TORONTO, Ontario, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Titan Medical Inc. (“Titan”) (TSX: TMD; OTC: TMDIF) announces that following its annual general meeting held on September 30, 2024 (the “Meeting”) and in accordance with Titan’s Majority Voting Policy (the “Voting Policy”), Anthony Giovinazzo, Cathy Steiner, Cary Vance and Paul Cataford have tendered to the Board of Directors (the “Board”) their resignations as directors of Titan (including Paul Cataford’s resignation as Board Chairman).
Pursuant to the Voting Policy, the Corporate Governance and Nominating Committee of the Corporation (“Committee”) must consider such resignations and make a recommendation to the Board as to whether to accept such resignations within ninety (90) days of the Meeting. In its deliberations, the Committee may consider, among other things, the effect any resignation may have on the Corporation’s ability to comply with any applicable governance rules and policies.
In accordance with Titan’s Articles and corporate law requirements, Titan must have a minimum of three directors and under the applicable securities instrument governing audit committees, Titan’s audit committee must currently comprise a minimum of three independent directors.
As a result of the foregoing, the Board has only accepted Paul Cataford and Cary Vance’s resignations with immediate effect at this time.
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.
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: regarding the closing of the Proposed Transaction, planned acceptance of resignations by certain directors, filling of vacancies on the Board, and other statements that are not historical facts.