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Biotech and Life Sciences , HealthCare , IPO, RTO Deals , Ontario

Think Research enters definitive agreement to go public at $120M valuation

By CPE News

November 12, 2020

CPE News (11/12/2020) – AIM4 Ventures Inc. (TSX-V: AIMD.P) and TRC Management Holdings Corp. (TRC), the parent company of Think Research Corporation, have entered into a definitive arrangement agreement, pursuant to which AIM4 and TRC will combined with resulting issuer continuing the business of TRC, change its name to Think Research Corporation and trade on the TSX Venture Exchange.

The transaction would constitute as AIM4’s Qualifying Transaction (QT) and Think Research’s going public transaction.

The transaction is conditional on TRC’s completion of $30 million concurrent financing priced at $4.65, the acquisition of 2775554 Ontario Inc. (HPC), and the redemption by TRC of 5,511,081 outstanding Class A preferred shares for $1 per share.

Upon completion of the transaction, the resulting issuer will have 35,188,572 shares outstanding on a non-diluted basis.

Former Think Research/TRC shareholders will receive 25,774,631 shares in exchange of their common shares and Class B preferred shares. Based the price of con-current financing, Think Research would be effectively valued at approximately $120 million or $125 million including the redemption of Class A preferred shares.

Think Research has been backed in iGan Partners, Fidelity Investments Canada, Kayne Partners, Canaccord Genuity, NAVentures, Lumira Ventures and others.

Sam Ifergan, President of iGan Partners, will join the new Think Research board of directors.

photo credit : Think Research

News Release

AIM4 Ventures Inc. Enters into Definitive Agreement for Qualifying Transaction with Think Research

Toronto – November 12, 2020 – AIM4 Ventures Inc. (TSXV: AIMD.P) (the “Company” or “AIM4”) is pleased to announce that it has entered into a definitive arrangement agreement dated November 12, 2020 (the “Arrangement Agreement”) with TRC Management Holdings Corp. (“TRC”), the parent company of Think Research Corporation, in respect of the previously announced “Qualifying Transaction” of the Company as such term is defined in Policy 2.4 – “Capital Pool Companies” (the “Policy”) of the TSX Venture Exchange (“TSXV” or the “Exchange”) Corporate Finance Manual (the “Transaction”). Pursuant to the Arrangement Agreement, the Transaction will be completed by way of a plan of arrangement (the “Arrangement”) under the provisions of the Business Corporations Act (Ontario) (“OBCA”). Following the Arrangement, the securityholders of TRC will own the substantial majority of the shares of the combined entity (the “Resulting Issuer”) and the Resulting Issuer will continue the business of TRC, change its name to Think Research Corporation and trade on the Exchange.

TRC was incorporated on March 7, 2014 under the OBCA. TRC is an industry leader in delivering integrated digital healthcare solutions. TRC’s focused mission is to organize the world’s health knowledge so everyone gets the best care. Its evidence-based healthcare technology solutions support the clinical decision-making process, standardize care, and improve patient outcomes. For over a decade, TRC’s cloud-based, EMRagnostic digital tools have empowered clinicians around the world and impacted millions of patients across the continuum of care – from acute to primary, community and seniors care. TRC is proud to serve as a trusted health system partner to a rapidly growing global client base that spans three continents and more than 2,200 healthcare facilities.

AIM4 was incorporated on November 29, 2018 under the OBCA and is a reporting issuer in the provinces of British Columbia, Alberta, Ontario, New Brunswick and Nova Scotia. The AIM4 common shares (the “AIM4 Shares”) are listed for trading on the TSXV. The AIM4 Shares have been posted for trading on the TSXV since July 4, 2019. The AIM4 Shares were halted from trading on October 14, 2020 in connection with the announcement of the Arrangement and remain halted as at the date hereof. AIM4 is a capital pool company, incorporated for the purposes of identifying and evaluating businesses or assets with a view to completing a Qualifying Transaction (as defined in the Policy) in accordance with the Policy. Until completion of a Qualifying Transaction, AIM4 will not carry on any business other than the identification and evaluation of assets or businesses with a view to completing a proposed Qualifying Transaction.

