FREDERICTON, New Brunswick, Sept. 26, 2017 (GLOBE NEWSWIRE) -- Trius Investments Inc. (“Trius” or the “Company”) (TSXV:TRU) is pleased to announce the following changes to its management team and board of directors (the “Board”), effective immediately, and to provide an update on its strategic outlook.
Management and Board Changes
Gordon Wheaton has resigned as President and Chief Executive Officer of Trius, and will continue as Chairman of the Board. Mr. Wheaton has led Trius since 1997, during which time he has driven significant growth in shareholder value through successful acquisitions and dispositions and, last year, oversaw an approximately $6.5 million special cash distribution to shareholders. Trius thanks Mr. Wheaton for his 20 years of dedicated service.
Joel Freudman has been appointed President and Chief Executive Officer of Trius, to lead the Company’s repositioning and planned asset dispositions (described below). Mr. Freudman was appointed to the Board in July 2017 and will remain a director of the Company.
Damian Lopez has been appointed to the Board as an independent director. Mr. Lopez’s appointment is subject to regulatory approval by the TSX Venture Exchange (the “TSXV”).
Mr. Lopez is a securities and corporate lawyer who works as a legal consultant to various TSX and TSXV listed companies. Mr. Lopez also serves as President, Chief Executive Officer and a Director of TSXV-listed Valencia Ventures Inc. Previously, Mr. Lopez was a Corporate Associate at Stikeman Elliott LLP, a top tier national law firm, where he was involved in private and public company mergers, acquisitions, sales and financings. Mr. Lopez is a member of the Law Society of Upper Canada, and holds a Juris Doctor degree from Osgoode Hall Law School at York University and a Bachelor of Commerce degree from the University of Toronto.
Finally, Robert Harrison has been appointed as Corporate Secretary of the Company, in addition to his current role as Chief Financial Officer.
Joel Freudman, Trius’ new President and Chief Executive Officer, commented: “I have enjoyed learning the Trius story from Gordon, who will continue to provide us with sound guidance as Chairman of the Board. I look forward to working closely with Gordon, Robert, long-time director John Robertson, and incoming director Damian as we prepare Trius for future opportunities that will enhance shareholder value. We also remain committed to good corporate governance.”
The Company also intends to recruit and nominate an additional independent director in connection with its next shareholder meeting.
Strategic Update
The Company is actively advancing its change of business application with the TSXV for a reclassification from a Tier II “industrial” issuer to a Tier II “investment” issuer.
Trius’ existing assets are primarily comprised of investments in (i) four U.S. entities each of which owns a special-purpose addiction rehabilitation facility in Salt Lake City, Utah, and (ii) a U.S-based private equity fund focused on the healthcare sector. The Company continues to evaluate strategic alternatives for unlocking the value of these assets, so as to maximize the proceeds from any dispositions. There are no assurances that Trius will be able to dispose of any such assets.
Further updates will be provided as and when material developments occur, in accordance with applicable securities laws.
About Trius Investments Inc.
Trius owns interests in several real estate and healthcare investments in the United States. Trius’ common shares trade on the TSXV under the symbol “TRU”.
For further information, please contact:
Joel Freudman
President and Chief Executive Officer
Trius Investments Inc.
Telephone: (647) 880-6414
Cautionary Statements
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Generally, forward-looking information can be identified by the use of words and phrases such as “plans”, “expects” “schedules”, “continues”, “estimates”, “intends”, “anticipates”, or “believes”, or variations of such words and phrases indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken or occur. Forward-looking information in this press release includes, without limitation, statements regarding management and Board composition, regulatory processes and related approvals, planned asset dispositions, and future strategic plans and objectives. This forward-looking information consists of disclosure regarding possible events, conditions or results and is based on numerous assumptions, including that all necessary regulatory, corporate and other approvals will be obtained; there will be no further leadership personnel changes other than the addition of a new independent director; Trius will be able to successfully develop and execute plans for asset dispositions; and there will be no changes to Trius’ future strategic direction.
The forward-looking information in this press release is subject to a number of risks and uncertainties that may cause Trius’ actual results or performance to differ materially from those expressed or implied by such forward-looking information, including but not limited to: risks inherent in regulatory and other approval processes; difficulties in attracting and retaining qualified personnel; inability to source and/or complete transactions on favourable terms or at all; volatility in financial markets and economic conditions; and other risks described in the Company’s continuous disclosure documents. There can be no assurances that the forward-looking information in this press release will prove to be accurate, as actual results and future events may differ materially from those anticipated by such information. Accordingly, investors should not place undue reliance on such forward-looking information. Trius does not undertake to update any forward-looking information in this press release, except as may be required by applicable securities laws.