Novoheart Holdings Inc. Receives Securityholder Approval of Going-Private Transaction

VANCOUVER, British Columbia, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Novoheart Holdings Inc. (“Novoheart” or the “Company”) (TSXV: NVH) is pleased to announce that the previously announced acquisition by Novomed Limited (the “Purchaser”), a company beneficially owned by entities controlled by Prof. Ronald Li, Dr. Yu Ying Ngan Ng, Chi Wing Ngan and Victor Chang, each a director of the Company, of all the issued and outstanding common shares of Novoheart (“Novoheart Shares”) other than those Novoheart Shares currently owned by certain shareholders who have entered into rollover, voting and support agreements with the Purchaser (the “Rollover Shareholders”), by way of a plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”), has been approved by the holders of Novoheart Shares and options (collectively, the “Securityholders”). At the special meeting of Securityholders held on November 10, 2020 (the “Meeting”), a special resolution approving the Arrangement was approved by 99.99% of the votes cast at the Meeting or by proxy by holders of Novoheart Shares, by 99.94% of the votes cast at the Meeting or by proxy by holders of Novoheart Shares, excluding the votes cast in respect of Novoheart Shares held by interested parties required to be excluded pursuant to applicable securities law, and by 99.99% of the votes cast by Securityholders.

At the Meeting, an ordinary resolution approving the delisting of the Novoheart Shares from the TSX Venture Exchange (the “TSXV”) was approved by 99.95% of the votes cast at the Meeting or by proxy by holders of Novoheart Shares, excluding the votes cast by directors, officers and other insiders of the Company required to be excluded for the purposes of such vote under TSXV rules.

On closing of the Arrangement, Novoheart shareholders will receive, subject to the terms and conditions of the Arrangement, $0.53 per Novoheart Share (except in the case of Rollover Shareholders who have agreed to roll over their Novoheart Shares in exchange for shares of the Purchaser).

The Arrangement is subject to final approval by the TSXV and the Supreme Court of British Columbia (the “Court”). The Court hearing for the final order to approve the Arrangement is scheduled to take place on November 13, 2020.

Additional information regarding the terms of the Arrangement are set out in Novoheart’s management information circular dated October 9, 2020, which is available under Novoheart’s profile at www.sedar.com