Wesana Health Announces Restructuring of Promissory Note Receivable
Chicago, Illinois and Toronto, Ontario–(Newsfile Corp. – November 28, 2023) – Wesana Health Holdings Inc. (CSE: WESA.X) (OTCQB: WSNAF) (the “Company“), announced the execution of a Confidential Settlement and Release Agreement (“Settlement Agreement”) between Wesana Health Clinics Corp. (“Wesana”), a subsidiary of the Company, and APS Innovations LLC. (the “APS”) whereas the Parties agree to amend and restate the outstanding promissory note previously issued by APS to Wesana on September 1, 2022 in the original principal amount of US$1,223,989. The promissory note was issued pursuant to a certain Purchase Agreement dated as of August 31, 2022 when APS acquired from Wesana all of the equity of interest of Advanced Psychiatric Management LLC.
Simultaneous to the execution of this Settlement Agreement, APS would deliver to Wesana an amended and restated promissory note, memorializing the following payment obligations to which APS agrees to:
APS would pay Wesana US$50,000 (“Initial Payment”) (paid) pursuant to the Amended and Restated Promissory Note; within sixty days after the Effective Date APS will pay Wesana an additional US$250,000 pursuant to the Amended and Restated Promissory Note, provided APS may, upon written email notice to Wesana, extend the time period during which it is required to make payment hereunder by thirty days so that it may complete the capital raise it has initiated to fund the payment hereunder; and an additional amount equal to US$500,000 in principal shall be paid as and when required pursuant to the Amended and Restated Promissory Note.
ON BEHALF OF THE BOARD
Daniel Carcillo, Chairman and Chief Executive Officer
Phone: 702-329-8038
About Wesana Health
Wesana was an emerging life sciences company championing the development and delivery of psychedelic and naturally-sourced therapies to treat traumatic brain injury. The Company was developing evidence-based formulations and protocols that empower patients to overcome neurological, psychological and mental health ailments caused by trauma. It discontinued the psychedelics business and disposed of the assets in 2023 and is now looking for new business opportunities.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward looking information”) within the meaning of applicable securities laws including but not limited to: the ability of Wesana to repay its outstanding liabilities, and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, financial position, operational or financial performance or achievements. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “will”, “projects”, or “believes” or variations (including negative variations) of such words and phrases, or statements that certain actions, events, results or conditions “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Except for statements of historical fact, information contained herein constitutes forward-looking information. Forward-looking information is not a guarantee of future performance and is based upon a number of expectations and assumptions of management at the date the statements are made.
Although management believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking information because it involves assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking information. Certain risk factors include but are not limited to the risks associated with there being no assurance as to the Company’s ability to continue as a going concern.
Forward-looking information is provided and made as of the date of this news release and the Company does not undertake any obligation to revise or update any forward-looking information other than as required by applicable law.
The Company does not by way of this news release affirm or adopt any statements, reports or public filings related or attributed to Lucy in this news release or made by Lucy outside of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188922
