Pathway Health Corp. announces the acquisition of certain assets of IRP Health Ltd.

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TORONTO, October 27, 2022 /CNW/ – Pathway Health Corp. (TSXV: PHC) (Frankfurt: KL1) (formerly Colson Capital Corp.) (“Pathway” or the “Company”), an integrated healthcare company providing products and services to patients with chronic pain and related conditions, is pleased to announce that it has entered into an agreement arm’s length asset purchase agreement to acquire all or substantially all of 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.

As part of the transaction, Pathway would acquire all intellectual property, billing numbers, intangible assets and certain equipment associated with IRP’s multidisciplinary pain management and physiotherapy programs for veterans, RCMP and first responders. Pathway will assume the lease and all assets of 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 the general population. Chronic pain affects 41% of from Canada 670,000 veterans. Nearly two-thirds (63%) of veterans with chronic pain have also been diagnosed with a mental health disorder, and many say their pain interferes with work, makes it harder to adjust to civilian life, and leads to reduced stress and activities.1

“We are very pleased to enter into this agreement with Wellbeing and IRP as we seek to expand our pain treatment, health/rehabilitation and mental health services to our military veterans, RCMP and other first responders” , said Ken Yoon, CEO. at Pathway. “With our experience in chronic pain management and our goal to increase our presence in mental health services, we believe Pathway is well positioned to provide these valuable clinical services to this most deserving group of Canadians and the IRP will be a fantastic addition to our network of clinics. »

About Lane Health

Lane health is an integrated healthcare company that provides products and services to patients with chronic pain and related conditions. The company owns and operates eleven community clinics in four provinces where its team of healthcare professionals work together to help patients through a variety of evidence-based approaches and products, including medical cannabis. Pathway Health’s patient care programs use an interdisciplinary approach 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 primary partner for national and regional pharmaceutical companies in providing medical cannabis services to their customers. The Company is working with several pharmaceutical companies on the development of Cannabis health products (CHP) for the distribution of over-the-counter products to retail pharmacies across the country following anticipated changes to the Cannabis Act.

For more information, visit Pathway Health’s website: www.pathwayhealth.ca

ABOUT DIGITAL WELLNESS SCIENCES

Wellbeing Digital Sciences Inc. is an evidence-based mental health care company focused on the development and implementation of innovative clinical treatment solutions, including psychedelic medicine and digital therapy, supported by clinical research. Its mission is supported by a network of North American clinics that provide cutting-edge therapies and other types of treatment to patients, as well as a contract research organization that offers clinical trial services to clients pursuing drug development.

For more information, please visit wellbeingdigital.co

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This press release contains certain “forward-looking statements” under applicable Canadian securities laws. Forward-looking statements are necessarily based on a number of estimates and assumptions which, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results to differ. and future events differ materially from those expressed or implied. by such forward-looking statements. These 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 statement, whether as a result of new information, future events or otherwise, except as required by law.

Neither the Bourse nor its Regulation Services Provider (as that term is defined in the policies of the Bourse) accepts responsibility for the adequacy or accuracy of this press release. The TSX Venture Exchange Inc. has in no way passed on the merits of the proposed transaction and has neither approved nor disapproved of the content of this press release.

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Chronic pain in Canada: Placing a Foundation for Action. Canadian Pain Task Force, June 2019

THE SOURCE Pathway Health Corp.

© Canada Newswire, source Canada Newswire English

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