FREDERICTON, New Brunswick, Feb. 12, 2018 (GLOBE NEWSWIRE) -- Trius Investments Inc. (“Trius” or the “Company”) (TSXV:TRU) announces that today its Board of Directors (the “Board”) has formed a special committee of independent directors (the “Special Committee”) to evaluate strategic alternatives for divesting of the Company’s various investments. The Company is also providing an update on its Change of Business (the “COB”) application with the TSX Venture Exchange (the “Exchange”).
Special Committee
The Board considered it appropriate to establish the Special Committee as a strong corporate governance practice, and in light of the related party nature of certain of the Company’s historical investments.
The Special Committee is comprised of two independent directors, Damian Lopez (Chair) and Peter K. Deacon. The Special Committee will, as necessary or appropriate, review, negotiate, and advise the Board on any proposed related party transactions that may arise in the course of the Company’s asset divestiture program, as previously described in the Company’s press release on September 26, 2017.
Although the Company has been considering all options available to it and has had preliminary discussions with third parties regarding certain of its assets, no formal offers have been received and no agreements have been reached regarding any potential divestitures.
There is no guarantee that Trius’ discussions will result in any transactions or, if a transaction is undertaken, as to its terms or timing. Trius does not intend to make further announcements in this regard except as required by applicable securities laws or the policies of the Exchange.
COB Update
Since October 2017, Trius has been preparing a formal disclosure document (the “Filing Statement”) regarding the COB as required by the Exchange.
The regulatory approval process has taken longer than anticipated, but Trius continues to cooperate with the Exchange while working towards timely completion of the COB. Trius will publish the Filing Statement for the benefit of existing shareholders, potential investors, and other market participants if and when the Exchange grants its conditional acceptance of the COB.
There is no guarantee that the Exchange will approve the COB. Trius does not intend to make further announcements in this regard except as required by the policies of the Exchange.
About Trius Investments Inc.
Trius owns interests in several real estate and healthcare investments in the United States. Trius’ common shares trade on the TSX Venture Exchange 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) 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”, “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 Trius’ asset divestiture program and the COB process. This forward-looking information consists of disclosure regarding possible events, conditions or results and is based on numerous assumptions made by management, including that Trius will be able to complete its asset sales and to obtain regulatory approval for the COB.
The forward-looking information herein 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: inability to source and/or complete transactions on favourable terms or at all; regulatory approval processes; 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 herein. 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.