range of strategic initiatives and alternatives with the intent to maximize shareholder value.
The strategic review process will involve a review and evaluation of the Company's current business plan and strategic direction, as well as its operations, products and services, marketplace opportunity, capital structure and valuation. The Board will consider exploring business and financial alternatives, which may include, but not limited to, (i) continuation as a standalone public business, (ii) engagement with a strategic investor and/or acquisition, or (iii) a merger or spin-off that may involve all or part of the Company's assets.
The Board has not made any decisions relating to any strategic alternatives at this time, nor has it set a timetable for project completion. While the review process begins, the Company's management team remains committed to executing the Company's current business plan. Therma Bright will provide updates when further information becomes available.
In other news, Therma Bright has finalized its equity holding in Inretio at 8.44%. Therma Bright looks forward to seeing great success as Inretio continues along the human clinical trial process with its Preva™ Ischemic stroke device.
As previously announced on January 13, 2023, Therma Bright had the option to acquire 25% in Inretio for a $2M USD cash investment and the equivalent of USD $500,000 in Therma Bright shares. Since January 2023, Therma Bright advanced USD $275,000 in cash and issued the equivalent of USD $500,000 in Therma Bright shares to Inretio. The Company's Board elected not to exercise a further stake in Inretio due to difficult capital markets for financing small capitalization companies.
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
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FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events such as corporate strategic review alternatives and human trials of the Preva™ Ischemic stroke device 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.
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