CALGARY,
AB, July 28, 2023 /CNW/ - Pathway Health Corp.
(TSXV: PHC) ("Pathway" or the "Corporation")
today announces the resignation of the executive management team
and board of directors of the Corporation and each of its
subsidiaries.
The Corporation has been advised that its senior secured lender
will not provide additional financing to support any ongoing
operations, and Pathway has been unable to secure funding from
other sources. The Corporation is unable to support its operations
due to the lack of ability to produce sufficient revenue or raise
capital to support its operations and maintain compliance with its
current obligations. All employees of the Corporation and its
subsidiaries have been terminated.
At this time, Kenneth Howling,
Alison Wright, Dr. Rakesh Jetly, Mark
Goldhar and Ken Yoon have
resigned from their positions as board members of Pathway and from
board and management positions at certain of Pathway's
subsidiaries, as applicable. Additionally, Ken Yoon - Chief Executive Officer, Aura Balboa - Chief Financial Officer,
Kim Wei - Chief Commercial Officer
and Pram Sandhu – Vice President, Pharmacy Programs and Regulatory
Affairs have resigned as executives of the Corporation and from
board and management positions of Pathway's subsidiaries.
Marc Wagner has also resigned from
his respective director and officer position at another Pathway
subsidiary.
Following these resignations, the Corporation and its
subsidiaries have no remaining directors or officers.
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.