Cloud DX Completes First Stage of Restructuring Process

KITCHENER, ON / ACCESSWIRE / December 16, 2024 / Cloud DX Inc. ("Cloud DX") (TSXV:CDX)(OTCQB:CDXFF) today reports the sale of its wholly owned subsidiary Cloud Diagnostics Canada ULC (the "Company") to 1493907 B.C. Ltd (the "Purchaser").

The transaction (the "Transaction") was concluded in connection with the Notice of Intention to Make a Proposal proceeding (the "NOI") announced on June 6, 2024. and was completed in accordance with the terms of a Subscription Agreement (the "Subscription Agreement") and the provisions of a reverse vesting order (the "RVO") granted by the Supreme Court of British Columbia on November 19, 2024.

As part of the Transaction: (i) a new entity, 16538363 Canada Ltd., has been incorporated and vested with certain of the Company's excluded liabilities; (ii) all shares, interests, participation or other equivalents of capital stock or share capital or related rights or interests issued by or existing in the Company prior to the closing of the Transaction were cancelled and terminated without consideration; and (iii) the Company issued, and the Purchaser subscribed for and purchased, new common shares in the capital of Cloud Diagnostics Canada ULC. The Purchaser is now the sole holder of the Company's share capital. 16538363 Canada Ltd. is expected to be assigned into bankruptcy pursuant to the Bankruptcy and Insolvency Act (the "BIA").

Further information regarding the NOI and documents related thereto, including a copy of the RVO, can be accessed through the website hosted by Crowe MacKay & Company Ltd. in its capacity as proposal trustee of the Company: https://crowemackayco.ca/project/cloud-diagnostics-canada-ulc/

Advisors

Gowling WLG acted as counsel to 1493907 B.C. Ltd. Owen Bird Law Corporation acted as counsel to Cloud Diagnostics Canada ULC. Crowe MacKay & Company Ltd. acted as proposal trustee.

About Cloud DX

The Cloud DX Connected Health™ remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, 2022 Top Innovator by Canadian Business, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers."

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Officer Responsible for this Press Release:

Robert Kaul
Chief Executive Officer
Phone 888-543-0944
robert.kaul@clouddx.com

Forward Looking Statements

This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. In particular, this news release includes certain forward-looking statements concerning the terms of the contract extension, the expected proceeds therefrom, as well as management's objectives, strategies, beliefs and intentions.

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the Company's the ability of the Company to fulfill the terms of and derive the benefits from the contract extension.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.

À propos de Cloud DX

Accélérant les soins de santé virtuels, Cloud DX a pour mission d'améliorer les soins de santé pour tous. Notre plateforme de surveillance à distance des patients Connected HealthMC est utilisée par des entreprises de soins de santé et des équipes de soins partout en Amérique du Nord pour gérer virtuellement les maladies chroniques, permettre aux gens de vieillir chez eux et fournir des soins post-chirurgicaux de qualité hospitalière à domicile. Nos partenaires obtiennent de meilleurs résultats pour les soins de santé et les patients, réduisent le besoin d'hospitalisation ou de réadmission, et réduisent les coûts de prestation des soins de santé grâce à une utilisation plus efficace des ressources. Cloud DX est co-lauréate du prix Qualcomm Tricorder XPRIZE, lauréate du prix Edison 2021, finaliste du concours « World Changing Idea » de Fast Company et un des dix plus importants fournisseurs de télésanté au Canada.

Site des relations avec les investisseurs de Cloud DX https://ir.clouddx.com/overview/default.aspx

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Tous les énoncés prospectifs sont assujettis à des risques et à des incertitudes, tels que ceux décrits dans les rapports périodiques de Medtronic déposés auprès de la Securities and Exchange Commission. Les résultats réels peuvent sensiblement différer des résultats anticipés.

SOURCE: Cloud DX Inc.