INNOVERE MEDICAL INC. ANNOUNCES COMMENCEMENT OF RESTRUCTURING PROCEEDINGS UNDER THE COMPANIES' CREDITORS ARRANGEMENT ACT AND SALE AND INVESTMENT SOLICITATION PROCESS

TORONTO, Nov. 20, 2024 /CNW/ - On November 5, 2024, Innovere Medical Inc. (the "Company") was granted protection under the Companies' Creditors Arrangement Act (the "CCAA") pursuant to an order (the "Initial Order") of the Ontario Superior Court of Justice (the "Court").  Pursuant to the Initial Order, Ernst & Young Inc. was appointed as the CCAA monitor (the "Monitor"). 

On November 15, 2024, the Court granted an amended and restated Initial Order (the "ARIO") and a further order (the "SISP Approval Order") approving a sale and investment solicitation process (the "SISP"), which is currently ongoing.

The SISP will be conducted by the Monitor and aims to solicit interest in an acquisition or refinancing of the business, or a sale of the assets and/or business of the Company, through various means such as merger, reorganization, recapitalization, primary equity issuance, or other similar transactions. Under the SISP, potential bidders that wish to make a formal offer to purchase, or make an investment in, Innovere, its property or business, or any part thereof are required to submit a binding offer no later than 5:00 pm (Toronto time) on December 16, 2024.

For those who are interested in participating in this SISP, please contact the Monitor to obtain additional information at:

For the past twelve months the Company's operations, including its deliveries, have stalled as a result of issues with its sole customer. Prior to the CCAA proceeding, to conserve cash and preserve the value of the business, the Company has laid off all of its employees except the founders and focused on maintaining its intellectual property. The Company hopes that the CCAA proceeding, including the SISP, will enable it to find a suitable path to restart for the benefit of its stakeholders.

A copy of the Court materials filed in the Company's CCAA proceeding, including the Initial Order, the ARIO and the SISP Approval Order, along with materials describing the SISP opportunity, including how to submit a bid, are available on the Monitor's website at www.ey.com/ca/innovere.  

About Innovere Medical Inc.

The Company is a medical device company based in Markham, Ontario, that is focused on developing the Innovision^® system—technology designed to reduce the anxiety and discomfort that patients experience when they undergo magnetic resonance imaging (MRI) exams. Innovision^® implements a state-of-the art, anti-claustrophobic display and bone conduction speakers into the MRI experience to enable patients to watch entertainment and other content during the scanning process.

SOURCE Innovere Medical Inc.

Ernst & Young Inc., 100 Adelaide Street West, P.O. Box 1, Toronto, ON, Canada, M5H 0B3, Phone: [phone], Email: [email protected], Attention: Mansa Singh