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Personal's account Dr. Louis-Philippe Amiot, Chairman and Chief
Executive Officer of ORTHOsoft Inc.
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ORTHOsoft announces investment by SGF
Equity fundraising to accelerate commercial expansion and key strategic technologies
Montréal (Quebec), December 19, 2006. — ORTHOsoft Inc. (TSX-V: OSH), a leader in computer-assisted systems that increase the accuracy of orthopaedic knee, hip and spine procedures, announced today that it has successfully closed a private placement financing of 9,722,223 common shares with SGF Santé Inc., an affiliate of Société générale de financement du Québec, (“SGF”) for aggregate gross proceeds of approximately $7.0 million, representing 19% of common shares.
The proceeds from this financing will be used to accelerate ORTHOsoft’s commercial and development initiatives and to expand its sales team.
“We are very happy to have SGF as a financial partner. This financing solidifies the funding for the future strategic growth of ORTHOsoft. We can now implement our overall strategy to consolidate our position as the worldwide market leader in computer-assisted orthopaedic surgery, and build-out an international full service development and marketing company.” said Dr. Louis-Philippe Amiot, Chairman and Co CEO of ORTHOsoft, Inc.
Mr. Pierre Shedleur, Chairman of the Board, President and General Manager of SGF, commented, “We are excited about partnering with ORTHOsoft and its management team and supporting the Company's continued growth and development. In keeping with its mission, SGF provides growth capital to productive companies in Québec to help them carry out their development strategies and maximize their operations. Dr Amiot's exceptional vision and strong leadership make it such that we have full confidence in the Company's bright financial future."
André Archimbaud, SGF's Senior Vice-President, Investments, Life Sciences Group, added: "ORTHOsoft represents an excellent investment opportunity for SGF. The Computer Assisted Surgery market will continue to experience significant and accelerating growth over the next several years driven by patient and surgeon demand. ORTHOsoft has an excellent product, strong momentum and tremendous growth potential. We are very impressed with this team's commitment to product excellence as well as superior customer service and support, both of which are critical to long term success in this marketplace.”
All securities issued pursuant to the transaction described herein are subject to a hold period until April 18, 2007. No commissions were paid to any agent or underwriter in connection with this private placement.
Orthopaedic Surgery Market
In North America, surgeons perform over one million orthopaedic knee and hip implant surgeries annually. Leading orthopaedic surgeons predict that computer assisted surgery will become a standard of care in implant surgery. Clinical studies show that computer assisted surgery in orthopaedics can improve the accuracy of surgery by over 20% compared to conventional surgery, and also significantly reduce patient post-operative pain, improve function, and quality of life, compared to conventional surgery.
About ORTHOsoft
ORTHOsoft Inc. (TSX-V: OSH), www.orthosoft.ca, founded in 1995, develops and markets best-in-class medical software, instruments and computerized systems to assist orthopaedic surgeons to increase accuracy in hip, knee and spine implant surgery. FDA cleared, ORTHOsoft's patented software solutions are developed by surgeons for surgeons, resulting in intuitive and easy-to-use navigation that tracks surgical flow and provides surgeons with real-time data that helps to improve the surgical process and patient outcomes. For more information about ORTHOsoft, please visit www.orthosoft.ca.
About Société générale de financement du Québec
Société générale de financement du Québec (SGF), an industrial and financial holding company of the Quebec government, has the mission of carrying out, in cooperation with partners and in accordance with accepted requirements of profitability, economic development projects, in particular in the industrial sector, in conformity with the economic development policy of the Quebec government . (sgfqc.com)
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, may constitute forward-looking statements. Such statements, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond the control of ORTHOsoft Inc. Such risks include, but are not limited to: the impact of general economic conditions, general conditions in the medical industry, and changes to the competitive environment in the jurisdictions in which ORTHOsoft does business, regulatory changes to the health care industry, and adequate protection of the proprietary interests of the Company. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. The reader should not place undue reliance on the forward-looking statements included in this press release. These statements speak only as of the date made, and ORTHOsoft is under no obligation and disavows any intention to update or revise such statements as a result of any event, circumstances, or otherwise.
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For more information, please contact:
ORTHOsoft Inc.
Peggy Katsiroumbas, CA
Chief Financial Officer
ext. 221
ORTHOsoft Inc.
Dr. Louis-Philippe Amiot
Chairman and Co-CEO
ext.222
Marie-Claude Lemieux
Senior Communications and Media Relations Advisor
Société générale de financement du Québec
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