VANCOUVER, BC, Feb. 10, 2022 /CNW/ - Mind Cure Health Inc. (CSE: MCUR) (OTCQX: MCURF) (FRA: 6MH) ("MINDCURE" or the "Company"), a leader in advanced proprietary technology for mental health care and research in psychedelics, announced today its Board of Directors has formed a special committee (the "Special Committee") of independent directors to initiate a review process to explore, review and evaluate a broad range of strategic alternatives.
The Special Committee's strategic review process will encompass an evaluation of the Company's current strategic direction, operations, market valuation and capital structure and will consider appropriate alternatives for the Company which may include one or more of the following: continuation as a standalone public company, strategic investor investment, acquisition by or a merger with an industry partner that may involve all or part of our business or assets and any other strategic alternatives that may be identified during our strategic review.
"The Board continues to support the Company's current strategic priorities. As we recently reported, the Company is in a strong financial position with cash and equivalents of $13.4M and a cash runway of a minimum 12 months as at November 30, 2021. However, the Board believes that given the current state of capital markets and the evolving landscape for our industry, a broad review of strategic alternatives is entirely appropriate and in the best interest of the Company," said the Chair of MINDCURE's Board of Directors, Philip Tapley.
"I am proud of our team and track record of delivering on milestones with focus and drive. I look forward to engaging in this process with the Special Committee while my team pursues our ambitious plan, supported by our strong financial position," said MINDCURE's President and CEO Kelsey Ramsden.
The Special Committee is being chaired by Jason Pamer, includes Larissa Chaikowsky, Robert Hill and Philip Tapley, and has appointed Canaccord Genuity Corp. as its financial advisor to support the Special Committee in the strategic review process.
While the strategic review process is ongoing, the Company intends to continue to pursue its core strategic objectives so as to maintain and enhance the value of its current business and operations, including the development and launch of the iSTRYMTM product.
Other than as described in this news release, the Company has not made any decisions related to strategic alternatives at this time and there can be no assurance that the evaluation of strategic alternatives will result in any transaction proceeding or change in strategy. The Company does not intend to comment further unless and until further disclosure is appropriate or necessary.
About Mind Cure Health Inc.
MINDCURE is a life sciences company focused on innovating and commercializing new ways to promote healing and improve mental health. The Company is developing digital therapeutics technology and researching psychedelic compounds to support access to safe, evidence-based psychedelic-assisted therapies globally. Learn more at mindcure.com.
On Behalf of the Board of Directors
Jason Pamer, Chair of the Special Committee
The Canadian Securities Exchange ("CSE") has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Certain information regarding MINDCURE and its business presented in this news release may constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking information generally can be identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "feel", "intend", "may", "plan", "predict", "project", "subject to", "will", "would", and similar terms and phrases.
Forward-looking information is based on a number of key expectations and assumptions made by management of MINDCURE, including, without limitation: the considerations and outcome of the strategic review; COVID-19 pandemic impact on the Canadian economy and MINDCURE's business, and the extent and duration of such impact; no change to laws or regulations that negatively affect MINDCURE's business; no unanticipated expenses, costs or detrimental consequences of the strategic review process will arise; the continuation of the Company's core strategic objectives, including the development and launch of the iSTRYM product, so as to preserve and enhance the value of the Company's current business and operations; and the expected cash runway of the Company's business.
Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information inherently entails known and unknown risks and uncertainties about the future and actual results and involves significant risks and uncertainties and should not be read as a guarantee of future performance or results as actual results may differ materially from those expressed or implied in such forward-looking information. Although MINDCURE has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those described in forward-looking information presented, there may be other factors that cause results, performance or achievements to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements as no forward-looking information 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 MINDCURE does not undertake any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.