Skylight Health Announces Management Changes and Updates Following Previously Announced Enforcement and Settlement Transactions
- None.
- Limited liquidity may not sustain the Company beyond 90 days.
Toronto, Ontario--(Newsfile Corp. - August 30, 2023) - Skylight Health Group Inc. (TSXV: SLHG) (OTC Pink: SLHGF) ("Skylight Health" or the "Company") and its subsidiaries (collectively, the "Skylight Group") announces today: (i) updates on the Company's strategy following the completion of the previously announced enforcement and settlement transactions; and (ii) the resignation of certain officers of the Company.
As previously announced, in July 2023 the Company and its affiliates completed transactions (the "Enforcement and Settlement Transactions") with their secured lenders, Families-Backing-Families Credit Fund I, LP ("FLC") and Walleye Opportunities Master Fund Ltd. ("Walleye") involving a foreclosure upon certain US operations and assets and the orderly wind down of remaining US operations.
As a result of the Enforcement and Settlement Transactions, Skylight and its affiliates have no remaining material operations and intend to take steps to formally dissolve their remaining US Subsidiaries. In addition, efforts will be undertaken to maximize the remaining value of Skylight's corporate assets. This process will be overseen by the board of directors of the Company.
Skylight's process to determine if any opportunities exist to maximize the remaining value of its corporate assets must be expedited due to the limited remaining liquidity of the Company, and will be implemented over the upcoming 90 days. Any parties interested in engaging in discussions regarding such opportunities are encouraged to contact the Company at corporate@skylighthealthgroup.com. The Company is not forecasted to have sufficient liquidity to continue past this 90 day period.
In connection with the cessation of operations, the Company also announces the resignation of Prad Sekar from the position of Chief Executive Officer, Kash Qureshi from the position of President and Farooq Akhter from the position of Chief Financial Officer. Mr. Sekar, Mr. Qureshi and Mr. Akhter will continue to assist the Company in a consulting capacity through the remaining wind down process.
Forward-Looking Statements
This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent our current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this release. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as "look forward," "believe," "continue," "building," "may be", or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are often discussed in filings we make with the Canadian and securities regulators, including the Securities and Exchange Commission, available at: www.sec.gov, and Canadian Securities Administrators, available at www.sedar.com, and on our website, at skylighthealthgroup.com.
For more information, please visit our website or contact:
Investor Relations:
investors@skylighthealthgroup.com
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179103
