Evome Medical Technologies Executes Non-Binding Letter of Intent to Extend Remaining Simbex Acquisition Debt to June 2025; Increases Sales Targets by 7.5% for Biodex Distribution Contracts; Raises Biodex Product Pricing by 2% for 2024

NEW YORK, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Evome Medical Technologies Inc. (the “Company” or “Evome”) has executed a non-binding letter of intent (LOI) to extend acquisition debt of US$3,294,440 to the sellers of Simbex, LLC (“Simbex”) to June 30, 2025. In exchange for the extensions, the Company intends to grant the Simbex sellers (i) a subordinated security interest in all non-Biodex assets, (ii) a 10% annual interest rate on the amount due from April 14, 2023 to the due date, (iii) cash payments when free cash flow balances of the Company exceed $500,000 after payments to other creditors with priority, and (iv) a waiver from the contractual restriction from holding more than 500,000 common shares of Evome (the “Common Shares”) at any one time. As part of the transaction, Simbex sellers have indicated an intention to convert the 4,640,708 Class A non-voting shares (the “Class A Shares”) still held into Common Shares.

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