The Arrangement

Pursuant to the Arrangement, among other things, the following events or transactions will occur: – the AIM4 Shares will be consolidated on the basis of up to 24.76125 pre-consolidation AIM4 Shares for every post-consolidation AIM4 Share (the “Consolidation”); – the terms of the outstanding stock options of AIM4 (the “AIM4 Options”) shall be adjusted, in accordance with their terms and the terms of AIM4’s stock option plan, with respect to the exercise price and the number of AIM4 Shares issuable upon the proper exercise of such AIM4 Options to account for the Consolidation; – the terms of the outstanding warrants to purchase AIM4 Shares (the “AIM4 Warrants”) shall be adjusted, in accordance with their terms, with respect to the exercise price and the number of AIM4 Shares issuable upon the proper exercise of such AIM4 Warrants to account for the Consolidation; – each holder (each, a “TRC Shareholder”) of common shares of TRC (the “TRC Common Shares”) (other than dissenting TRC Shareholders) will be entitled to receive one common share of the Resulting Issuer (the “Resulting Issuer Shares”) for each TRC Common Share held by such TRC Shareholder immediately prior to the Effective Time (as defined in the Arrangement Agreement); – each holder of AIM4 Shares (each, a “AIM4 Shareholder”) (other than dissenting AIM4 Shareholders) will be entitled to receive one Resulting Issuer Share for each post-Consolidation AIM4 Share held immediately prior to the Effective Time; – each outstanding stock option to purchase TRC Common Shares (the “TRC Options”) shall be exchanged for an option (the “Replacement Options”) to purchase from the Resulting Issuer the number of Resulting Issuer Shares (rounded down to the nearest whole number) equal to the number of TRC Common Shares subject to such TRC Option immediately prior to the Effective Time, at an exercise price per Resulting Issuer Share (rounded up to the nearest whole cent) equal to the exercise price per TRC Common Share otherwise purchasable pursuant to such TRC Option immediately prior to the Effective Time; – each holder of warrants to purchase TRC Common Shares (the “TRC Warrants”) shall be entitled to receive (and such holder shall accept) upon the exercise of such holder’s TRC Warrant, in lieu of TRC Common Shares to which such holder was theretofore entitled upon such exercise, and for the same aggregate consideration payable therefor, the number of Resulting Issuer Shares which the holder would have been entitled to receive as a result of the transactions contemplated by the Arrangement if, immediately prior to the Effective Date, such holder had been the registered holder of the number of TRC Common Shares to which such holder would have been entitled if such holder had exercised such holder’s TRC Warrants immediately prior to the Effective Time; – each holder of AIM4 Options shall be entitled to receive (and such holder shall accept) upon the exercise of such holder’s AIM4 Option, in lieu of AIM4 Shares to which such holder was theretofore entitled upon such exercise, and for the same aggregate consideration payable therefor, the number of Resulting Issuer Shares which the holder would have been entitled to receive as a result of the transactions contemplated by the Arrangement if, immediately prior to the Effective Date, such holder had been the registered holder of the number of AIM4 Shares to which such holder would have been entitled if such holder had exercised such holder’s AIM4 Options immediately prior to the Effective Time; and – each holder of AIM4 Warrants shall be entitled to receive (and such holder shall accept) upon theexercise of such holder’s AIM4 Warrant, in lieu of AIM4 Shares to which such holder was theretofore entitled upon such exercise, and for the same aggregate consideration payable therefor, the number of Resulting Issuer Shares which the holder would have been entitled to receive as a result of the transactions contemplated by this Arrangement if, immediately prior to the Effective Date, such holder had been the registered holder of the number of AIM4 Shares to which such holder would have been entitled if such holder had exercised such holder’s AIM4 Warrants immediately prior to the Effective Time.

The Arrangement Agreement

The Arrangement is being effected pursuant to the Arrangement Agreement. The Arrangement Agreement contains customary covenants, representations and warranties of and from each of AIM4 and TRC.

The obligations of AIM4 and TRC to consummate the transactions contemplated by the Arrangement Agreement, and in particular the Arrangement, are subject to various conditions precedent, both mutual and with respect to each party including, but not limited to: – compliance with the Arrangement Agreement; – receipt of requisite shareholder and court approvals; – receipt of all requisite regulatory and board approvals, including, without limitation, the TSXV; – TRC shall have completed the Concurrent Financing (as defined below) and the HCP Acquisition (as defined below); – redemption by TRC of 5,511,081 outstanding Class A preferred shares for $1 per share; and – no material adverse change in respect of TRC or AIM4 shall have occurred.

The Arrangement Agreement will be posted on the Company’s profile on SEDAR at www.sedar.com.

Shareholder Meeting

The Arrangement is not a Non-Arm’s Length Qualifying Transaction (as such term is defined in the Policy) and as such, the Company will not be required to obtain shareholder approval of the Qualifying Transaction. In addition, the Qualifying Transaction is not a “related party transaction” as such term is defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions and is not subject to Policy 5.9 of the TSXV. As a result, no meeting of the shareholders of the Company is required pursuant to the Policy or securities law.

However, a meeting of the AIM4 Shareholders will be held to approve the Arrangement and various corporate matters connected to the Transaction (the “AIM4 Meeting”). A management information circular of AIM4 (the “Circular”) will be mailed to AIM4 Shareholders in connection with the AIM4 Meeting and posted on the Company’s profile on SEDAR at www.sedar.com.

A meeting of the TRC Shareholders will be held to approve the Arrangement and various corporate matters connected to the Transaction.

Management and Insiders of the Resulting Issuer

Upon completion of the Arrangement it is anticipated that the current directors and officers of the Company will resign and that the management team of the Resulting Issuer following the completion of the Qualifying Transaction will be comprised of Sachin Aggarwal (Chief Executive Officer), Alex Dvorkin (Interim Chief Financial Officer and Vice President, Finance), Saurabh Mukhi (Chief Technology Officer), Joanna Carroll (Chief Administrative Officer) and Dr. Parminder Singh (Managing Director, Clinical Services). It is anticipated that following the completion of the Arrangement, the Resulting Issuer’s board of directors will consist of seven directors, namely Cindy Gray, Barry Reiter, Richard Wells, Kirstine Stewart, Sam Ifergan, Abe Schwartz and Sachin Aggarwal.

The relevant experience of the proposed officers and directors of the Resulting Issuer is set out below.

Sachin Aggarwal – proposed Director and Chief Executive Officer

Sachin Aggarwal has served as the Chief Executive Officer of TRC since 2010. Under his leadership, TRC has become a leading provider of evidence-based clinical decision support tools with a focused mission: to organize the world’s health knowledge so everyone receives the best care. TRC is now a leader in the global health data economy, allowing TRC to standardize care at scale, aggregate knowledge across health systems and improve the quality of care for patients. Prior to his role at TRC he served as the Deputy Chief of Staff for the Office of the Leader of the Opposition. Previous to that, he was an associate with a leading Canadian law firm. A recipient of Canada’s Top 40 Under 40 Award in 2017, Sachin also sits on the Board of the Council of Canadian Innovators. He is currently a Senior Fellow in Public Policy at the Munk School of Global Affairs and Public Policy and has served as an advisor to numerous start-up and scale-up companies in the innovation sector. He was called to the Bar in Ontario and New York and holds an MBA from the Rotman School of Management.

