MISGAV, Israel, June 23, 2016 /PRNewswire/ --
The Trendlines Group Ltd. (SGX:42T, OTC: TRNLY), a leading Israeli company focused on innovation commercialization, announced today that its 26.5%-owned associated company, E.T.View Medical Ltd. (TASE: ETVW), has signed a definitive agreement for its sale to Ambu A/S (CPH: AMBU-B), a Danish medical device company. E.T.View Medical Ltd. ("E.T.View") develops and manufactures a portfolio of products that provide continuous visualization and ventilation of the airway during thoracic surgical procedures.
According to the agreement, Ambu A/S ("Ambu") will acquire E.T.View in a "reverse triangular merger" valued at US$16 million, less about US$3.4 million in transaction costs, employee bonuses, and the assumption of certain debts, liabilities and expenses. Following the sale, E.T.View will be delisted from the Tel Aviv Stock Exchange and will become a wholly owned subsidiary of Ambu. The Board of Directors of E.T.View unamiously approved the agreement on 21 June 2016.
The fair value of The Trendlines Group's holdings in E.T.View was approximately US$1.3 million as at 31 March 2016. Trendlines estimates that it will receive net proceeds of approximately US$3.3 million resulting in a pre-tax gain from the sale of approximately US$2.0 million.
Commenting on the sale, Trendlines Chairman and CEO Todd Dollinger, who also serves as Chairman of E.T.View, said, "Through the intensive work of E.T.View's staff, with the support of the Trendlines team, E.T.View has become a global leader in lung isolation airway management with sales in North America, South America, Europe, Asia and Africa. Ambu's proposed acquisition of E.T.View recognizes the importance of E.T.View's innovative technology for thoracic surgeons and anesthesiologists. We are very pleased to to place E.T.View in Ambu's hands and expect tremendous growth under Ambu to the benefit of patients and the medical community."
Commenting on the significance of the transaction to The Trendlines Group, Mr. Dollinger added, "The sale of E.T.View marks the first exit that Trendlines has completed since listing on Singapore Stock Exchange (SGX) on 26 November 2015. Trendlines is committed to supporting the growth of its portfolio companies and realizing the value of its portfolio companies at appropriate times."
The Trendlines Group, listed on the Singapore Stock Exchange (SGX:42T) and with an ADR program in the U.S. (OTC:TRNLY), is an innovation commercialization company that invents, discovers, invests in, and incubates innovation-based medical and agricultural technologies to fulfill its mission to improve the human condition. As intensely hands-on investors, Trendlines is involved in all aspects of its portfolio companies from technology development through business building.
This press release may contain statements that constitute forward-looking statements which involve risks and uncertainties. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the results of business operations and financial condition, industry, environment and future events and plans of the Company. Such forward-looking statements are not guarantees of future results, performance or achievements. Actual results, performance or achievements of the Company may differ from those expressed in the forward-looking statements as a result of various factors and assumptions, such as known and unknown risks and uncertainties, including those risk factors discussed in our Offer Document dated 16 November 2015 and in our other filings with the SGXNET. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. In light of these risks and uncertainties, actual events, results and developments could differ materially from those expressed or implied by the forward-looking statements. Reliance should not be placed on these forward-looking statements, which reflect the view of the Company or its officers as of the date of this presentation only. The Company does not undertake any obligation to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise.
For more investor information, contact: Judith Kleinman, Director Investor Relations & Corporate Communications, email@example.com
SOURCE The Trendlines Group Ltd.