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.
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