PR Newswire06.24.16
The Trendlines Group Ltd., an Israeli company focused on innovation commercialization, said its 26.5 percent-owned associated company, E.T.View Medical Ltd., is being sold to Danish medical device firm Ambu A/S. E.T.View develops and manufactures products that provide continuous visualization and ventilation of the airway during thoracic surgical procedures.
According to the agreement, Ambu will acquire E.T.View in a "reverse triangular merger" worth $16 million, less roughly about $3.4 million in transaction costs, employee bonuses, and the assumption of certain debts, liabilities and expenses. E.T.View's Board of Directors unamiously approved the agreement on June 21.
The fair value of The Trendlines Group's holdings in E.T.View was approximately $1.3 million as of March 31. Trendlines estimates it will receive net proceeds of approximately $3.3 million, in a pre-tax gain of $2 million from the sale.
"Through the intensive work of E.T.View's staff, with the support of the Trendlines team, E.T.View has become a global leader in lung isolation airway management with sales in North America, South America, Europe, Asia and Africa. Ambu's proposed acquisition of E.T.View recognizes the importance of E.T.View's innovative technology for thoracic surgeons and anesthesiologists. We are very pleased to to place E.T.View in Ambu's hands and expect tremendous growth under Ambu to the benefit of patients and the medical community," said Trendlines chairman and CEO Todd Dollinger, who also serves as E.T.View chairman. "The sale of E.T.View marks the first exit that Trendlines has completed since listing on Singapore Stock Exchange on Nov. 26, 2015.
The Trendlines Group, is an innovation commercialization company that invents, discovers, invests in, and incubates medical and agricultural technologies. As intensely hands-on investors, Trendlines is involved in all aspects of its portfolio companies from technology development through business building.
According to the agreement, Ambu will acquire E.T.View in a "reverse triangular merger" worth $16 million, less roughly about $3.4 million in transaction costs, employee bonuses, and the assumption of certain debts, liabilities and expenses. E.T.View's Board of Directors unamiously approved the agreement on June 21.
The fair value of The Trendlines Group's holdings in E.T.View was approximately $1.3 million as of March 31. Trendlines estimates it will receive net proceeds of approximately $3.3 million, in a pre-tax gain of $2 million from the sale.
"Through the intensive work of E.T.View's staff, with the support of the Trendlines team, E.T.View has become a global leader in lung isolation airway management with sales in North America, South America, Europe, Asia and Africa. Ambu's proposed acquisition of E.T.View recognizes the importance of E.T.View's innovative technology for thoracic surgeons and anesthesiologists. We are very pleased to to place E.T.View in Ambu's hands and expect tremendous growth under Ambu to the benefit of patients and the medical community," said Trendlines chairman and CEO Todd Dollinger, who also serves as E.T.View chairman. "The sale of E.T.View marks the first exit that Trendlines has completed since listing on Singapore Stock Exchange on Nov. 26, 2015.
The Trendlines Group, is an innovation commercialization company that invents, discovers, invests in, and incubates medical and agricultural technologies. As intensely hands-on investors, Trendlines is involved in all aspects of its portfolio companies from technology development through business building.