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TORONTO, March 31, 2023 /CNW/ – Pathway Health Corp. PHC cl (“Away” or the “group“), an integrated healthcare company that provides products and services for patients suffering from chronic pain and related conditions, announced today following its dated press releases December 22, 2022 And March 1, 2023that the Company has entered into a definitive agreement (the “mediation contract“) dated March 312023 with The Newly Institute Inc. (“The new“), a leading operator of interdisciplinary mental health clinics in Canada which pioneered intensive bio-psycho-social treatment models, and HEAL Global Holdings Corp. (“HEAL“), a private citizen alberta Company founded with the goal of becoming a global leader in personalized, curated healthcare. In accordance with the terms of the Arrangement Agreement, Pathway will acquire all issued and outstanding common shares in the capital of HEAL (“HEAL shares“) and The Newly (“New shares“) by their respective shareholders (other than the Newly Shares held by HEAL) (the “transaction“) in exchange for common shares in the capital of Pathway (“Pathway stocks“). The transaction serves to recapitalize Pathway and The Newly through the direct investment of $7.5 million of HEAL and result in the creation of a comprehensive health and wellness company offering interventional pain management and intensive outpatient mental health treatment programs. These programs will focus on helping clients address concerns about chronic pain and their mental health so they can return to work and their lives with treatments for adjunctive and chronic pain and medically assisted psychotherapy for treatment-resistant disorders.

The transaction will be managed by Avonlea-Drewry Holdings Inc. (“ADH“), Pathway’s largest shareholder, directly or…