Business
Wellbeing Digital Sciences Signs MOU with Pathway Health Regarding the Potential Sale of Certain Assets
Wellbeing Digital Sciences Signs MOU with Pathway Health Regarding the Potential Sale of Certain Assets.
About this update from Wellbeing Digital Sciences Inc.
[{"type":"text","content":"\n VANCOUVER, British Columbia, April 21, 2022 (GLOBE NEWSWIRE) -- Wellbeing Digital Sciences Inc. (“Wellbeing” or the “Company”) (NEO: MEDI) (OTC: KONEF) (FRA: SQ2), an evidence-based mental healthcare company focused on the development and implementation of innovative clinical solutions, such as psychedelic medicine and digital therapeutics supported by clinical research, is pleased to announce that it has signed a memorandum of understanding (“MOU”) with Pathway Health Corp. (“Pathway”) (TSXV: PHC) pursuant to which Pathway would acquire certain Canadian assets of Wellbeing. The contemplated transaction is expected to be completed in two stages, all concluding on or before June 30, 2022, and the consideration for the assets is yet to be determined. Pathway is one of the major providers of out-patient pain management services in Canada that owns and operates eleven community-based clinics across four provinces. Health professionals at Pathway work together to help patients by using a variety of evidence-based approaches. Pursuant to the terms and conditions of the MOU, Pathway would acquire a license for the pain management program of the Company’s wholly owned subsidiary, IRP Health Ltd. (“IRP”), and the intellectual property (“IP”) associated with the provision of intravenous ketamine services (“IVK”) to treat mental health conditions, among other assets. The MOU also outlines a fractional franchise model for IRP and related fee structure. The first closing is contemplated to include IRP and IVK on or before April 30, 2022, while the second closing is contemplated to include the remaining assets documented in the MOU on or before June 30, 2022. IRP provides multi-disciplinary rehabilitation services to military veterans, RCMP and first responders. Under the contemplated transaction, IRP would provide IP and support services related to staff training, branding, licensing, and program development including verification of Pathway locations with Veterans Affairs Canada to serve more patients. CGM provides medical cannabis services for patients across Canada via telemedicine and in-person clinics. The completion of the completed transaction is subject to terms and conditions which include but are not limited to the execution of a set of def...