Comprehensive Healthcare Systems Inc. Announces Removal of Cease Trade Order

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Tue, Oct 15, 2024, 4:10 PM 4 min read

Calgary, Alberta--(Newsfile Corp. - October 15, 2024) - Comprehensive Healthcare Systems Inc. (TSXV: CHS) (the "Company" or "CHS"), an industry leader in healthcare benefits administration software and services, announces that Alberta Securities Commission, the principal regulator, has, effective October 10th, 2024, removed the "Failure to File Cease Trade Order" (FFCTO) placed on CHS. The FFCTO was placed on July 9th, 2024, due to the delay in the filing of its annual audited financial statements, associated MD&A and officer certifications (the "Annual Filings") for the fiscal year ended December 31, 2023, which were due on April 29, 2024.

The Company will now apply to the Toronto Venture Stock Exchange for reinstatement of trading in its stock.

The Company also announces that it received debt funding of $400,000 USD (approximately $540,000 CAD) with a convertible option for the lenders at an agreed permissible discount to the closing price per share of the Company recorded on the day before the conversion is approved by relevant regulatory bodies and a press release is issued regarding the proposed conversion.

This conversion is subject to all necessary regulatory approvals including the approval of TSX Venture Exchange ("TSXV") and where applicable an approval from majority of shareholders who attend and vote their shares in a special annual general meeting of the Company.

As disclosed before and in its recently filed audited annual financial statement for year ended December 31, 2023, first quarter ending March 31, 2024, second quarter ending June 30, 2024, and related management discussion & analysis, during 2023, the Company experienced financial and operational challenges impacting profitability. As a result, the Company made significant restructuring efforts to reduce costs and improve operations.

Although the Company has made significant progress in aligning its cost structure to the revenue base, it continues to face funding challenges to fuel its growth. Therefore, the Company will continue to seek additional funding to manage its working capital and to meet its outstanding obligations.

About Comprehensive Healthcare Systems Inc.

Comprehensive Healthcare Systems Inc. is a corporation incorporated under the laws of the Province of Alberta and is the parent company of Comprehensive Healthcare Systems Inc. (Delaware). The Company is a vertically integrated software as a services (SaaS) company focused on digitizing healthcare with Healthcare Benefits Administration solutions, providing reliable and high-volume transaction capable systems. The Company's state-of-the-art Novus 360 Healthcare Welfare and Benefits Administration (HWBA) SaaS platform is used by clients for all aspects of healthcare benefits administration (including self-funded employers, providers, and labor unions), providing healthcare administrative software and technology-enabled services.

FORWARD-LOOKING INFORMATION:

The press release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "budget," "believe," "project," "estimate," "expect," "scheduled," "forecast," "strategy," "future," "likely," "may," "to be," "could," "would," "should," "will" and similar references to future periods or the negative or comparable terminology, as well as terms usually used in the future and conditional. These forward-looking statements are based on assumptions as of the date they are provided. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

Additionally, there are known and unknown risk factors that could cause the Company's actual results and financial conditions to differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important risk factors that could cause actual results and financial conditions to differ materially from those indicated in the forward-looking statements, include among others: general economic, market and business conditions in Canada and globally; market volatility; unforeseen delays in timelines for any of the transactions or events described in this press release; and the risk of regulatory changes that may impact the business of the Company. All forward-looking information is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking statement or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.

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

SOURCE Comprehensive Healthcare Systems Inc.

For further information:
COMPREHENSIVE HEALTHCARE SYSTEMS INC.
Chris Cosgrove, Chief Executive Officer
E-mail: chris.cosgrove@comphealthcare.com