MONTREAL, April 8, 2022 /CNW Telbec/ – Carebook Technologies Inc. (“Carebook” or the “Company“) (TSXV: CRBK) (OTCPK: CRBKF) (XFRA: PMM1), a leading Canadian provider of innovative digital health solutions, is pleased to announce an amendment to its senior credit facilities with a leading Canadian Schedule I bank and one of its affiliates (together, the “Lenders“). Under the amendment, the Lenders have agreed to provide the Company with (i) a C$3 million demand revolving facility (the “Revolving Facility“) and (ii) a C$4 million non-revolving term loan facility, subject to mandatory repayment as described below (the “Term Loan Facility” and together with the Revolving Facility, the “Credit Facilities“). Moreover, the maturity date of Term Loan Facility has been extended to November 30, 2022, provided that the Company must make a mandatory prepayment of C$1 million on the Term Loan Facility no later than May 31, 2022, after which the outstanding amount under the Term Loan Facility will be C$3 million. As at the date hereof, the Credit Facilities have been fully drawn and the Company may not borrow any other borrowings under the Term Loan Facility. The applicable margin on each of the Credit Facilities has also been increased to 9.0%, effective as of April 7, 2022.
“We are pleased to confirm the extension of our credit facilities and the continued support from our lenders,” stated Jeffrey Kadanoff, CFO of Carebook. “We are currently evaluating various financing alternatives and expect to make additional announcements in the near future as definitive plans are being finalized.”
The TSXV has not reviewed and does not accept responsibility for the adequacy of the content of the information contained herein. Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
About Carebook Technologies
Our core is science. Our solutions are accessible. Our mission is to empower people.
Carebook’s digital health platform empowers its clients and more than 3.5 million members to take control of their health journey. During 2021, the Company completed the acquisitions of InfoTech Inc., a global leader in health and productivity risk management, and CoreHealth Technologies Inc., owner of an industry-leading wellness platform. In combination, these companies create an end-to-end digital health platform that includes both assessment tools and the technology to deliver complementary solutions. Carebook’s shares trade on the TSXV under the symbol “CRBK,” on the OTC Markets under the symbol “CRBKF,” and on the Open Market of the Frankfurt Stock Exchange under the symbol “PMM1.”
Notice regarding forward-looking statements:
This release includes forward-looking information and forward-looking statements within the meaning of Canadian securities laws regarding Carebook, its subsidiaries and their business, including statements regarding repayment of the Credit Facilities and financing alternatives. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative 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. Such statements are based on the current expectations of the management of Carebook and are based on assumptions and subject to risks and uncertainties. Although the management of Carebook believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and undue reliance should not be placed on such forward-looking statements. The forward-looking statements reflect the Company’s current views with respect to future events based on currently available information and are inherently subject to risks and uncertainties. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including economic factors, management’s ability to manage and to operate the business of Carebook, management’s ability to successfully integrate the Company’s completed acquisitions and to realize the synergies of such acquisitions, management’s ability to successfully complete product studies, the equity markets generally and risks associated with growth and competition, as well as the risk factors identified in the Company’s management’s discussion and analysis for the year ended December 31, 2020 and described under the heading “Item 21 – Risk Factors” in the Listing Application of the Company dated September 28, 2020, each of which can be found on SEDAR under the Company’s profile at www.sedar.com. Although Carebook has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement 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 Carebook does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. In addition, the current situation and future developments with respect to the COVID-19 pandemic could cause certain of the assumptions and information set forth herein or the fact that on which such assumptions are based to differ materially from previous expectations including in respect of demand for our products, access to debt and equity capital and other factors.
SOURCE Carebook Technologies Inc.