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Agility Health Subsidiaries File Notice of Intention to Make a Proposal Under the Bankruptcy and Insolvency Act (Canada)
HAMILTON, Ontario, Dec. 04, 2018 (GLOBE NEWSWIRE) -- Agility Health, Inc. (TSXV: AHI) (“Agility Health” or “Company”) announces that on December 3, 2018, four of the Company’s operating subsidiaries; Ontario Orthotic Lab Inc., Premier Footworks Inc., Veba Sock Company and Medic Holdings Corp. (collectively, the “Subsidiaries”), have proactively each filed a Notice of Intention to Make a Proposal (collectively, the “Notices”) pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act (Canada) (the “BIA”).
Pursuant to the Notices, Ernst & Young Inc. has been appointed as the trustee in each of the Subsidiaries’ proposal proceedings and will assist the Subsidiaries in their restructuring efforts.
The filing of the Notices has the effect of imposing an automatic 30-day stay of proceedings that will protect the Company and the Subsidiaries and their assets from the claims of creditors while the Company pursues its restructuring efforts. This 30-day period may be extended with the authorization of the Ontario Superior Court.
The Company is actively seeking further sources of funding although there can be no guarantee that the Company will be successful in securing further financing or achieving its restructuring objectives.
About Agility Health
Through its Canadian subsidiary and principal operating entity, Medic Holdings Corp., Agility Health operates foot care clinics in Ontario and Quebec and manufactures orthotics and prosthetics.
This release includes forward-looking statements regarding Agility Health and its business. Such statements are based on the current expectations and views of future events of Agility Health’s management. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release, including meeting the terms, conditions and approval requirements under the BIA, the effect of the notice of intention under the BIA and the Company’s intentions to prepare and file a comprehensive creditor plan, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company. The effect of the stay of creditors and the formal proposal are subject to a number of conditions which Agility Health cannot give any assurance that such conditions will be met on a timely basis, or if at all, as certain of the conditions are in the control of other parties. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Agility Health undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither the 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.
For further information please contact:
Interim Chief Executive Officer