Carlsbad, California--(Newsfile Corp. - August 14, 2026) - Aurora Spine Corporation (TSXV: ASG) ("Aurora Spine" or the "Company") announced today that it has entered into a new non-exclusive license to US patent #9,451,986 titled "Percutaneous sacroiliac joint implant and method for surgically inserting and securing the implant into the sacroiliac joint" in an agreement with SILIF Corporation of New York, New York ("SILIF"). The new patent license replaces a previous version that the Company utilized in developing its market leading SiLO TFX Transfixing SI Joint System.
The new license is for a four (4) year term beginning August 11, 2026, and resolves a long-standing disagreement between the parties over royalty payment calculations. The Settlement of the dispute involves a cash payment of $283,000 from Aurora to SILIF, the return of 2,700,000 shares to the Company and extinguishment of the related note payable to Aurora from SILIF and, more importantly, a simplified royalty calculation on future sales of SiLO TFX. The arbitration, initiated under the previous license agreement, is being dismissed.
The Company also announced that an insider of the Company has agreed to increase the principal amount available under an existing loan with the Company (the "Loan") by US$600,000. As a result of this increase, the total principal amount owing by the Company to the insider is US$2.2 million (the "Principal Amount"). The Company intends to use the Loan proceeds for general corporate purposes.
The Loan is evidenced by a promissory note (the "Note") bearing interest at 4.5% per annum. The Principal Amount together with interest thereon is due on July 11, 2029. The Company may prepay the Principal Amount and interest thereon, in whole or in part, at any time without penalty. The Company's wholly owned subsidiary, Aurora Spine, Inc., continues its guarantee and security for the obligations of the Company under the Note. Upon a Change of Control of the Company, the Maturity Date will be accelerated, and the Note will be due and payable in full, upon written request from the Holder.
The Loan constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and the policies of the TSX Venture Exchange but is otherwise exempt from the formal valuation and minority approval requirements of MI 61-101. The Company was not in a position to file a material change report more than twenty-one days in advance of the completion of the Loan.
The Loan is subject to certain conditions including, but not limited to, the receipt of all necessary approvals.
About Aurora Spine
Aurora Spine Corporation (TSXV: ASG) (OTCQB: ASAPF) is an innovative designer and manufacturer of minimally invasive spinal implants and interventional pain management technologies. Headquartered in Carlsbad, California, the company's mission is to improve spinal surgery outcomes through simplified, integrated, and cost-effective solutions that advance patient care worldwide.
Additional information can be accessed at www.aurora-spine.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains statements that constitute "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). Forward-looking statements include, but are not limited to, statements regarding the manner and timing of repayment of the Loan.
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurora Spine, including, without limitation, those listed under "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Information" in Aurora Spine's final prospectus (collectively, "forward-looking information"). Forward-looking information in this news release includes information concerning the proposed use and success of the company's products in surgical procedures. Aurora Spine cautions investors of Aurora Spine's securities about important factors that could cause Aurora Spine's actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ unilaterally from those expressed in such forward-looking statements. No assurance can be given that the expectations set out herein will prove to be correct and, accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and Aurora Spine does not assume any obligation to update or revise them to reflect new events or circumstances.
Forward-looking statements are based on management's current expectations and assumptions and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on forward-looking statements. Aurora Spine undertakes no obligation to update or revise any forward-looking statement, except as required by applicable securities laws.
Company and Investor Contacts
Aurora Spine Corporation
Trent J. Northcutt
President and Chief Executive Officer
Phone: (760) 424-2004
Chad Clouse
Chief Financial Officer
Phone: (760) 424-2004
Investor Relations
Adam Lowensteiner
Lytham Partners
Phone: (646) 829-9702
Email: asapf@lythampartners.com
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Source: Aurora Spine Corporation
