Titan Medical Inc. (TSX: TMD) announced that its Board of Directors (or the Board), in consultation with its financial and legal advisors, has determined that it is in the best interest of the Company and its stakeholders to undertake a review and evaluation of strategic alternatives that may be available to the Company to unlock shareholder value. As part of the process, the Board will consider a full range of strategic alternatives including corporate sale, merger or other business combination, a sale of all or a portion of the company's assets, strategic investment or other significant transaction. As part of the strategic review process, the Company has engaged Raymond James Financial, Inc. (NYSE:RJF) as financial advisor to advise the Company in connection with this broad and comprehensive review and analysis of strategic alternatives.

The Company has not set a timetable for completion of the process and does not intend to provide any updates on developments unless and until the Company executes a definitive agreement with respect thereto, or the Board otherwise determines that an update is appropriate or required. While the Company intends to evaluate all options fairly to maximize shareholder value, there can be no assurance that the strategic review process will result in any transaction, or if a transaction is undertaken, as to its terms or timing.