PHC Pathway Health Corp

TORONTO, Oct. 27, 2022 /CNW/ - Pathway Health Corp. (TSXV: PHC) (Frankfurt: KL1) (formerly Colson Capital Corp.) ("Pathway" or the "Company"), an integrated healthcare company that provides products and services to patients suffering from chronic pain and related conditions, is pleased to announce that it has entered into an arm's length asset purchase agreement to acquire all or substantially all the operating assets (the "Transaction") of IRP Health Ltd. ("IRP") a wholly owned subsidiary of Wellbeing Digital Sciences Inc. ("Wellbeing") for a cash purchase price of $107,000.

Under the transaction, Pathway would acquire all of the intellectual property, billing numbers, intangible assets and certain equipment associated with IRP's multidisciplinary pain management and physical therapy programs that cater to military veterans, RCMP and first responders. Pathway will assume the lease and all of the assets in the Victoria, British Columbia location, including all intangible assets, prepaid expenses, deposits, and equipment. 

According to a 2019 Canadian Pain Task Force report on chronic Pain in Canada, veterans report chronic illnesses at a rate two to three times higher than in the general population. Chronic pain affects 41% of Canada's 670,000 veterans. Almost two thirds (63%) of veterans with chronic pain also have a diagnosis of a mental health condition, and many say their pain interferes with work, makes it more difficult to adjust to civilian life, and causes stress and activity reductions.¹

"We're very pleased to be entering into this agreement with Wellbeing and IRP as we look to expand our pain, allied health/rehabilitation, and mental health services to our miliary veterans, RCMP and other first responders," said Ken Yoon, CEO at Pathway. "With our experience in chronic pain management and our aim to grow our presence in mental health services, we believe Pathway is well suited to provide these valuable clinical services to this most deserving group of Canadians and IRP will be a fantastic addition to our network of clinics."

Pathway Health is an integrated healthcare company that provides products and services to patients suffering from chronic pain and related conditions. The Company owns and operates eleven community-based clinics across four provinces where its team of health professionals work together to help patients through a variety of evidence-based approaches and products, including medical cannabis. Pathway Health's patient care programs utilize an interdisciplinary approach that is guided by trained pain specialists, physical and occupational therapists, psychologists, nurses, and other healthcare providers. Pathway is also the leading provider of medical cannabis services in Canada and has established itself as the leading partner with national and regional pharmacy companies for the delivery of medical cannabis services to their customers. The Company is working with several pharmacy companies on the development of Cannabis Health Products (CHPs) for OTC product distribution through retail pharmacy locations across the country following anticipated changes to the Cannabis Act.

For more information, visit Pathway Health's website: www.pathwayhealth.ca 

Wellbeing Digital Sciences Inc. is an evidence-based mental healthcare company focused on the development and implementation of innovative clinical treatment solutions, including psychedelic medicine and digital therapeutics, as supported by clinical research. Its mission is supported by a network of North American clinics that provide forward-thinking therapies and other types of treatment to patients as well as through a contract research organization that offers clinical trials services to clients pursuing drug development.

For additional information, please visit wellbeingdigital.co

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive applicable approvals; and the results of operations. 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. Pathway disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press Release. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

SOURCE Pathway Health Corp.