CARESPAN ANNOUNCES TSXV CONDITIONAL APPROVAL OF VENTURE WITH CHOPRAX TO LAUNCH CHOPRA WHOLE PERSON CARE AND RESUMPTION OF TRADING
VANCOUVER, BC, Oct. 12, 2023 /CNW/ – CareSpan Health, Inc. (TSXV: CSPN) (“Company” or “CareSpan”), is pleased to announce that further to its press release dated May 31, 2023 and September 13, 2023, the TSX Venture Exchange (the “Exchange“) has conditionally approved the Company’s proposed venture with ChopraX LLC (“ChopraX“) to set up a business of integrative care using the CareSpan technology platform and operations (the “Business“). Pursuant to the definitive agreement dated September 12, 2023 between the Company and ChopraX (the “Definitive Agreement“), ChopraX will grant a license to the Company of its brand and certain of its assets to be utilized in the development and launch of the Business, whereby the Business will be part of the Company and will operate under the name “Chopra Whole Person Care” or such other name as the parties may decide.
On September 12, 2023, the common shares of the Company (the “Common Shares“) were halted pending review of the Definitive Agreement pursuant to Exchange Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets (“Policy 5.3“) as the matters contemplated by the Definitive Agreement are considered to be a “Fundamental Acquisition” under Policy 5.3. In connection with the Exchange’s conditional approval dated October 6, 2023, the Exchange will lift the halt on trading of the Common Shares effective October 12, 2023.
For additional details regarding the Business and the Definitive Agreement, please refer to the aforementioned press releases and the copy of the Definitive Agreement filed on the Company’s SEDAR+ profile at www.sedarplus.com.
ChopraX, LLC is a wellness-dedicated venture platform and accelerator, that sits at the convergence of whole person health, tech-enabled well-being, and science-led innovation. ChopraX’s mandate is to find and back exceptional, visionary founders to build category-defining companies at the intersection of research, technology, and evolving consumer behaviors. It has launched to build transformative ventures using breakthrough innovation to improve human well-being in an accessible, scalable, sustainable and impactful way. ChopraX is positioned to make an impact while gaining significant market share and becoming the global leader in the wellness industry. For more information, visit www.choprax.com.
CareSpan is a healthcare technology and services company that has developed and deployed a unique, proprietary integrated digital care platform, the CareSpan Clinic-in-the Cloud™, that creates easy access to care for the underserved. With a patient-centric approach focused on improving health outcomes, CareSpan uses sophisticated digital tools and capabilities to improve patient outcomes in primary care, chronic care, urgent care, and mental health. In addition to the integrated digital care platform, CareSpan has built and deployed a business support infrastructure for its professional networks, American-Advanced Practice Network and AmericanMedPsych Network. American-Advanced Practice Network harnesses the clinical capabilities of Nurse Practitioners to address the shortage in primary and chronic care in the country. AmericanMedPsych brings together providers to tackle shortages mainly in mental health.
Clinic-in-the-Cloud is a trademark of CareSpan USA Inc., a subsidiary of CareSpan Health, Inc.
ON BEHALF OF THE BOARD OF DIRECTORS:
Rembert de Villa
Director and Chief Executive Officer