Studies Show Proprietary Technology Reduces Indicators of Mild Traumatic Brain Injury
EXETER, NH – October 15, 2015 – Performance Sports Group Ltd. (NYSE: PSG) (TSX: PSG) (“Performance Sports Group” or the “Company”), a leading developer and manufacturer of high performance sports equipment and apparel, today announced its acquisition of an exclusive perpetual, worldwide license from Q30 Sports, LLC (“Q30 Sports”) to use its patent and technology assets in the development of products intended to address the important issue of mild traumatic brain injury (“mTBI”) in sports and athletic activities.
Performance Sports Group acquired the license to the applicable patent and technology assets for US $7.0 million with future payments of up to US $18.0 million if certain product development and sales milestones are achieved. Performance Sports Group also made a $1.0 million equity investment in Q30 Sports’ parent company, Q30 Sports Science, LLC (“Q30 Sports Science” and, collectively with Q30 Sports, “Q30”).
Watch PSG President and CEO Kevin Davis discuss Q30’s innovative technology and goals to help reduce traumatic brain injury on CNBC’s Closing Bell.