QUÉBEC CITY, Dec. 22, 2016
/PRNewswire/ - TSO3 Inc. (TSX: TOS) ("TSO3"
or the "Company"), an innovator in sterilization technology for
medical devices in healthcare settings, has secured access to an
automated receivables factoring program through a joint effort with
Getinge AB ("Getinge"), the Company's exclusive distributor of its
STERIZONE® VP4 Sterilizer, and a Getinge global banking
partner.
Getinge currently represents substantially all of
TSO3's revenue and trade accounts receivable. Under this
program, TSO3 may factor up to 100% of the outstanding
receivables that Getinge posts to the program in exchange for a
small discount. TSO3 may factor its Getinge receivables
at any time and is able to receive funds in as little as three days
from invoice date.
"This supply-chain financing provides a simple and inexpensive
instrument for Getinge and TSO3 to help finance working
capital," said Glen Kayll,
TSO3's Chief Financial Officer. "We anticipate
substantially all Getinge receivables will flow through this
program and appreciate collaborating with our partner to provide
innovative solutions to fund our mutual growth and the continued
global rollout of the STERIZONE® VP4 Sterilizer."
Payment terms for Getinge under this structure are 90 days from
invoice date, rather than standard 45 day terms. There are no
bank setup fees associated with this program and TSO3
has full independent discretion as to whether it shall or shall not
factor any or all posted receivables.
About the STERIZONE® VP4 Sterilizer
The STERIZONE® VP4 Sterilizer is a
low-temperature sterilization system that utilizes the
dual-sterilants of vaporized hydrogen peroxide
(H2O2) and ozone (O3) to achieve
terminal sterilization of heat and moisture sensitive medical
devices. Its single pre-programmed cycle can sterilize a large
number and wide range of compatible devices, creating a
cost-effective sterilization process with error free cycle
selection. The device's unique Dynamic Sterilant Delivery System™
automatically adjusts the quantity of injected sterilant based on
the load composition, weight and temperature. This capability
removes the guesswork and potential for human error, as there is no
need to sort instruments and choose the appropriate cycles as with
other machines.
The STERIZONE® VP4 Sterilizer is the only
terminal sterilization method that is FDA cleared to
sterilize multi-channeled flexible endoscopes (with a maximum
of four channels) of up to 3.5 meters in length, such as video
colonoscopes and gastroscopes - an industry first for any medical
device sterilization process.
The STERIZONE® VP4 Sterilizer is also the only
cleared low temperature sterilizer that can process a mixed load
consisting of general instruments, single channel flexible
endoscopes, and single or double channel rigid endoscopes in the
same cycle with load weights of up to 75 lb. The ability to
run mixed loads significantly reduces labor costs by minimizing the
amount of instrument sorting required, while maximizing the device
turns (more productivity from increased throughput capacity).
More information about the STERIZONE® VP4
Sterilizer is available through TSO3's website, under
the Products section
at http://www.tso3.com/en/products/sterizone-vp4/.
About TSO3
Founded in 1998, TSO3's activities encompass the
sale, production, maintenance, research, development and licensing
of sterilization processes, related consumable supplies and
accessories for heat-sensitive medical devices. The Company designs
products for sterile processing areas in the hospital environment
that offer an advantageous replacement solution to other low
temperature sterilization processes currently used in hospitals.
TSO3 also offers services related to the
maintenance of sterilization equipment and compatibility testing of
medical devices with such processes.
For more information about TSO3, visit the Company's
web site at www.tso3.com.
The statements in this release and oral statements made by
representatives of TSO3 relating to matters that
are not historical facts (including, without limitation, those
regarding the timing or outcome of TSO3's sales,
business or operations) are forward-looking statements that involve
certain risks, uncertainties and hypotheses, including, but not
limited to, the ability of the Company to obtain the required
regulatory clearance to market its products on a worldwide basis;
general business and economic conditions, the condition of the
financial markets, the ability of TSO3 to obtain
financing on favourable terms and other risks and
uncertainties.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy, nor shall there be any sale of
these securities, in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
SOURCE TSO3 Inc.