Abe Schwartz, proposed Director

Abe Schwartz is the president of Schwartz Technologies Corporation which since 1986, has actively developed and funded emerging companies engaged in healthcare and information technologies. Abe has 45 years experience with research and development, new product launches, technology licensing, international distribution agreements, company turnarounds, venture capital financing, and negotiating mergers and acquisitions. Abe’s first start-up was Polaris Technology Corporation, a computer software firm founded in 1975 and sold in 1982 to Crown Life Insurance Company. Abe was president of The Workflow Automation Corporation which was sold in 2000 to Silicon Valley-based BEA Systems Inc. which was subsequently acquired by Oracle Corporation. In 2002, Abe became CEO of Cedara Software Inc., a medical imaging technology company. Under Abe’s leadership, Cedara’s stock, listed on NASDAQ and the Toronto Stock Exchange, went from $0.30 to $30 in three years. It amalgamated with Merge Healthcare in 2005. Abe has served as an advisor and board member of numerous public and private companies currently including: TRC, Covalon Technologies Inc., RedHill Biopharma Ltd., Datex Inc. and Pentavere Research Group Inc. Abe has served on the Board of Governors of Brock University and has been involved with numerous philanthropic initiatives.

Barry Reiter – proposed Director

Barry J. Reiter is Chair of Bennett Jones LLP’s Technology, Media & Entertainment (TME) Group and Chair of the firm’s Corporate Governance & Director Protection Group. His practice focuses on corporate finance, development and governance. Barry represents start-up, growth and mature companies, private equity and other financing sources. He works with clients on strategies for corporate growth, employment and compensation matters, distribution and other commercial arrangements, strategic alliances, partnerships and joint ventures, licensing, domestic and international corporate structuring, private and public financings, stock exchange listings, mergers and acquisitions, restructurings and the protection of intellectual property rights. He is an experienced director and has chaired boards and a variety of standing and special board committees. Current board roles include: Baylin Wireless Technologies and StarTech.com Ltd. (Advisory Board). Barry’s prior board experience includes Alliance Atlantis Communications Inc. (Chair, Corporate Governance Committee), MOSAID Technologies Incorporated (Chair, Corporate Governance Committee), 724 Solutions Inc. (Chair, Corporate Governance Committee), Syncapse Corp., Craig Wireless Systems Ltd., Telepanel Systems Inc. (Chair, Corporate Governance Committee), Battery Technologies Inc. (Chair of the Board) and Algorithmics Incorporated (Chair of the Board). Formerly a law professor at the Faculty of Law, University of Toronto (1974-1982), Barry has written books and articles on corporate governance, joint ventures, contracts, real estate and the legal process. His most recent book, Directors’ Duties in Canada, 6th Edition, was published by LexisNexis in April of 2016 (7th edition to be published early in 2021).

Cindy Gray – proposed Director

Cindy Gray, MBA, is the Managing Director, CEO and the founder of 5 Quarters Investor Relations, Inc. (“5Q”), an independent investor relations consulting firm operating out of Calgary, Alberta since 2013. 5Q provides strategic counsel on financial communications, continuous disclosure compliance and proactive corporate outreach programs for public and private companies. Cindy is a financial communications practitioner with 20+ years of experience in investor relations and capital markets. Cindy has held senior and executive positions at a number of public companies and led the global business development group for one of the Toronto Stock Exchange (“TSX”) and TSXV sector practices. She has been involved in the design and execution of tactical and strategic communications programs across multiple industries, including technology, natural resources, real estate, financial services and biotechnology, for North American and Australian-listed issuers. Cindy holds an MBA from the University of Calgary’s Haskayne School of Business and recently concluded two terms on the Board of Directors of Discovery House, a Calgary-based non-profit organization that offers integrated residential and community services for women and children fleeing domestic violence.

Kirstine Stewart – proposed Director

Kirstine is the author of a bestselling leadership book published by Random House “Our Turn”. Kirstine Stewart is also the Head of Shaping the Future of Media and a Member of the Executive Committee at the World Economic Forum where she leads a team working with the CEOs, Chairs and other C-suite executives from more than 30 major global media companies including Google, Facebook, Tencent, NBCU, Bytedance and more. The team works with these media leaders to keep the industry on the leading edge in a disrupted marketplace. Kirstine first worked at the intersection of tech and media when she led the Media and Content Teams as VP North America for Twitter, transitioning after she built the fastest-growing Twitter ad sales office in the world, located in Canada. As VP Media in New York, Kirstine led teams driving content creation and business partnerships in News and Government, Entertainment, Music and Sports. Before moving to Twitter, Kirstine was the Head of Canada’s national broadcaster, the CBC. She is credited with reviving the public broadcaster by introducing such hit shows as Dragons’ Den, Murdoch Mysteries, Heartland and more, expanding CBC’s reach across TV and Radio and taking CBC through a major digital transformation marked by the 2014 Olympics. Over her career Kirstine held a series of executive positions in Canada and the US including leading Canada’s HGTV and Food Network and managing and programming 37 international channels for Hallmark with offices in Denver, Hong Kong, New York and LA. Prior to her work at the World Economic Forum, Kirstine held C-suite positions at two successful tech startups, the most recent being digital transformation company TribalScale working with John Hancock and Emirates among other international Fortune 1000 companies. She has served on a number of public, private and nonprofit boards and advisories including TheScore, WOW (Creators of Castlevania), PSP Investments and Ryerson University’s DMZ.

