TORONTO, ON--(Marketwired - July 18, 2016) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Titan Medical Inc. ("Titan") (TSX: TMD) (OTCQX: TITXF) today announced that it has agreed to extend the closing of the private placement transaction with Shanghai Jugu Equity Investment Fund Co. Ltd. to take place on or before August 15, 2016. The terms of the financing were previously announced on June 1, 2016.
"We have extended the closing date of the transaction with Shanghai Jugu at the request of the fund's management," said Reiza Rayman, President of Titan Medical, Inc. "Meanwhile our Board continues to consider other unsolicited proposals for financing received from interested investors and also continues to explore other financing options."
About Titan Medical Inc.
Titan Medical Inc. is a Canadian public company focused on the design and development of a robotic surgical system for application in minimally invasive surgery ("MIS"). The Company's SPORT™ Surgical System, currently under development, includes a surgeon-controlled robotic platform that incorporates a 3D high-definition vision system and multi-articulating instruments for performing MIS procedures through a single incision. The surgical system also includes a surgeon workstation that provides a surgeon with an advanced ergonomic interface to the robotic platform for controlling the instruments and provides a 3D high-definition endoscopic view of inside a patient's body. The SPORT™ Surgical System is designed to enable surgeons to perform a broad set of surgical procedures for general abdominal, gynecologic, and urologic indications. For more information, visit the Company's website at www.titanmedicalinc.com.
About Shanghai JuGu Equity Investment Fund Co. Ltd.
Shanghai JuGu, founded in 2008, is a private equity fund providing private equity, venture capital and other related financial services. Having registered capital of 100 million yuan and accumulated financial assets under management of more than 2 billion yuan, Shanghai JuGu is dedicated to wealth management, industrial investment, small and micro loans and advisory services. Shanghai JuGu's head office is located in Pudong New District, Shanghai, China.
This news release contains "forward-looking statements" which reflect the current expectations of management of the Company's future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "potential for" and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, those listed in the "Risk Factors" section of the Company's Annual Information Form dated March 30, 2016 (which may be viewed at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements.