Cloud DX Completes First Stage of Restructuring Process
Cloud DX (TSXV:CDX)(OTCQB:CDXFF) has announced the completion of the first stage of its restructuring process through the sale of its wholly owned subsidiary Cloud Diagnostics Canada ULC to 1493907 B.C. The transaction was executed as part of the Notice of Intention to Make a Proposal proceeding announced on June 6, 2024, and was completed under a Subscription Agreement and reverse vesting order granted by the Supreme Court of British Columbia on November 19, 2024.
As part of the restructuring: (1) A new entity, 16538363 Canada , was created to handle excluded liabilities; (2) All previous shares and interests in the Company were cancelled without compensation; (3) The Company issued new common shares to the Purchaser, making them the sole shareholder. The newly formed entity 16538363 Canada is expected to file for bankruptcy under the Bankruptcy and Insolvency Act.
Cloud DX (TSXV:CDX)(OTCQB:CDXFF) ha annunciato il completamento della prima fase del suo processo di ristrutturazione tramite la vendita della sua controllata interamente posseduta, Cloud Diagnostics Canada ULC, a 1493907 B.C. La transazione è stata eseguita come parte della Notifica di Intenzione di Presentare una Proposta annunciata il 6 giugno 2024 ed è stata completata sotto un Accordo di Abbonamento e un'ordinanza di reverse vesting concessa dalla Corte Suprema della Columbia Britannica il 19 novembre 2024.
Come parte della ristrutturazione: (1) È stata creata una nuova entità, 16538363 Canada, per gestire le passività escluse; (2) Tutte le azioni e gli interessi precedenti nell'azienda sono stati cancellati senza indennizzo; (3) L'azienda ha emesso nuove azioni ordinarie al Compratore, rendendolo l'unico azionista. Si prevede che la nuova entità 16538363 Canada presenti domanda di fallimento ai sensi della Legge sul fallimento e sull'insolvenza.
Cloud DX (TSXV:CDX)(OTCQB:CDXFF) ha anunciado la finalización de la primera etapa de su proceso de reestructuración mediante la venta de su filial de propiedad total, Cloud Diagnostics Canada ULC, a 1493907 B.C. La transacción se ejecutó como parte del Aviso de Intención de Hacer una Propuesta anunciado el 6 de junio de 2024 y se completó bajo un Acuerdo de Suscripción y una orden de reverse vesting otorgada por la Corte Suprema de Columbia Británica el 19 de noviembre de 2024.
Como parte de la reestructuración: (1) Se creó una nueva entidad, 16538363 Canada, para manejar las obligaciones excluidas; (2) Todas las acciones e intereses anteriores en la Compañía fueron cancelados sin compensación; (3) La Compañía emitió nuevas acciones ordinarias al Comprador, convirtiéndolo en el único accionista. Se espera que la nueva entidad 16538363 Canada solicite bancarrota bajo la Ley de Quiebras e Insolvencia.
Cloud DX (TSXV:CDX)(OTCQB:CDXFF)는 1493907 B.C.에 Cloud Diagnostics Canada ULC라는 완전 자회사 매각을 통해 구조조정 프로세스의 첫 번째 단계를 완료했다고 발표했습니다. 이 거래는 2024년 6월 6일 발표된 제안서를 위한 의도 통지의 일환으로 수행되었으며, 2024년 11월 19일 브리티시컬럼비아 대법원에서 부여된 구독 계약 및 리버스 베스팅 명령하에 완료되었습니다.
구조조정의 일환으로: (1) 제외된 부채를 처리하기 위해 16538363 Canada라는 새로운 법인이 설립되었습니다; (2) 회사의 모든 이전 주식 및 이해관계는 보상 없이 취소되었습니다; (3) 회사는 구매자에게 새로운 보통주를 발행하여 그를 단독 주주로 만들었습니다. 새로 설립된 법인인 16538363 Canada는 파산 및 지급불능법에 따라 파산 신청을 할 것으로 예상됩니다.
Cloud DX (TSXV:CDX)(OTCQB:CDXFF) a annoncé l'achèvement de la première étape de son processus de restructuration par la vente de sa filiale entièrement détenue, Cloud Diagnostics Canada ULC, à 1493907 B.C. La transaction a été effectuée dans le cadre de l'Avis d'Intention de Faire une Proposition annoncé le 6 juin 2024 et a été complétée dans le cadre d'un Accord de Souscription et d'une ordonnance de reverse vesting accordée par la Cour suprême de la Colombie-Britannique le 19 novembre 2024.
Dans le cadre de la restructuration : (1) Une nouvelle entité, 16538363 Canada, a été créée pour gérer les passifs exclus; (2) Toutes les actions et intérêts précédents dans l'entreprise ont été annulés sans compensation; (3) L'entreprise a émis de nouvelles actions ordinaires au Acheteur, en faisant de lui l'unique actionnaire. La nouvelle entité 16538363 Canada devrait demander la faillite en vertu de la Loi sur la faillite et l'insolvabilité.