Richard Wells – proposed Director

Richard J. Wells has served as the Chief Financial Officer of Waterton Global Resource Management, Inc. (“Waterton”) a $2 billion private equity firm focused on the precious metals sector for the past ten years. Richard is responsible for all financial aspects of Waterton’s corporate office and operating subsidiaries including accounting, reporting, taxation, investor relations and administrative matters. At Waterton he provides financial oversight as a board member for various operating companies, and has previously served as the audit committee chair for public mining companies listed on the TSXV. Prior to co-founding Waterton, Richard was the Chief Financial Officer of a global family office which conducted investments across a variety of sectors, including real estate, healthcare and technology. Earlier in his career he was a Manager of Financial Reporting at a Canadian automotive company, Magna International, Inc. He was awarded the Canadian Chartered Accountant designation (Ontario Honour Roll) in 2002 while employed in the audit practice of PricewaterhouseCoopers and holds a Bachelor of Commerce (Honours) from McMaster University where he was awarded the gold medal for outstanding academic performance.

Sam Ifergan – proposed Director

Sam Ifergan founded iGan Partners (“iGan”), Canada’s largest and most active MedTech VC investor. iGan started as a personal investment vehicle in 2012 and subsequently started its first fund in 2015. Collectively iGan has supported the creation of over 20 successful medical device, digital health and tech companies in Canada. Sam has over 20 years of entrepreneurial, technology and venture capital experience and is actively involved in evaluating, structuring and executing iGan’s investments. He works very closely with portfolio companies to help them get through regulatory hurdles and then to scale. He has a passion for developing new technologies especially in healthcare where they have a global impact.Prior to founding iGan, Sam co-founded Visualsonics along with Dr Stuart Foster. Visualsonics grew to become the largest imaging modality for mice and became an indispensable tool in pre-clinical mice models. Visualsonics was supporting healthcare research worldwide when it was sold to Sonosite who was subsequently purchased by Fuji Medical. Revenues had grown from zero to over $30 Million per year. Visualsonics continues to operate and support healthcare research worldwide and has also commercialized technology for clinical use. Prior to Visualsonics, Sam founded Brighter Minds Media, a digital media company for children. Brighter Minds developed interactive learning materials for young children. Its products were sold in over thirty countries and translated into over 12 languages. While Sam was a Director, Brighter Minds Media went public on the TSX at a 10 X pre-IPO valuation. Prior to Visualsonics, Sam founded Tri-Link Technologies. Tri-Link built and brought to market one of the world’s first IP-PBX products, essentially making the phone network part of the computer network. This leading-edge technology is now being used on phone networks worldwide. Tri-Link was sold to Teltronics, a US publicly traded telecom company for cash and equity. Sam holds a Bachelor of Electrical Engineering from McGill University and an MBA from the John Molson School of Business. He lives in Toronto with his wife and three boys.

Saurabh Mukhi – proposed Chief Technology Officer

Saurabh is the Chief Technology Officer at TRC and oversees three divisions: Product Management, Engineering and IT Operations. In his role as CTO, Saurabh is accountable for the product strategy, its engineering development, ongoing technical operations as well as the privacy & security of all IT solutions. Saurabh works closely with a cross-functional team of product strategists and technologists in building innovative solutions that bring clinical knowledge and evidence to the point of care. As CTO, Saurabh has adopted agile principles in the field of health care information technology to create and deploy scalable and secure solutions that are trusted by patients, providers and health system administrators. His efforts have been central to the development of the TRC suite of solutions which are now deployed in over five continents and connects clinicians and patients at every stage of the patient journey. Prior to joining TRC, Saurabh worked as a Management Consultant at KPMG, and he founded his own healthcare technology company, which was acquired by TRC in 2013. Saurabh has an MBA from the Rotman School of Management, and a Bachelor of Mathematics from the University of Waterloo.

Joanna Carroll – proposed Chief Administrative Officer

Joanna is TRC’s Chief Administrative Officer. Joanna has been with TRC for eight years and has been instrumental in overseeing hiring during TRC’s rapid expansion as it has grown from a small start-up to a team of over 160 staff. Additionally, Joanna oversees large-scale, strategic programs, and serves as a legal advisor to the Executive Team. Prior to joining TRC, Joanna practiced law as an employment and commercial litigator at two Bay Street law firms before starting her own firm which focussed on advising and acting on behalf of hospitals and not-for-profit healthcare agencies. Joanna has over 15 years’ experience practicing law as an employment lawyer and commercial litigator. She holds an undergraduate degree from the University of King’s College at Dalhousie University and a law degree from the University of Calgary.

Alex Dvorkin – proposed interim Chief Financial Officer and Vice President, Finance

Alex is the Interim CFO & Vice President, Finance at TRC. His major responsibilities encompass all strategic and tactical matters in relation to budget, cost benefit analysis, financial and management reporting, and financial planning & analysis. Alex offers insightful operational and programmatic support to this rapidly growing organization, and is a key player in helping TRC grow and reach new milestones. Along with his designation as CPA, Alex brings more than 10 years of experience in finance and accounting in both the professional services firm and industry settings. Alex received his Bachelor’s in Business Administration from Ivey Business School at the University of Western Ontario.

Dr. Parminder Singh – proposed Managing Director, Clinical Services

Dr. Singh is the Managing Director Clinical Services at TRC. Dr. Singh is responsible for providing leadership and strategy for the clinics division of TRC’s existing products and services as well as growth plans. He consults and provides support and direction to the Clinical Research and Development team in helping to innovate and develop sector-specific solutions and build efficiency for partners while improving the care experience. Dr. Singh’s major responsibilities also include strategy and oversight related to the HealthCare Plus primary care clinics. Dr. Singh has a doctor of medicine degree from Windsor University School of Medicine along with degrees from the University of Toronto and certification from Harvard University School of Medicine. Dr. Singh is an experienced executive with a demonstrated history of working in the hospital & health care industry. Dr. Singh was also the founding voice providing live play-by-play commentary for Hockey Night in Canada Punjabi Edition and for the National Basketball Association in Punjabi.

HCP Acquisition

TRC and the shareholders of 2775554 Ontario Inc. (“HCP”) have entered into a share purchase agreement dated October 18, 2020, providing for the acquisition by TRC of all of the issued and outstanding shares of HCP (the “HCP Acquisition”).

Pursuant to the HCP Acquisition, and prior to the Arrangement, TRC will acquire all of the issued and outstanding shares of HCP from the holders thereof in exchange for (a) the issuance to such holders of 2,532,222 TRC Common Shares and (b) cash payments to certain electing shareholders of HCP in the amounts of $1,850,000, payable on closing of the HCP Acquisition, and $1,000,000, payable six months following closing of the HCP Acquisition. Under the terms of the HCP Acquisition, prior to the acquisition of HCP by TRC, HCP will acquire: (1) 100% of the shares of 2538606 Ontario Inc.; 100% of the shares of 2538393 Ontario Inc.; 100% of the shares of 2448430 Ontario Inc; 49% of the shares of 11419501 Canada Inc. (a licensed pharmacy); 100% of the shares of Complete Immigration Medical Centre Corp.; and 100% of the shares of Ariontech Inc.

Concurrent Financing

TRC engaged Canaccord Genuity Corp. and Cormark Securities Inc., to act as co-lead bookrunners and co-lead agents, together with National Bank Financial Inc., Echelon Wealth Partners Inc. and Beacon Securities Limited (collectively, the “Agents”), to complete a private placement of subscription receipts of TRC (the “Subscription Receipts”) on a “best effort” agency basis at a price of $4.65 (the “Issue Price”) per Subscription Receipt (the “Concurrent Financing”). Pursuant to the Concurrent Financing, TRC intends to issue Subscription Receipts at the Issue Price for gross proceeds of approximately $30,000,000.

Upon satisfaction of certain conditions and prior to the HCP Acquisition and Transaction, each Subscription Receipt will be automatically exchanged without any further consideration or action by the holder thereof for one TRC Common Share. Pursuant to an option granted by TRC, by November 27, 2020, the Agents may determine to increase the size of the Concurrent Financing by 15% by selling additional Subscription Receipts at the Issue Price, bringing the aggregate gross proceeds up to approximately $34,500,000.

In connection with the Concurrent Financing, TRC agreed to pay a cash fee to the Agents equal to the sum of 6% of the gross proceeds raised from the sale of the Subscription Receipts pursuant to the Concurrent Financing to investors.

A portion of the proceeds of the Concurrent Financing will be used: to redeem all outstanding TRC Class A Preferred Shares; for the repayment of indebtedness; for corporate and administrative expenses; as cash consideration for the HCP Acquisition and for working capital.

Significant Financial Information of TRC

Consolidated Capitalization

Additional Information

Sponsorship of a Qualifying Transaction of a capital pool company is required by the Exchange unless an exemption or waiver from the sponsorship requirement is available. A request has been made to the TSXV for a waiver of the sponsorship requirements of Policy 2.2 – “Sponsorship and Sponsorship Requirements” of the TSXV, but there is no assurance that such waiver will be granted.

Trading in the AIM4 Shares is presently halted. It is uncertain whether the AIM4 Shares will resume trading until the Transaction is completed and approved by the Exchange.

There are not any interests in the Transaction held by non-arm’s length parties to AIM4. Except as disclosed herein there are no finder’s fees or similar payable for the Transaction.

Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and, if applicable, pursuant to the requirements of the Exchange, shareholder approval. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

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

Not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

TRC is represented by Blake, Cassels & Graydon LLP. Dentons Canada LLP acts as legal counsel to AIM4. The Agents are represented by Osler, Hoskin & Harcourt LLP.

For further information please contact:

Zachary Goldenberg CEO, AIM4 Ventures Inc. 647-987-5083 [email protected]

Genevieve Tomney VP, Communications Think Research Direct: 416.460.5784 [email protected]

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Instrument Name Think Research Corp Instrument Symbol (THNK-X) Instrument Exchange TSX Venture

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Company Think Research Corporation OTC Markets

Ca88410j1075, business summary.

Members of the board

Share class

Company contact information

Think Research Corp.

199 Bay Street Suite 4000

M5L 1A9, Toronto

Sector Other Software

• Stock Market
• THKKF Stock
• Company Think Research Corporation

What your most important investors need to know

Communicating with investors is a delicate task requiring transparency, consistency, and a simple story. But the messaging shouldn’t target all investors equally. In this episode of the Inside the Strategy Room podcast, four experts discuss how to maximize the impact of investor relations. Jay Gelb and Werner Rehm colead McKinsey’s work in investor relations and communications; David Honigmann is an expert in organizational and interpersonal communications; and Karl Mahler is the former of head of investor relations at Hoffmann-La Roche. This is an edited transcript of their conversation. For more discussions on the strategy issues that matter, follow the series on your preferred podcast platform .

Sean Brown: What are the key principles that should guide how companies approach investor relations?

Werner Rehm: First, the goal of investor relations should be to align the share price with the intrinsic value of the company. It’s not helpful to be below that value, obviously, but it’s also not helpful to be above it, because at some point the share price will come down to what the company should be worth and that can happen quickly.

It’s also important to think about which investors to talk to, because you won’t please them all. You will have long-term investors and momentum players, and focusing on intrinsic investors that invest in the long-term strategy matters most. These are the owners of the company, and they deserve not only an honest assessment of financial and operating performance but to be apprised of any bad news.

We also think that content should dominate style. Some companies make a show out of investor day rather than treating it as an educational session about how and why the company makes money. Investor communications should highlight a deep understanding of the competitive dynamics, product markets, and long-term developments such as how ESG influences your customers’ behavior. Lastly, what’s internal is also external and vice versa, so consistency is important.

Sean Brown: You mentioned intrinsic investors. How do you define them?

Jay Gelb: There are different types of institutional investors, ranging from index funds to traders to what we call intrinsic investors. These investors undertake rigorous due diligence on companies’ ability to create long-term value and tend to build their portfolios from scratch, without taking cues on weighting from benchmarks. They also care deeply about the company’s underlying performance rather than quarterly results and the noise in the marketplace. Oftentimes, they view share price pullbacks as opportunities to increase their positions. This group is also unlikely to trade in and out of your stock. Intrinsic investors are your company’s support base over the long term, and the leadership team should be more open to meeting with them than other investors.

Intrinsic investors care deeply about the company’s underlying performance rather than quarterly results and the noise in the marketplace. Jay Gelb

Sean Brown: How do you identify those intrinsic investors?

Werner Rehm: The concept of active share of a fund can be helpful. It’s a mathematical measure of distance from index funds. You can segment investors by who holds your stock for the longest term on average, who has a high active share on average, and so on.

Karl Mahler: In a large company like Roche, our investors were investing $6 to $9 billion. They cannot go into and out of a stock because they would move too much volume. What we did was check regularly to see who the top ten or 15 shareholders were and kept in regular contact with them. These were our intrinsic investors.

Sean Brown: You recently conducted a survey of intrinsic investors. What did the results tell you about how they make their investment decisions?

Jay Gelb: Intrinsic investors are focused mostly on company specifics rather than on industry conditions. For example, they look at your company’s sustainable competitive advantages, your margin profile, and whether the company is an efficient allocator of capital. These investors want to understand your strategy and they focus on long-term value creation rather than short-term trends (exhibit).

These long-term-focused investors also want companies to take risks that will generate attractive returns and they care about management delivering on its objectives. We found that only a small percentage of intrinsic investors seek companies with low earnings volatility or a track record of exceeding consensus estimates, because those elements don’t necessarily enhance shareholder value. There are plenty of companies that have volatile earnings but a phenomenal track record of generating value over time, which is what’s ultimately reflected in a company’s valuation.

Sean Brown: What’s the best way for companies to engage with these investors?

Jay Gelb: You need to treat them as sophisticated thought partners. These investors often have good insights based on what they learned from other successful companies that can be applied to your situations. It’s important to be specific, to maintain transparency, and to establish and then maintain your credibility with them. Those are critical points. You should be open about both your successes and your failures. In addition, you should demonstrate to them a deep knowledge of the company and the industry and be clear that you won’t invest in projects or M&A opportunities with low payoff potential.

Karl Mahler: In the end, it’s all about management credibility and capability. The management has to convince the investor market that they are doing the right things. That credibility is as important as your products, because investors want to know that you will use their money in the best way. They want the company’s leaders to be authentic, transparent, and clear about their shortcomings. Sometimes, you simply don’t know what the future will bring and pretending you do is the worst thing you can do. Management should say, “This is what I know, this is what I don’t know, and I will try to manage in the best way I can.”

In the end, it’s about management credibility and capability. Investors want the company’s leaders to be authentic, transparent, and clear about their shortcomings. Karl Mahler

David Honigmann: This applies not only when management is talking to investors but when they are talking to employees or the press. Part of authenticity is being consistent across all the communication channels and audiences.

Sean Brown: Karl, during your time at Hoffmann-La Roche, how did you manage all the information—and misinformation—out there and keep the messages to your investors consistent?

Karl Mahler: In my experience, you have super-knowledgeable investors on one side who can go deep and know everything about your products. These are specialists who often work for large funds. Then there are generalists who maybe in the morning invest in a healthcare company and in the afternoon in a consumer goods business. You have to find a way to make your story appeal to both the specialists and the generalists, because you want both to invest in your company.

The best way to do that is to keep the messaging simple and crisp. As soon as the slides start to get full, with one message after another, people get lost. You can stay consistent only if you have a clear and easy-to-understand story. The biggest mistake I see companies make is trying to put out too many messages that are too complicated.

Sean Brown: Sometimes, a bad quarter could lead to a stock sell-off and maybe change intrinsic investors’ value thesis. How should management teams handle that?

Werner Rehm: Every company will occasionally miss its numbers, but it matters why. If you miss because of a one-time tax settlement or another reason that can be easily explained, it doesn’t make much difference in the long term. If you miss because you have a fundamental problem that is likely to continue, that will matter. Sometimes, the share price does not go down because of earnings per share [EPS] but because, for example, M&A news was poorly received. It’s important to understand whether the missed numbers send a long-term signal.

Jay Gelb: You want to avoid being on the quarterly guidance treadmill. That’s challenging for companies, particularly when they don’t meet their numbers and the market reacts. Instead, management should communicate long-term, aspirational targets. I don’t mean EPS guidance or even a range for next year but key performance indicators for top-line or sales growth, margins, customer growth, return on invested capital or equity, or expectations of capital deployment and whether you will reinvest that capital in the business to support growth, in M&A, or return it to shareholders. Remember that a sell-off becomes a buying opportunity for intrinsically oriented investors. As long as the company keeps marching toward its long-term aspirations, long-term investors will remain, despite some interim noise from trading-oriented investors.

