HAMILTON, Ontario, Nov. 22, 2018 (GLOBE NEWSWIRE) -- Agility Health, Inc. (TSXV: AHI) (“Agility Health” or “Corporation”), a provider of orthotics, prosthetics and foot care services in Canada, today reported that its lender, the Royal Bank of Canada (the “Lender”), has made demand upon Ontario Orthotic Lab Inc. (“OOLab”), a subsidiary of Agility Health’s principal operating subsidiary, Medic Holdings Corp., for payment in full of its $3.8 million debt. In addition, the Lenders have provided OOLab with a Notice of Intention to Enforce Security pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (Canada). The Lender will not be in a position to enforce its security until ten days from November 21, 2018.
“We are actively discussing possible solutions with the Lender and remain hopeful we can quickly reach an agreement on a plan that will allow the Company to continue operations,” said Wayne Cockburn, Interim CEO at Agility Health. There is no assurance that the Company will come to terms with the Lender to avoid the imposition of a receiver. The Company will issue timely updates on the status of its negotiations with the Lender.
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.
Forward-Looking Information
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.
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 the anticipated future growth of Agility Health, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company. 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.
For further information please contact:
Wayne Cockburn
Interim Chief Executive Officer
(905) 505-0770
Wayne@medicholdings.com