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."
About Pathway Health
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
ABOUT WELLBEING DIGITAL
SCIENCES
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.
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1
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Chronic Pain in Canada:
Laying a Foundation for Action. Canadian Pain Task Force, June
2019
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SOURCE Pathway Health Corp.