Karl Mahler: I think that’s a super-important point. You should focus on the medium-term or long-term outlook. As long as you can convince investors that you are still on the right track, a quarter is not an issue. If, however, earlier messaging pointed in the wrong direction or executives are regularly overpromising, that starts to hurt because investors are no longer sure what the next quarter will bring. But as long as you can convince investors that your long-term path is intact, the short-term blips are just that. Every company has them.

Werner Rehm: It comes back to the first thing that we discussed, which is the role of investor relations in aligning market value with intrinsic value. If you try to maximize the share price by inflating that value, it will come back to you likely in the form of a missed quarter, because at some point you will miss your revenue or top-line estimate.

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Sean Brown: How do you frame a strategy story or an equity story for your intrinsic investors?

Werner Rehm: I find that people often overcomplicate this. If you have a good strategy, it should be fairly easy to tell the strategic story. It starts with, what’s the market opportunity? What do customers want? And what do investors need to understand about this? For instance, some markets are moving toward sustainable products and customers are willing to pay a premium. That’s an opportunity, so what is a strategy to capture that?

How you can create value given that context is the next point to cover. What are your sustainable competitive advantages? What makes your company distinctive? Next, you want to present a road map. You may need to build out your sales force in Asia, for example. You may need to reshuffle your resources, assets, capital deployment. Then you want to summarize the impact in broad strokes—not for the next quarter but how you see this industry potentially making a 15 or 25 percent return on capital. You might say, “We think that, over the long term, this segment will grow faster than population plus inflation, and here’s why.”

Once you have outlined the market, how you will create value in that market, how you will implement the strategy, and the impact and risks that you see, it’s useful to show some evidence. In some industries you can’t do it, but in consumer goods or services, for example, you can use test markets. Some insurance companies have said, “We tested our digital strategy in a small country and got higher retention rates.” Sometimes, getting that evidence makes you correct your strategy. Maybe you saw higher retention rates but not as quickly as you wanted. Finally, there is the management team: How is compensation aligned with your long-term strategy? Your story should have a top-down structure of explaining who you are, what you’re going, and how.

Jay Gelb: Interestingly, many companies don’t start with the market opportunity—they go right into the value creation plan or company specifics. When I was an equity analyst, I’d spend an inordinate amount of time thinking about the industry in terms of growth potential, profit opportunity, opportunity for share shifts, and how companies could improve their standing with customers. That’s sometimes overlooked by companies but can be a very impactful starting point.

Sean Brown: Where do sustainability and ESG fit into the story? What do intrinsic investors want to know about how companies approach these issues?

Werner Rehm: In our investor survey of chief investment officers, we asked, “What’s your most common question about ESG?” Consistently, they said, “How do the ESG initiatives drive cash flows in the future?” Intrinsic investors don’t ask about company actions but rather the impact of those actions. At the same time, these investors seem to lack a point of view on the best measures to track the long-term value of ESG investments. There is a real need for investor relations to translate the actions listed in ESG or sustainability reports into what they mean for the strategy—and to put market opportunity first. “Our portfolio is shifting, the customer demand is shifting, regulatory issues are shifting, so here is our strategy.” In some cases, the ESG strategy could determine whether you continue to have a business in 20 years. If you are a car manufacturer and don’t have electric vehicles in your portfolio, in 15 years you likely will no longer be a car company.

The most common question investors have about ESG is, ‘How do the ESG initiatives drive cash flows in the future?’ Intrinsic investors don’t ask about company actions but rather the impact of those actions. Werner Rehm

Sean Brown: How do you align the story you share with investors with your internal communications and employee perceptions?

David Honigmann: It’s clear that investor relations dialogues don’t take place in a vacuum. We used to have a model where the IR department talked to investors, procurement talked to suppliers, HR or internal communications talked to employees, government affairs talked to regulators, and so on—those were all separate, bilateral conversations. Now, any conversation held with any group is, at least theoretically, public to every other group. You can’t say something to customers, for example, and not expect investors to find out. Employees discuss transformations or job cuts or strategic pivots in a public forum and it’s immediately out everywhere. Customers consider boycotts. Investors become wary—not necessarily because of job cuts but because the way they’re handled makes management look incompetent. It can also go the other way: companies talk with investors about their ESG plans and that becomes public because NGOs and others hear about it, and the talent you want to attract is suddenly scared off.

What can you do about it? The first thing is to analyze what your investors have heard. In other words, you can’t pretend that other conversations aren’t happening, and you need to know what people are saying. Second, as Werner said, you need a single-story approach for all audiences, because they will hear what you tell other people. That doesn’t mean you don’t tailor your message to what a specific audience is interested in, but the overall story needs to be consistent. Somebody at the company has to own that one story for it to have a coherent structure and clear governance.

Sean Brown: How should the investor relations team engage with other departments to make sure there is a single story?

David Honigmann: It’s not so much about where the solid lines are, but that the dotted lines are as solid as you can make them. If there is one action you could take tomorrow morning, it would be to ask your investor relations team to organize a meeting with internal coms, PR, recruitment, procurement, and marketing to agree on your single story and then maintain a regular cadence of meetings to keep everyone connected. If you don’t do that, one of those communication channels will get blindsided by something that happens in another.

Sean Brown: What’s your sense of the time that the CFO and the CEO, who ultimately own the investor relationships, should dedicate to engaging with intrinsic investors?

Jay Gelb: We think it should be on the order of 10 to 15 percent of their calendar—not just on intrinsic investors but all investor outreach, whether that be investor conferences or hosting investor day. If not managed, these tasks can take up an inordinate amount of their schedule, which is why it’s important for the C-suite to focus on the investors that matter most. If there are one or two standout sell-side equity analysts who are intrinsically oriented around your business, spending time with them as well can be helpful to getting the message out.

