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Toronto, Ontario–(Newsfile Corp. – January 15, 2021) – Therma Bright Inc. (TSXV: THRM) (“Therma” or the “Company”), a leading medical device technology company, is pleased to announce the appointment of Ian Levine to the Advisory Board to assist in the future scale-up of CoviSafe™ manufacturing.
Mr. Levine will build the global operations of the Therma Bright team to ensure efficient and smooth delivery of CoviSafe™ to our global customers. Mr. Levine’s experience in the global manufacturing and distribution of regulated healthcare products will be instrumental in the eventual development of CoviSafe™ and the establishment of Therma Bright’s manufacturing, logistics and distribution platforms for CoviSafe™.
Mr. Levine has over 22 years of experience as an entrepreneur in the healthcare and manufacturing industries. He has held senior executive positions reporting to the board of directors and has held numerous board member roles. Mr. Levine has experience building start-ups into robust businesses, including one that grew into a successful $200 million+ international business with over 280 employees across North America. North. Mr. Levine’s skill set will be critical to Therma Bright’s long-term growth, which includes organizational development; Human Resource Management; Research and development; product design; continuous improvement of product quality; quality management and regulatory compliance; business and marketing strategy; global sourcing; cultural diversification; operational excellence; and market positioning.
Mr. Levine is fully bilingual in both official languages (English and French) and is the inventor of several worldwide patents for medical devices. Mr. Levine holds a Bachelor of Science in Anatomical Sciences and a Masters of Business Administration, both from McGill University.
Rob Fia, CEO and President commented:
“Therma Bright is delighted to add Ian Levine to our advisory team. Ian’s experience in product design and development, manufacturing scale-up, quality management, distribution and marketing is an important addition to the Therma Bright team.Therma Bright is rapidly moving forward in R&D with CoviSafe™ as we prepare the way for regulatory submissions to the FDA, Health Canada, and to obtain CE marking for Europe. Ian will work with manufacturers for CoviSafe™ with a focus on scaling up commercial production for global distribution once regulatory approval is obtained.”
The Company also announces that pursuant to the Company’s 10% Rollover Stock Option Plan and in accordance with the policies of the TSX Venture Exchange, it has granted incentive stock options to an officer of the Company to purchase up to 200,000 common shares of the Company. These options are exercisable for a period of 5 years at a price of $0.35 per share.
Therma Bright also announces that it has negotiated debt settlements with arm’s length and arm’s length creditors. Pursuant to the debt settlement agreements, and subject to acceptance by the TSX Venture Exchange, the Company has agreed to settle a total outstanding debt of $260,000 in consideration for which it will issue a total of 866,664 common shares at a deemed price of $0.30 per share. Certain Insiders of the Company participated in the settlement of the debt (Joe Heng, Tim Peterson and Spencer Sungbum Huh, each director of the Company, agreed to settle a debt of $20,000 owed to each of them for 66,666 shares each and Victor Hugo, the Company’s chief financial officer, agreed to settle a debt of $10,000 for 33,333 shares). Insider participation in debt settlements is considered a “related party transaction” under NI 61-101. The Company is exempt from the requirement to obtain a formal valuation and minority shareholder approval with respect to Insider participation in debt settlements pursuant to sections 5.5(a) and 5.7(a) of NI 61-101, respectively. , on the basis that participation in debt settlements by Insiders did not exceed 25% of the fair market value of the market capitalization of the Company. All shares issued pursuant to these debt settlements are subject to a hold period expiring four months + one day after the date of issuance of the shares, in accordance with applicable securities laws and the policies of the Venture Exchange. TSX.
Therma Bright makes no express or implied representation that its product, CoviSafe™, has the ability to eliminate or cure COVID-19 or the SARS-CoV-2 virus.
About Therma Bright Inc.
Therma Bright is a progressive medical device technology company focused on providing consumers and healthcare professionals with quality medical devices that meet their medical and healthcare needs. The company’s revolutionary initial patented technology provides effective, non-invasive and painless skin care. Therma Bright has received Class II medical device status from the FDA for its platform technology indicated for the relief of pain, itching, and inflammation from a variety of stings or insect stings. The Company received clearance for the above claims from the US FDA in 1997.
Therma Bright Inc. trades on the (TSXV: THRM) (OTC PINK: THRBF) (FSE: JNX). For more information visit: www.thermabright.com and www.coldsores.com
For more information, please contact:
Therma Bright Inc.
Rob Fia, CEO
[email protected]
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FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute “forward-looking” statements. These statements relate to future events such as the development and commercialization of a COVID-19 rapid viral test and related instruments, the manufacture of PPE and hand sanitizers, and the application for government grants to support the future performance of the society. as described in the press release. All of these statements involve substantial known and unknown risks, uncertainties and other factors that may cause actual results to differ from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, should not be construed as guarantees of future performance or results, and will not necessarily be specific indications as to whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this press release are based on what management of the Company considers to be reasonable assumptions as of the date of this press release, the Company cannot assure investors that actual results will be consistent with such statements. forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless necessary. under applicable securities regulations.
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 press release.
This press release does not constitute an offer of securities for sale in the United States. The securities have not been registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of the securities in any state where such offer, solicitation or sale would be unlawful.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/72138
