Ergoresearch Ltd. announces closing of bought deal for a secondary offering and a treasury offering by way of private placement

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LAVAL, QC, Feb. 27, 2014 /CNW Telbec/ - Ergoreasearch Ltd. (TSXV: ERG) (the "Corporation" or "Ergoresearch") announced today the closing of the previously announced secondary offering of 15,000,000 common shares at a price of $1.00 per share by two of its shareholders, Danielle Boucher and Société en commandite Soccrent Nouvelles Technologies, (the "Secondary Offering") and the closing by the Corporation of a treasury offering of 5,000,000 common shares at a price of $1.00 (the "Treasury Offering") pursuant to the exercise by the underwriters of their option to purchase such shares under the terms of the agreement announced on February 11, 2014 with an underwriting syndicate led by GMP Securities L.P. and which includes Laurentian Bank Securities Inc. (collectively the "Underwriters").

The common shares purchased under the Secondary Offering and the Treasury Offering were purchased on a private placement basis pursuant to exemptions from the prospectus requirements under appplicable securities laws and are subject to a four month hold period which will last until (and including) June 27, 2014. The net proceeds of the Secondary Offering were paid directly to the selling shareholders. The Corporation has not received any proceeds from the Secondary Offering. The proceeds from the Treasury Offering will be used for general and working capital purposes. The Selling Shareholders, with respect to the common shares sold by them under the Secondary Offering, and the Corporation, with respect to the common shares issued and sold under the Treasury Offering, paid to the Underwriters a cash commission that did not exceed 5% of the gross proceeds raised under such offerings.

Prior to the transaction, Danielle Boucher held 14,045,500 common shares of the Corporation, representing approximately 20.0 % of the issued and outstanding common shares. Following the closing of the offering, Danielle Boucher now holds 1,945,500 common shares. This transaction was effected by Danielle Boucher for personal financial planning reasons and Danielle Boucher has no pre-determined intention with respect to future acquisitions or sales of common shares of the Corporation. An early warning report was filed on February 12, 2014 describing the change in Mrs. Boucher's holdings and may be accessed on www.sedar.com. Prior to the transaction, Soccrent held 2,900,000 common shares of the Corporation, representing approximately 4.1 % of the issued and outstanding common shares. Following the closing of the offering, Soccrent no longer holds any common shares.

Forward-Looking Statements

This press release contains forward-looking statements. Statements based on Ergoresearch's management's current expectations contain known and unknown inherent risks and uncertainties and no assurance can be given that potential future results or circumstances will be achieved or will occur. The reader should not place undue faith in forward-looking information. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or circumstances.

About Ergoresearch

Ergoresearch has developed Quebec's leading network of orthotics clinics, with over 100 corporate and satellite centres under the Clinique du pied Équilibre, Orthoconcept, Podotech and Laboratoire Langelier banners. The leading manufacturer of "intelligent" foot orthotics and specialty orthotics, it is a trend-setter in creating durable medical equipment and software for the orthopedics market. Ergoresearch has developed and commercialized Expert-Fit™, the first robotized custom-fit orthotics manufacturing software program, launched the first Living Lab in Canada and more recently, a new generation of world -patented orthotic device called the OdrA, that revolutionizes the treatment of pain associated with knee osteoarthritis. Ergoresearch Ltd is listed on the TSX Venture Exchange (TSXV) under the symbol ERG.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Ergoresearch Ltd

Sources:
Sylvain Boucher
President and CEO
Ergoresearch Ltd.
450-973-6700, ext. 213
[email protected]