Teleflex Incorporated and Teleflex Medical Canada Inc., a wholly-owned indirect subsidiary of Teleflex (NYSE: TFX) completed the acquisition of Pyng Medical Corp. (the "Company" or "Pyng") (TSX VENTURE: PYT) for cash consideration of US$0.30203 per share. The total value of the transaction, including expenses paid by Teleflex, was approximately US$18.5 million. England Securities served as PYNG's exclusive financial advisor in this transaction.
The takeout price per share was approximately 5x the US$0.06 volume-weighted average trading price of the Shares on the TSX Venture Exchange for the 20 trading days ending on February 3, 2017, utilizing a CAD/USD exchange rate of approximately 1.305.
Ronald Blanck, Chairman of Pyng stated: "We are pleased to announce the completion of the acquisition of Pyng by Teleflex Medical. Pyng has a highly innovative portfolio of proprietary emergency medical products. Given the capital and marketing expertise required to fully exploit these products, we believe this is an attractive result for our shareholders and that Teleflex will be able to achieve significant market potential for Pyng's products." Blanck further stated "The England team was instrumental in helping us get this over the goal line and achieving an excellent outcome for the Company."
About Pyng Medical Corp.
Based in Richmond, BC, Pyng has over 20 years of experience developing and commercializing trauma and resuscitation medical devices for emergency medicine. Pyng's product portfolio includes a variety of innovative, lifesaving tools, including intraosseous infusion, pelvic stabilization, hemorrhage control and emergency airway management for use by emergency medical services, hospital staff and military forces worldwide. More information about Pyng is available its website: www.pyng.com.
