After careful consideration of the Company’s cash position and available alternatives by the Independent Committee of the Company's Board of Directors, and thorough consultation with the Company’s legal and financial advisors, the Board of Directors determined that it is in the best interests of Field Trip and its subsidiaries to file for creditor protection under the CCAA.
The Initial Order includes, among other things, a stay of proceedings in favour of Field Trip and its subsidiaries. The Company intends to conduct an expedited sale and investment solicitation process with the goal of facilitating a transaction that enables the Company to emerge from CCAA protection as a going concern.
The Company has also announced a company-wide reduction in corporate and clinical staff, and effective immediately,
The Company intends to operate its remaining clinic locations in the ordinary course during the CCAA proceedings under the oversight of the Monitor. The Company has been authorized by the Court to incur no further expenses in relation to disclosure obligations under the Securities Act (
The Monitor has set up a website at: www.pwc.com/ca/fieldtrip, where updates on the restructuring process, the Monitor’s reports to the Court, Court orders and other information will be posted as soon as they are available.
About
Field Trip operates four clinics in
Learn more at https://www.meetfieldtrip.com, https://www.fieldtriphealth.com and https://www.fieldtriphealth.nl.
Follow us on Twitter and Instagram: @fieldtriphealth
Cautionary Note Regarding Forward-Looking Information
This release includes forward-looking information (within the meaning of Canadian securities laws and within the meaning of the United States Private Securities Litigation Reform Act of 1995) regarding the Company and its business. Often but not always, forward-looking information can be identified by the use of words such as "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of the Company and are based on assumptions and subject to risks and uncertainties. Although the management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Additional information relating to the Company, can be located on the SEDAR website at www.sedar.com.
Neither the
CONTACTS:
keith.merker@fieldtriphealth.com
Investor contacts:
(646) 573-0776) / (929 246-7307)
fieldtripIR@kcsa.com
SOURCE
Source:
2023 GlobeNewswire, Inc., source