[March 15, 2017] |
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RTI Surgical, Inc. and Krensavage Partners, LP Reach Settlement Agreement
RTI
Surgical Inc. ("RTI") (Nasdaq:RTIX), a global surgical implant
company, announced today that it has entered into a settlement agreement
with an investor group led by Krensavage Partners, LP (collectively
"Krensavage"), which collectively own approximately 7% of the
outstanding shares of common stock of the Company.
Under the settlement agreement, RTI: (i) has increased the size of RTI's
board of directors from nine directors to ten directors; (ii) has
appointed Mark D. Stolper, a Krensavage nominee, to the board; and (iii)
will nominate Mr. Stolper to be elected to the board at RTI's upcoming
annual meeting of stockholders, currently scheduled for May 16, 2017,
and at RTI's annual meeting of stockholders to be held in 2018. Also
under the settlement agreement, Krensavage has agreed to vote at the
2017 annual meeting and the 2018 annual meeting all of its shares in
favor of the nominees proposed by the Company. The settlement agreement
also includes, among other provisions, certain standstill commitments
made by Krensavage that end at 11:59 p.m. ET on July 1, 2018.
In response to the settlement agreement, Curtis M. Selquist, Chairman of
the Board of Directors of RTI, said, "We are pleased to enter this
agreement with Krensavage, a valued shareholder of RTI, and we welcome
Mark Stolper to our board of directors."
RTI will file the settlement agreement on Form 8-K today.
RTI's 2017 Annual Meeting will be held on Tuesday, May 16, 2017 at 8:00
a.m. ET at RTI's heaquarters at 11621 Research Circle, Alachua, Florida
32615.
About RTI Surgical Inc.
RTI
Surgical is a leading global surgical implant company providing
surgeons with safe biologic, metal and synthetic implants. Committed to
delivering a higher standard, RTI's implants are used in sports
medicine, general surgery, spine, orthopedic, trauma and cardiothoracic
procedures and are distributed in nearly 50 countries. RTI is
headquartered in Alachua, Fla., and has four manufacturing facilities
throughout the U.S. and Europe. RTI is accredited in the U.S. by the
American Association of Tissue Banks and is a member of AdvaMed. For
more information, please visit www.rtix.com.
Forward Looking Statement
This communication contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management's current
expectations, estimates and projections about our industry, our
management's beliefs and certain assumptions made by our management.
Words such as "anticipates," "expects," "intends," "plans," "believes,"
"seeks," "estimates," variations of such words and similar expressions
are intended to identify such forward-looking statements. In addition,
except for historical information, any statements made in this
communication about anticipated financial results, growth rates, new
product introductions, future operational improvements and results or
regulatory actions or approvals or changes to agreements with
distributors also are forward-looking statements. These statements are
not guarantees of future performance and are subject to risks and
uncertainties, including the risks described in public filings with the
U.S. Securities and Exchange Commission (SEC (News - Alert)). Our actual results may
differ materially from the anticipated results reflected in these
forward-looking statements. Copies of the company's SEC filings may be
obtained by contacting the company or the SEC or by visiting RTI's
website at www.rtix.com
or the SEC's website at www.sec.gov.

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