Good news coming from TSO3 this morning. Negotiations are advancing as planned. Could have an agreement by December 21. TOS is still a
at these levels. If an agreement can be reached we could see TSO3 trading at new highs. As always do your own DD and make sure that it is right for you. I've included today's NR for you to read. Have a great trading day,
<< Parties agree to extend timeline by two weeks Stock symbol: TSX: TOS Outstanding shares: 47,863,402 >>
QUEBEC CITY, Nov. 25 /CNW Telbec/ - TSO3 Inc. ("TSO3") (TSX: TOS), an innovator in low temperature sterilization technology for medical devices in healthcare settings through the use of ozone, today announced that discussions with 3M continue, with the intent of signing a definitive agreement which would provide 3M with a global license and distribution rights to TSO3's STERIZONE 125L sterilizer including new cycles recently announced by TSO3.
On September 2nd TSO3 announced that the parties had agreed to a ninety (90) days exclusive period for the purpose of completing due diligence and negotiating a definitive agreement. "Teams from each company have worked diligently to complete the significant amount of due diligence that is customary in such agreements and we are pleased with the positive feedback received from 3M through this entire process" commentedR.M. (Ric) Rumble, President and CEO of TSO3 "With a small amount of work still to complete, the parties have agreed to extend the exclusivity period till December 21, 2009".
"We have completed our due diligence review and the companies are now working towards finalizing an agreement for defined rights to TSO(3)'s sterilization technology" statedMark A. Schroer, Business Development Manager at 3M Infection Prevention Division. "Significant resources have been applied from both companies and we believe that we will be able to bring negotiations to a conclusion within the revised timeline".
About 3M and 3M's Infection Prevention Division
A recognized leader in research and development, 3M produces thousands of innovative products for dozens of diverse markets. 3M's core strength is applying its more than 40 distinct technology platforms - often in combination - to a wide array of customer needs. With $24 billion in sales, 3M employs 75,000 people worldwide and has operations in more than 60 countries. For more information, visit www.3M.com.
The 3M Infection Prevention Division offers healthcare professionals leadership solutions to minimize the risks of healthcare-associated infections. Combining science and technology, 3M Infection Prevention is built upon a comprehensive portfolio of quality products that help the healthcare industry define and address current infection prevention best practices.
3M Infection Prevention remains a trusted partner committed to helping customers lead the way in detecting, preventing and controlling the risk of infection. For more information, visit www.3M.com/infectionprevention
TSO3, founded in Québec City in 1998, specializes in the research and development of innovative, high-performance medical instrument sterilization technology with high commercial potential. The Company's first product, the TSO3 STERIZONE(R) 125L Sterilizer, is designed for sterile processing centers in the hospital environment. The Company believes that its technology represents an advantageous replacement solution to other low temperature sterilization processes currently used in hospitals.
In contrast to other methods, the ozone sterilization process developed and patented by TSO3 combines attributes that answer market needs for: efficacy, costs savings, increased safety for patients and hospital staff, and a "green" environmentally safe process.
The TSO3 STERIZONE(R) 125L Sterilizer is cleared for commercialization by the US and Canadian regulatory agencies for sterilization of metal and heat sensitive instruments, as well as for devices with diffusion-restricted spaces, such as rigid endoscopes having a single stainless steel channel. In 2009, the Company received clearance from Health Canada for sterilization of additional complex medical instruments, including multi-channel flexible endoscopes.
For more information about TSO3, visit the Company's Web site at www.tso3.com
The statements in this release and oral statements made by representatives of TSO3 relating to matters that are not historical facts (including, without limitation, those regarding the timing or outcome of any financing undertaken by TSO3) 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 TSO3 to obtain financing on favourable terms and other risks and uncertainties.