Titan Settles Contractual Dispute with Contract Manufacturer

TORONTO, Ontario, April 01, 2024 (GLOBE NEWSWIRE) -- Titan Medical Inc. (“Titan”) (TSX: TMD; OTC: TMDIF) announces that it has entered into a settlement agreement with a contract manufacturer (“Contractor”).

Titan has reached a settlement agreement in connection with a dispute with the Contractor. Under the terms of the settlement, Titan has agreed to pay the Contractor an aggregate of US$2 million, with the final payment installment to be made on or before June 24, 2024. Upon receipt of the full US$2 million, the Contractor will deliver the outstanding material, inventory, and works-in-progress to Titan. 

About Titan Medical

Titan Medical Inc. (TSX: TMD; OTC: TMDIF), a medical technology company incorporated under the Business Corporations Act (Ontario) and headquartered in Toronto, Ontario, has developed an expansive patent portfolio related to the enhancement of robotic assisted surgery (RAS), including through a single access point, and is currently focused on evaluating new opportunities to further develop and license its intellectual property while pursuing the completion of its agreed upon merger with Conavi Medical Inc.

Cautionary Statement Regarding Forward-Looking Information

This news release contains “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws, which reflect the current expectations of management of Titan’s future growth, results of operations, performance and business prospects and opportunities. Forward-looking statements are frequently, but not always, identified by words such as “may”, “would”, “could”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “potential for” and similar expressions, although these words may not be present in all forward-looking statements. Forward-looking statements that appear in this release may include, without limitation, references to: Titan evaluating new opportunities to further develop and license its intellectual property, the payment of future settlement amounts, the delivery of materials to Titan, the ability to derive value from the materials delivered to Titan, and the completion of the merger with Conavi.