Cloud DX (TSXV:CDX)(OTCQB:CDXFF) hat den Abschluss der ersten Phase seines Restrukturierungsprozesses durch den Verkauf seiner hundertprozentigen Tochtergesellschaft Cloud Diagnostics Canada ULC an 1493907 B.C. bekannt gegeben. Die Transaktion wurde im Rahmen der am 6. Juni 2024 angekündigten Absichtserklärung zur Einreichung eines Vorschlags durchgeführt und wurde gemäß einem Abonnementsvertrag und einer Reverse-Vesting-Anordnung, die am 19. November 2024 von der Supreme Court of British Columbia erteilt wurde, abgeschlossen.
Im Rahmen der Restrukturierung: (1) Es wurde eine neue Einheit, 16538363 Canada, geschaffen, um vom Unternehmen ausgeschlossene Verbindlichkeiten zu verwalten; (2) Alle vorherigen Anteile und Interessen am Unternehmen wurden ohne Entschädigung storniert; (3) Das Unternehmen gab neue Stammaktien an den Käufer aus und machte ihn zum Alleinaktionär. Es wird erwartet, dass die neu gegründete Einheit 16538363 Canada Insolvenz gemäß dem Insolvenzrecht beantragt.
- None.
- Previous shareholders' interests completely cancelled without compensation
- Subsidiary entering bankruptcy proceedings
- Company undergoing major restructuring due to financial difficulties
KITCHENER, ON / ACCESSWIRE / December 16, 2024 / Cloud DX Inc. ("Cloud DX") (TSXV:CDX)(OTCQB:CDXFF) today reports the sale of its wholly owned subsidiary Cloud Diagnostics Canada ULC (the "Company") to 1493907 B.C. Ltd (the "Purchaser").
The transaction (the "Transaction") was concluded in connection with the Notice of Intention to Make a Proposal proceeding (the "NOI") announced on June 6, 2024. and was completed in accordance with the terms of a Subscription Agreement (the "Subscription Agreement") and the provisions of a reverse vesting order (the "RVO") granted by the Supreme Court of British Columbia on November 19, 2024.
As part of the Transaction: (i) a new entity, 16538363 Canada Ltd., has been incorporated and vested with certain of the Company's excluded liabilities; (ii) all shares, interests, participation or other equivalents of capital stock or share capital or related rights or interests issued by or existing in the Company prior to the closing of the Transaction were cancelled and terminated without consideration; and (iii) the Company issued, and the Purchaser subscribed for and purchased, new common shares in the capital of Cloud Diagnostics Canada ULC. The Purchaser is now the sole holder of the Company's share capital. 16538363 Canada Ltd. is expected to be assigned into bankruptcy pursuant to the Bankruptcy and Insolvency Act (the "BIA").
Further information regarding the NOI and documents related thereto, including a copy of the RVO, can be accessed through the website hosted by Crowe MacKay & Company Ltd. in its capacity as proposal trustee of the Company: https://crowemackayco.ca/project/cloud-diagnostics-canada-ulc/
Advisors
Gowling WLG acted as counsel to 1493907 B.C. Ltd. Owen Bird Law Corporation acted as counsel to Cloud Diagnostics Canada ULC. Crowe MacKay & Company Ltd. acted as proposal trustee.
About Cloud DX
The Cloud DX Connected Health™ remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, 2022 Top Innovator by Canadian Business, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers."
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Officer Responsible for this Press Release:
Robert Kaul
Chief Executive Officer
Phone 888-543-0944
robert.kaul@clouddx.com
Forward Looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. In particular, this news release includes certain forward-looking statements concerning the terms of the contract extension, the expected proceeds therefrom, as well as management's objectives, strategies, beliefs and intentions.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the Company's the ability of the Company to fulfill the terms of and derive the benefits from the contract extension.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.
À propos de Cloud DX
Accélérant les soins de santé virtuels, Cloud DX a pour mission d'améliorer les soins de santé pour tous. Notre plateforme de surveillance à distance des patients Connected HealthMC est utilisée par des entreprises de soins de santé et des équipes de soins partout en Amérique du Nord pour gérer virtuellement les maladies chroniques, permettre aux gens de vieillir chez eux et fournir des soins post-chirurgicaux de qualité hospitalière à domicile. Nos partenaires obtiennent de meilleurs résultats pour les soins de santé et les patients, réduisent le besoin d'hospitalisation ou de réadmission, et réduisent les coûts de prestation des soins de santé grâce à une utilisation plus efficace des ressources. Cloud DX est co-lauréate du prix Qualcomm Tricorder XPRIZE, lauréate du prix Edison 2021, finaliste du concours « World Changing Idea » de Fast Company et un des dix plus importants fournisseurs de télésanté au Canada.
Site des relations avec les investisseurs de Cloud DX https://ir.clouddx.com/overview/default.aspx
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Tous les énoncés prospectifs sont assujettis à des risques et à des incertitudes, tels que ceux décrits dans les rapports périodiques de Medtronic déposés auprès de la Securities and Exchange Commission. Les résultats réels peuvent sensiblement différer des résultats anticipés.
SOURCE: Cloud DX Inc.
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