Vigil Health Announces Completion of Acquisition by ASSA ABLOY

VICTORIA, British Columbia, April 01, 2022 (GLOBE NEWSWIRE) — Vigil Health Solutions Inc. (“Vigil” or the “Company”) (TSXV: VGL) announced today that it closed the previously announced statutory plan of arrangement (the “Arrangement”) under the Business Corporations Act (British Columbia) involving the Company and ABLOY Canada Inc. (the “Purchaser”), a subsidiary within the ASSA ABLOY Group, pursuant to which the Purchaser has acquired all of the issued and outstanding common shares (the “Common Shares”) of Vigil. The total equity value of the transaction is approximately $12.55 million.

Under the Arrangement, each holder (the “Shareholders”) of Common Shares will receive $0.67 (the “Consideration”) for each share held. In order to receive the Consideration, registered Shareholders are required to deposit their share certificate(s) representing their Common Shares, together with a duly completed letter of transmittal, with Computershare Investor Services Inc., the depositary under the Arrangement, at P.O. Box 7021, 31 Adelaide Street E, Toronto, Ontario, M5C 3H2, Attention: Corporate Actions or by courier to 100 University Avenue, 8th Floor, Toronto, Ontario, M5J 2Y1. Beneficial Shareholders whose Common Shares are registered in the name of a broker, dealer, bank, trust company or other intermediary should contact their intermediary regarding receipt of the Consideration.

The Common Shares will be delisted from the TSX Venture Exchange (the “TSXV”) as of the close of trading on April 4, 2022. The Company will also submit an application to cease to be a reporting issuer under applicable Canadian securities laws and to otherwise terminate the Company’s public reporting requirements.

About ASSA ABLOY

The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 48,000 employees and sales of SEK 88 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY’s innovations enable safe, secure and convenient access to physical and digital places. Every day, ASSA ABLOY help billions of people experience a more open world.

About Vigil

Vigil offers a proprietary technology platform combining software and hardware to provide comprehensive solutions to the expanding seniors’ housing market. Vigil has established a growing presence in North America and an international reputation for being on the leading edge of systems design and integration. Vigil’s objective is to offer solutions for the full continuum of care. Vigil’s product range includes the innovative wireless Vitality Care System™ featuring discreet ‘mini pendants’, a nurse call system, mobile fall and incontinence monitoring, resident check in and the award-winning Vigil Memory Care System. Learn more about the company at www.vigil.com.

Forward-Looking Statements

This news release contains forward-looking information within the meaning of applicable securities laws in Canada (collectively, “forward-looking statements”). The words “anticipates”, “believes”, “budgets”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “might”, “plans”, “projects”, “schedule”, “should”, “will”, “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements in this news release include, but are not limited to, statements about: the delisting of the Common Shares from the TSXV and the submission of an application to cease to be a reporting issuer and the timing thereof.

With respect to the forward-looking statements contained in this news release, Vigil has made certain assumptions regarding, among other things: the timeline for the Common Shares to be delisted from the TSXV and that the Company will receive all necessary regulatory approvals and meet all requirements to cease to be a reporting issuer. Readers are cautioned that the expectations disclosed in any forward-looking statements and underlying assumptions may not be achieved and that they should not place undue reliance on any forward-looking statement. Actual events could differ materially from the expectations, and assumptions expressed or implied in any forward-looking statements as a result of certain risks and uncertainties and other factors, including that all necessary regulatory approvals will be obtained in a timely manner.

For a more thorough discussion of the risks associated with Vigil’s business, see the “Risks and Uncertainties” section in Vigil’s management’s discussion and analysis for the year ended March 31, 2021, filed with the securities regulators in Canada at www.sedar.com. Although the Company has attempted to identify important risks, uncertainties and other factors that could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements, there may be other factors that cause actual results or events to differ from those expressed or implied in the forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement and Vigil undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof.

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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.