SGF Santé increases its participation in Andromed
Montréal, April 23, 2002 - At today’s general extraordinary meeting of shareholders, SGF Santé inc. announced its intention to fully exercise its stock subscription warrants for the company shares it holds. These warrants, purchased at the first distribution of Andromed shares to the public in March 2001, allowed SGF Santé to acquire 222,222 common shares of Andromed at $2.50 per share by June 30, 2002 at the latest. The product of this subscription, $555,555, will be added to the company’s cash reserve. As a result of the transaction, SGF Santé will hold close to 37% of Andromed common shares on an undiluted basis.
Gérald André, Vice President of SGF Santé and a member of the Andromed Board of Directors, said that “Andromed has made significant progress in 2001 and we are confident that the cutting-edge, promising technologies, scheduled to be launched in 2002, will result in substantial revenues for the company in the markets of non‑invasive diagnostic techniques and home surveillance.”
Luc Audet, Vice President and CEO of Andomed said that “Exercising of the stock purchase warrants two months before the deadline of June 30, 2002 shows SGF’s confidence and support for the strategic orientations of our company.”
Andromed Inc., which designed the first fully electronic stethoscope in the world, has become an international leader in the design, manufacturing and sale of innovative medical technologies that offer a significant commercial potential. Andromed is also a recognized leader as a provider of survey and patient satisfaction evaluation tools in health care facilities all over the world. Andromed supplies multi-parameter equipment and first‑class services for the markets of non‑invasive diagnostic methods and home surveillance. The company plans to accelerate its growth through the acquisition of technologies or companies compatible with its activities. Andromed is listed on the TSX Growth Market and its common shares and stock purchase warrants are listed under the symbols AD and AD.WT.
ABOUT SGF SANTÉ
SGF Santé is a branch of the Société générale de financement du Québec (SGF). SGF’s mission consists in carrying out economic development projects in cooperation with various partners and under normal profitability conditions. Since its restructuring in 1998, SGF has generated close to $4.4 billion in investments and created more than 19,400 direct and indirect jobs in projects that have reached the operational phase, in addition to thousands of jobs created during the construction phase. As of September 30, 2001, SGF’s consolidated assets exceeded $2.9 billion. SGF includes 57 international partners operating various establishments in Quebec. (sgfqc.com)
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