KIRKLAND, QC, May 10, 2016 /CNW Telbec/ - Manitex Capital
Inc. ("Manitex") is pleased to announce that its board of directors
has declared a special dividend-in-kind (the "Dividend") of
1,256,127 Class "A" common shares of Ortho Regenerative
Technologies Inc., ("Ortho Shares") held by Manitex.
The Dividend has a deemed price of $0.50 per Ortho
Share and is payable on, or about, June 3, 2016 to holders of record of common
shares of Manitex ("Manitex Shares") at the close of
business on May 20, 2016 (the
"Record Date").
The Dividend will be distributed on a pro rata basis. Based upon
the number of Manitex Shares currently outstanding, and ignoring
the effect of rounding for fractional interests, one Ortho Share will be paid under the Dividend for
every ten Manitex Shares (or 0.1 Ortho
Share per Manitex Share) held on the Record Date.
The distribution of the Ortho Shares forming the Dividend is
qualified by the long-form prospectus of Ortho Regenerative
Technologies Inc. dated April 29,
2016 (the "Prospectus"). After distribution of the
Dividend, Manitex will continue to hold 3,852,873 Ortho Shares.
The Dividend is an "eligible dividend" for the purposes of the
Income Tax Act (Canada) and
corresponding provincial legislation and therefore the dividend
will be taxable in the hands of Manitex shareholders.
Manitex shareholders with questions regarding the tax
treatment of dividends should consult with their own tax advisors
or contact their local office of the Canada Revenue Agency and,
where applicable, the provincial taxation authorities.
For more details on the Dividend, please consult the Prospectus
and documents incorporated therein under the issuer profile of
Ortho Regenerative Technologies Inc. on SEDAR
at www.sedar.com.
The distribution of the Dividend is subject to final acceptance
by the TSX Venture Exchange.
Caution regarding forward-looking statements
This news release may contain certain forward-looking statements
regarding the Company's expectations for future events. Such
expectations are based on certain assumptions that are founded on
currently available information. If these assumptions prove
incorrect, actual results may differ materially from those
contemplated by the forward-looking statements contained in this
press release. Factors that could cause actual results to differ
include, amongst others, uncertainty as to the final result and
other risks. The Company disclaims any intention or obligation to
publicly update or revise any forward- looking statements, whether
as a result of new information, future events or otherwise, other
than as required by security laws.
About Ortho Regenerative Technologies Inc.
Ortho RTi is a Canadian
orthopaedic biotechnology company dedicated to the development of
medical devices that treat unmet needs in the orthopaedic market.
Based on a proprietary biopolymer platform, the company is
developing new regenerative treatments for soft tissue tears in the
shoulder and knee as well as articular cartilage injuries, all
currently with few productive options for repair.
About Manitex Capital Inc.
Manitex Capital Inc. specializes in the acquisition of equity
interests in emerging life science companies and actively
participates in their management. Manitex currently has 12,561,276
common shares outstanding which are quoted for trading on the TSX
Venture Exchange.
TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accept responsibility for the adequacy or accuracy of this
release.
SOURCE Manitex Capital Inc.