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COMPREHENSIVE HEALTHCARE PROVIDES UPDATE ON DISCLOSURE REGARDING NAMEH HOTELS' SUBSCRIPTION OF UNITS DURING PRIVATE PLACEMENT AND ANNOUNCES DEPARTURE OF INTERIM CFO
COMPREHENSIVE HEALTHCARE PROVIDES UPDATE ON DISCLOSURE REGARDING NAMEH HOTELS' SUBSCRIPTION OF UN...
About this update from Comprehensive Healthcare Systems Inc
[{"type":"text","content":"\n \n \n \n COMPREHENSIVE HEALTHCARE PROVIDES UPDATE ON DISCLOSURE REGARDING NAMEH HOTELS' SUBSCRIPTION OF UNITS DURING PRIVATE PLACEMENT AND ANNOUNCES DEPARTURE OF INTERIM CFO\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Aug. 4, 2023\n \n \n /CNW/ -\n \n Comprehensive Healthcare Systems Inc.\n \n (TSXV: CHS)\n \n (the \"Company\" or \"CHS\"),\n \n a provider of healthcare benefits administration software and services wishes to issue a correction to is press release disseminated on\n \n January 30, 2023\n \n with respect to its Insider disclosure as it related to the non-brokered private placement of units of the Company that closed on\n \n January 30, 2023\n \n (the \"\n \n Private Placement\n \n \").\n \n \n In particular, the update relates to the subscription by an Insider of the Company, Nameh Hotels and Resorts Limited (\"\n \n Nameh\n \n \"), of 6,871,515 units of the Company (the \"\n \n Nameh\n \n \n Units\n \n \") pursuant to the Private Placement. The Company has been informed that Nameh has concluded that certain legal requirements in\n \n India\n \n as applicable to foreign investment (the\n \n \"Applicable Indian Laws\n \n \") by Indian entities does not permit Nameh to be a direct or indirect owner of the Nameh Units. Accordingly, considering these restrictions, Nameh will be transferring the Nameh Units, which were initially registered to Nameh, to an arm's length third-party who is not an Insider of the Company (the \"\n \n Third Party\n \n \").\n \n \n According to Nameh, due to the uncertainty of Applicable Indian Laws with respect to the subscription of the Nameh Units at the time of closing of the Private Placement, Nameh had not filed an early warning report required by applicable Canadian securities legislation. Nameh has confirmed to the Company that it still owns 17,459,965 common shares of the Company representing 14.07% of the issued and outstanding share total of the Company and its respective insider trading report via the System for Electronic Disclosu...