MARKHAM, ON, June 22, 2016 /CNW/ - Nightingale Informatix Corporation ("Nightingale" or the "Company") (TSX-V: NGH), wishes to provide the following update on its previously announced strategic review process originally disclosed on February 29, 2016 (the "Process"). The Process was initiated by the independent members of the Board and was intended to examine alternatives to enhance shareholder value, including a sale of all or a portion of the existing business, as well as various financing and recapitalization alternatives. In this regard the Board engaged financial and legal advisors to assist it in implementing the Process. A number of alternatives were explored and the Board has concluded that shareholder value would best be enhanced by concluding a sale of assets comprising substantially all of the Canadian business. As a result of this process, the Company has been in discussions with potential acquirers with the intention of concluding a definitive agreement in respect of a transaction (the "Proposed Transaction") as soon as possible. There is no assurance that such agreement will be concluded or that the Proposed Transaction will proceed as currently contemplated or at all.
The terms of the Proposed Transaction, if agreed to, will be set forth in a definitive acquisition agreement and closing of the Proposed Transaction will be subject to the satisfaction of closing conditions in such agreement, which will include TSX Venture Exchange and shareholder approval.
The Company shall provide further updates to shareholders as to the status of its strategic review process and the Proposed Transaction when available.
For more than a decade, Nightingale (TSX-V: NGH) has been delivering innovative cloud-based Electronic Health Record (EHR) , Practice Management and Claims Clearing House solutions to healthcare organizations across Canada. Our goal is to uncomplicate the day-to-day challenges of healthcare providers. We achieve this by creating software that is truly intuitive—minimizing training and maximizing adoption. We believe so strongly in building easy-to-use software that we structured our entire product team around user-centric design. Our clients are benefiting from this focus through a well-supported and robust solution that presents a holistic view of a person's well-being in a simple, clean interface, so that the best health decisions can be made. Nightingale – One Patient. One Record. www.nightingalemd.com
Forward Looking Statement
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Specifically, and without limitation, this press release contains forward-looking statements and information relating to: the anticipated timing for the closing of the Proposed Transaction, as well as the likelihood of such a transaction occurring at all. Generally, forward- looking statements can be identified by the use of forward- looking terminology such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may" ,"could", "would", "might", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks associated with obtaining the required approval of the TSXV and other approvals related to the completion of the Proposed Transaction; the likelihood of the parties concluding a definitive agreement regarding the Proposed Transaction on the terms announced or at all. All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, which are subject to change.
Although Nightingale has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Nightingale does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws. Further information on Nightingale Informatix Corporation is available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services 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 Nightingale Informatix Corporation
For further information: Sam Chebib, CEO, Nightingale Informatix Corporation Tel: 905-943-2611, [email protected]