Assure Holdings Adds New Surgeons to its Platform in Arizona

Rhea-AI Summary

Assure Holdings Corp. (OTCQB: ARHH) has expanded its intraoperative neuromonitoring services in Arizona, adding new surgeons to its platform, which will facilitate approximately 1,000 orthopedic spine cases annually. This growth is aimed at capturing business development opportunities in the Phoenix area. Additionally, the company will grant 1,620,000 incentive stock options to its team at an exercise price of US$1.06 per share, intended to retain talent and align employee interests with company performance. Forward-looking statements indicate a goal of increasing case volume by at least 40% in 2021.

Positive

• Expansion of services in Arizona, targeting 1,000 orthopedic spine cases annually.
• Incentive stock options granted to employees, fostering retention and alignment with company success.
• Goal of increasing case volume by at least 40% in 2021, indicating growth potential.

Negative

• Potential risks related to the effectiveness of COVID-19-related operational measures.
• Uncertainty regarding the approval of stock options by the TSX Venture Exchange.
• Dependency on new Arizona surgeons maintaining their case volume.

Company Announces Grant of Options Under Stock Option Plan

DENVER, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (TSXV: IOM; OTCQB: ARHH), a provider of intraoperative neuromonitoring services (“IONM”), has added new surgeons to its platform in Arizona (the “Agreement”). Pursuant to the Agreement, Assure is providing IONM for four hospitals serving residents in the Phoenix metro area.

“We are pleased to expand our presence in Arizona and are confident in our ability to take advantage of sizeable business development opportunities in the state,” said John A. Farlinger, Assure’s executive chairman and CEO. “Phoenix is an important emerging market for Assure as we extend our brand awareness in Arizona.”

The Arizona surgeons added to Assure’s platform perform approximately 1,000 orthopedic spine cases per year.

Company Announces Grant of Options
Pursuant to Assure’s Stock Option Plan (the “SOP”), the Company will grant 1,620,000 incentive stock options (“Options”) to certain directors, officers and employees of the Company. All of the above Options will have an exercise price of US$1.06 per share (equivalent to C$1.36) and will vest as follows: 20% will vest immediately upon the date of grant (“Grant Date”) and one sixth of the balance will vest in equal amounts every six (6) months thereafter. Such options will be exercisable for a period of five (5) years from the Grant Date.

All options are subject to the terms of the SOP, and the requirements of the TSX Venture Exchange (the “Exchange”) and will be subject to a four months plus one day hold period from the date of issuance. The issuance is subject to Exchange approval.

Farlinger added, “The robust growth Assure has generated is the result of a huge effort by every member of our team. After performing approximately 1,600 procedures in 2017, we expanded our scale to nearly 10,000 cases in 2020. As we pursue our goal of growing our case volume by at least 40% in 2021, we want each team member to have the opportunity to contribute to and benefit from our success.”

Farlinger concluded, “The option grant not only will help Assure retain its talent, but is also a significant differentiator from our industry peers."

About Assure Holdings
Assure Holdings Corp. is a Colorado-based company that works with neurosurgeons and orthopedic spine surgeons to provide a turnkey suite of services that support intraoperative neuromonitoring activities during invasive surgeries. Assure employs its own staff of technologists and uses its own state-of-the-art monitoring equipment, handles 100% of intraoperative neuromonitoring scheduling and setup, and bills for all technical services provided. Assure Neuromonitoring is recognized as providing the highest level of patient care in the industry and has earned The Joint Commission’s Gold Seal of Approval®. For more information, visit the company’s website at www.assureneuromonitoring.com.

Forward-Looking Statements
This news release may contain “forward-looking statements” within the meaning of applicable securities laws, including, but not limited to: the Company’s ability to take advantage of business development opportunities in the United States; that the Arizona surgeons added to the platform will continue to perform 1,000 orthopedic spine cases per year; that the Company will increase its number of procedures by at least 40% in 2021; and the effects the grant of Options will have on Assure’s ability to retain employees, directors and officers. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company’s operations and economic activity in general; that the Company’s actions taken during the COVID-19 health crisis will be effective; whether the Exchange will approve the grant of the Options; the Company’s ability to take advantage of business development opportunities; the Company may not find business development opportunities; the Arizona surgeons added to the platform may not continue to perform 1,000 orthopedic spine cases per year; the Company may not be successful in achieving its goal of increasing its number of performed procedures in 2021; the Company may not be able to retain employees, directors and officers; and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, Assure does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

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.

Contact
Scott Kozak, Investor and Media Relations
Assure Holdings Corp.
1-720-287-3093
Scott.Kozak@assureiom.com

FAQ

What is the significance of the new surgeons added by Assure in Arizona for ARHH?

The new surgeons will perform approximately 1,000 orthopedic spine cases annually, enhancing Assure's service capacity in the Phoenix area.

How many stock options is Assure granting and what is the exercise price?

Assure is granting 1,620,000 incentive stock options at an exercise price of US$1.06 per share.

What is Assure's goal for case volume in 2021?

Assure aims to increase its case volume by at least 40% in 2021.

What are the potential risks mentioned in Assure's press release?

Risks include the effectiveness of COVID-19 measures, TSX Venture Exchange approval for stock options, and reliance on the new surgeons to maintain their case volume.