Karl Mahler: You have to have regular contact with intrinsic investors. You need to talk to them every quarter, not only when you have an issue. They want regular updates.

Sean Brown: In large companies with many divisions and businesses, is there a risk that the story becomes too complicated?

Jay Gelb: Sure. The structure of how you present the business units to investors is critical. First, that structure should help them understand the economics of each business and how that rolls up to the overall results. Second, it should help investors conduct due diligence on the company. It’s even better if that structure aligns with how the company manages the businesses, because then you can have specific questions or issues directed toward those executives. Lastly, remember that being able to value individual business units separately based on growth, margin, return profile, and sources or uses of cash matters to how investors approach the overall story.

Karl Mahler:  In the end, investors will only invest in something they understand. The more business units you have, the more complex it becomes for them. Investors either go into single-theme investments, such as pure-play pharma, or invest in mixed or conglomerate-type companies because they feel that’s appropriate for their risk profile, diversification, and so on. The business is what the business is, but you have to explain, in as easy a way as possible, the business fundamentals.

Jay Gelb is a partner in McKinsey’s New York office and David Honigmann is a senior expert in the London office. Karl Mahler , former head of investor relations for Hoffmann-La Roche, is a senior adviser to McKinsey, based in Zurich. Werner Rehm is a partner in the New Jersey office. Sean Brown is global director of communications for McKinsey’s Strategy & Corporate Finance Practice, and is based in Boston.

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Green Energy

Electrek green energy brief.

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Here’s what Americans think of local wind and solar development

The Pew Research Center surveyed Americans about how they feel about local wind and solar development in their communities – this is what they found.

Wind and solar in Americans’ backyards

As a whole, more Americans think wind or solar would help rather than hurt their local economy. But many believe it would make no difference or are unsure. Respondents were asked to consider the prospect of wind and solar separately, but their views on wind and solar turned out to be very similar.

When asked about the economic impact a new solar farm would have on their community, overall, 33% think it would help their local economy, 7% think it would hurt, 30% say it makes no difference, and 30% aren’t sure.

Americans similarly viewed the economic impact of a wind farm: 33% think it would help the local economy, 9% say it would hurt it, 27% say it makes no difference, and 31% aren’t sure.

If responses are divided by political leanings, Democrats are far more positive than Republicans about the local impact of solar and wind.

Among Democrats and Democratic leaners, 46% say installing a solar panel farm in their community would improve their local economy, 23% say it makes no difference, and just 3% say this would hurt it.

Contrast that with Republicans and Republican leaners – 21% say installing a solar panel farm in their community would improve their local economy, 39% say it makes no difference, and 10% say this would hurt it.

When the ages of those surveyed is considered, that impacts the results yet again – 45% of Americans under 30 think installing a solar farm would help the local economy, but only 24% of those 65 and older think the same.

Both Democrats and Republicans ages 18 to 29 are more likely than older people to see wind and solar having a positive effect on their local economy.

As for the aesthetics of renewables, 45% of Americans say a new solar panel farm in their area would definitely or probably make the landscape unattractive, and almost as many – 42% – say it wouldn’t do this. Feelings about wind were nearly identical.

On balance, more Americans think a local solar farm would lower the price they pay for electricity than not (44% vs. 37%, and 19% not sure). Views tilt positive (40%) on tax revenue impact, but 32% say they’re not sure, and 27% say it wouldn’t bring in more tax revenue.

If you’re curious about Pew’s methodology and who was polled (spoiler: it’s extremely balanced), that’s here .

Electrek’s Take

In some ways these responses are predictable, and in other ways they’re enlightening. The political divide is pretty much what I expected, and the differences in age demographics isn’t a shock – younger people are more familiar with renewables, and probably more open to new things.

What surprised and frankly disappointed me was the larger-than-expected percentage of Americans who don’t think renewables positively impact their local economies, or who aren’t sure. Solar and wind bring in significant tax revenue, create jobs, and, assuming the utility passes the savings down, reduces folks’ electricity bills. Why don’t more folks know about this at the local level?

Top comment by SameAsItEverWas

FWIW, I'm 77 years old and am lucky enough to be able to choose who supplies my generated electricity. The supplier I have has a 100% renewable plan that costs us $0.063/kWh. Consumers who choose coal/gas/nuclear plans pay $0.132/kWh. We are free to choose who and when supplies our generated electricity, so it would appear that education rather than age has a huge factor in the issue.

I’m curious to hear from our readers why you think there isn’t more awareness of the benefits of utility-scale solar and wind at the local level. Is it NIMBYism? Propaganda? Lack of communication from local government? Electricity bills not budging? Let me know your thoughts below, and please be civil.

Read more: 49% of Americans think climate change is mostly someone else’s problem

Due to shifts in solar policy, renters and homeowners in many states are now able to subscribe to a local community solar farm. Community solar typically saves you 5-15% depending on where you live, it’s quick and easy to sign up (no upfront costs), and no solar panels are installed on your property.

Save money and help the environment by utilizing the EnergySage Community Solar Marketplace to explore all the solar farms available to you. They even have dedicated Energy Advisors to answer any questions you have about community solar and help you sign up. Subscribe and save here. –affiliate link*

FTC: We use income earning auto affiliate links. More.

Electrek Green Energy Brief: A daily technical, …

Michelle Lewis is a writer and editor on Electrek and an editor on DroneDJ, 9to5Mac, and 9to5Google. She lives in White River Junction, Vermont. She has previously worked for Fast Company, the Guardian, News Deeply, Time, and others. Message Michelle on Twitter or at [email protected]. Check out her personal blog.

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Terran Orbital Appoints Eric Leeds As Vice President of Investor Relations

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