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VANCOUVER, BC, Sept. 10,
2024 /CNW/ - Principal Technologies
Inc. (the "Company" or "Principal") (TSXV:
PTEC) (FSE: J07), is pleased to provide the following update
to its previously announced arm's length agreement to acquire (the
"Acquisition") 100% of the equity interests of Vivostat A/S
("Vivostat"), a 23-year-old Danish company which uses a
unique autologous fibrin sealant solution for post-surgical
use:
- The Company received the conditional approval from the TSX
Venture Exchange (the "TSXV") and is proceeding with the
satisfaction of the conditions required for the final approval of
the TSXV.
- The Company has completed its previously announced private
placement, issuing an aggregate of 4 million units (the
"Units") at a price of $0.25
per Unit for gross proceeds of $1
million. Each Unit consisted of one common share of the
Company (each, a "Share") and one common share purchase
warrant (each, a "Warrant"), with each Warrant entitling the
holder to purchase one additional Share at $0.30 for a period of two (2) years.
- The Company is continuing to work with the GreenIslands
Opportunities Fund (the "Lender") in connection with closing
the previously announced loan of €9,000,000 (the "Loan")
that will be used, in part, to fund the cash component of the
consideration for the Acquisition, and the Company expects to close
the Acquisition upon the Lender funding the Loan.
- The Company expects that its Shares listed on the TSXV will
re-commence trading on or around September
12, 2024.
Jerry Trent, CEO of Principal, said "We are delighted to have
closed our equity financing and to be proceeding with the
completion of the Loan and the Acquisition, while our shares can
continue to trade on the TSXV. We also continue to evaluate
attractive opportunities in the medical technology and
pharmaceutical areas and will keep shareholders apprised of our
progress in purchasing suitable opportunities on terms beneficial
to our shareholders."
About Principal Technologies
Principal Technologies Inc. is a Canadian-based healthcare
acquisition company. The Company is engaged in building a portfolio
of profitable healthcare technology companies with a focus on those
with global distribution potential which have intellectual property
capable of enhancing medical treatment quality, cost efficiency,
optimization of the patient pathway, and implementation of point of
care technologies.
ON BEHALF OF THE BOARD
Jerry Trent,
Chief Executive Officer
Principal Technologies Inc.
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 release.
Forward-looking statements:
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities laws. This information and statements address future
activities, events, plans, developments and projections. All
statements, other than statements of historical fact, constitute
forward-looking statements or forward-looking information. Such
forward-looking information and statements are frequently
identified by words such as "may," "will," "should," "anticipate,"
"plan," "expect," "believe," "estimate," "intend" and similar
terminology, and reflect assumptions, estimates, opinions and
analysis made by management of the Company in light of its
experience, current conditions, expectations of future developments
and other factors which it believes to be reasonable and
relevant.
Forward-looking information and statements involve known and
unknown risks and uncertainties that may cause the Company's actual
results, performance and achievements to differ materially from
those expressed or implied by the forward-looking information and
statements and accordingly, undue reliance should not be placed
thereon. Forward-looking statements included in this press release
include the closing of the Acquisition and Loan, and the
recommencement of trading of the Shares on the TSXV; the amendment
of the Lender's constitution; the funding for the cash portion of
the purchase price of Acquisition; and the receipt of all
applicable regulatory approvals and satisfaction of conditions
pursuant to the Acquisition and the Loan.
Risks and uncertainties that may cause actual results to vary
include but are not limited to the availability of financing;
fluctuations in commodity prices; changes to and compliance with
applicable laws and regulations, including environmental laws and
obtaining requisite permits and approvals; political, economic and
other risks; as well as other risks and uncertainties which are
more fully described in our annual and quarterly Management's
Discussion and Analysis and in other filings made by us with
Canadian securities regulatory authorities and available at
www.sedarplus.ca. The Company disclaims any obligation to update or
revise any forward-looking information or statements except as may
be required.
SOURCE Principal Technologies Inc.