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.
