Victhom expects to hold separate debenture holder and shareholder meetings in early June to obtain certain required approvals for the above-mentioned plan of arrangement as well as the creation of the JV. Further details on the plan of arrangement and the transaction with Otto Bock will be provided in an information management circular expected to be distributed to its shareholders and debenture holders by mid-May. In addition to debenture holders and shareholders approvals, implementation of the JV transaction and the plan of arrangement is subject to approval by the Court under the Canada Business Corporations Act and receipt of all necessary regulatory and stock exchange approvals.
The principal debenture holders and shareholders have executed support agreements with Victhom and Otto Bock whereby they agreed to vote in favor of the transaction with Otto Bock and the concurrent implementation of the plan of arrangement.
The board of directors of Victhom is recommending to both the shareholders and the debenture holders to support the transaction as it will provide Victhom with the opportunity to develop its technologies under new parameters providing a stronger financial base for the future.
Mr. Normand Rivard, Acting President and CFO of Victhom, said: "We are tremendously enthusiastic with the prospect of teaming up with Otto Bock, the world leader in the field of mobility. This partnership is designed to exploit the great potential of our unique Neurobionix technology platform incorporated in the Neurostep. The combination of our technology know-how and Otto Bock's worldwide market knowledge will give us a tremendous edge in bringing this much needed solution to gait patients throughout the world. The interest from Otto Bock is a v
|SOURCE VICTHOM HUMAN BIONICS INC.|
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