PanGenomic Health Provides Corporate Update
VANCOUVER, BC, March 2, 2023 /CNW/ - PanGenomic Health Inc. ("PanGenomic Health" or the "Company") (CSE: NARA), is pleased to provide a corporate update on its strategic initiatives.
Acquisition of Mindleap Health Inc.
In December 2022, the Company completed the acquisition of Mindleap Health Inc. ("Mindleap") and its Mindleap app (the "Mindleap App"). The Mindleap App is a virtual health and inner wellness platform that supports its users' unique self-care and healing journey. Using the Mindleap App, users can work with experienced mental health specialists, access a large library of medications, sound journeys and educational content on psychedelics and mental health and monitor their progress using a private health journal. The acquisition of Mindleap represented a strategic addition to the Company's business, complementing the Company's own Nara app and PlantGX platform. Additional details with respect to the Company's acquisition of Mindleap are contained in the Company's news release of December 12, 2022.
The acquisition of Mindleap constituted a "significant acquisition" for purposes of Section 8.2 of National Instrument 51-102 Continuous Disclosure Obligations ("NI 51-102"). Due to delays in obtaining access to the accounting records necessary to complete the audit of Mindleap's financial statements from Mindleap's previous owner, Mydecine Innovations Group, Inc., the Company has not yet filed a business acquisition report ("BAR") with respect to the Mindleap acquisition. As a result, the Company has been placed on Reporting Issuers in Default List by the British Columbia Securities Commission. The Company is continuing to work with its auditors to have the audit of Mindleap's financial statements completed as quickly as possible. The Company currently anticipates that the audit of Mindleap's financial statements will be completed within approximately two weeks, and that the required BAR will be filed immediately thereafter. The Company has imposed an insider trading blackout pending filing of the required BAR.
AQSE Listing Application
On January 31, 2023, the Company announced its intention to seek admission to the Aquis Stock Exchange Growth Market ("AQSE") in the United Kingdom. PanGenomic Health has completed the AQSE's listing application requirements, but has determined that trading should be postponed pending filing of the required BAR in respect of the Mindleap acquisition. The AQSE listing is a priority of the Company and the Company intends to finalize the remaining process immediately following the filing of the required BAR in Canada.
PanGenomic Health is a precision health company that has developed a self-care digital platform to deliver personalized, evidence-based information about natural treatments. Registered as a British Columbia benefit company, PanGenomic Health's mission is to promote and improve the health and wellness of people and society by providing a technology platform that identifies plant-based solutions tailored to the health profile of each individual.
This news release includes certain statements that may be deemed "forward-looking statements", including statements respecting the services to be provided by PanGenomic and the consideration to be paid to PanGenomic. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe" and similar expressions are intended to identify forward looking statements. Although PanGenomic believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because PanGenomic can give no assurance that they will prove to be correct. In particular, there are no assurances as to PanGenomic Health's future financial performance. Future growth and the size of the general market for natural health products may not be reflective of PanGenomic Health's future performance and there can be no assurance that PanGenomic Health will be able to capture any particular portion of those markets. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. In particular, there is no assurance that the Company will be able to sell any additional securities under the Offering. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in PanGenomic's disclosure documents which can be found under PanGenomic's profile on www.sedar.com.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE PanGenomic Health Inc.
please contact: Jerry Lai, Investor Relations, PanGenomic Health Inc., 778 743 4642, [email protected]; Maryam Marissen, President & CEO, PanGenomic Health Inc., 778 743 4642, [email protected]
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