ZoomMed Announces Distribution to Its Shareholders of 5 Million Common Shares It Holds in KDA Group
BROSSARD, Quebec, Dec. 18, 2023 (GLOBE NEWSWIRE) — ZoomMed Inc. (“ZoomMed” or the “Corporation“) is pleased to announce that following the shareholders approval obtained at their annual and special meeting held on July 25, 2023, the Corporation’s Board of Directors and the management of the Corporation have determined that, under these circumstances, it is in the best interest of the Corporation to distribute, following the completion of the Asset Sale, to the shareholders of the Corporation all or part of the Consideration received in the Transaction of June 23, 2023, at a presumed market value at the time of the Distribution payment and the Board of Directors of the Corporation has been authorized to proceed with the distribution, on December 22, 2023, of 5,000,000 Class A ordinary shares of KDA Group Inc. (“KDA Group“) (TSXV: KDA) to its shareholders at the record date of December 18, 2023 as a reduction of the stated capital account of the Corporation’s Class A common shares (hereinafter the “Distribution“). This Distribution represents the consideration to be received by the shareholders of the Corporation upon closing of the sale to the public company KDA Group of substantially all of the assets of the Corporation and its subsidiaries (the “Transaction“). The Transaction and the Distribution are described in full in the Corporation’s Proxy Circular dated June 23, 2023, which is available at www.sedarplus.ca.
For further information on ZoomMed, please contact Mr. Yves Marmet, President and Chief Executive Officer at info@zoommed.com or visit our website at www.zoommed.com.
Statements made in this press release that are not historical facts are “forward-looking statements” and the reader is cautioned that such statements are not guarantees of future performance and that actual developments and results may differ materially from those in such “forward-looking statements”.
