Evome Sells Simbex R&D Business Unit to Riddell for $4.83M in Cash; Improves Balance Sheet, Reduces Biodex Acquisition Debt

NEW YORK, April 02, 2024 (GLOBE NEWSWIRE) -- Evome Medical Technologies Inc. (the “Company” or “Evome”) (TSXV: EVMT) has reached an agreement with EB Sports Corp. (the “Buyer”)‎, the parent company of Riddell Sports Group, an industry leader in football helmet technology and innovation, to sell Simbex LLC (“Simbex”), the Company’s R&D business unit, for approximately $4.83M in cash. The proceeds will be used to pay down Simbex debt and reduce Evome’s acquisition debt to the seller of its operating subsidiary Biodex Rehab Systems, LLC (“Biodex”), strengthening the Company’s balance sheet, as well as increasing focus on revenue and profit growth from the Biodex product line.

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