TORONTO, Oct. 13, 2022 (GLOBE NEWSWIRE) — Skylight Health Group Inc. (TSXV:SHG; OTCQX: SLHGF) (“Skylight Health” or the “Company”), a healthcare platform combining technology and analytics focused on transitioning patients into value based care to drive better health outcomes and experiences in the United States, announces today that its common shares (the “Shares”) will commence trading on the OTCQX Best Market today, under the symbol “SLHGF”.
Skylight Health common shares will continue to trade on the TSX Venture Exchange under the symbol “SLHG.V”. Skylight Health also announces that its Shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company (“DTC“). DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly traded companies. DTC eligibility is expected to simplify the process of trading and enhance liquidity of the Company’s Shares in the United States.
The OTCQX® Best Market offers established companies the advantages of being publicly traded in the U.S. with lower cost and complexity than a U.S. exchange listing. Investors benefit from convenient trading through their preferred broker or financial advisor, transparent pricing with real-time quotes, and trusted disclosure that is made broadly available to broker-dealers and market data providers. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.
Investors can find information and trading statistics on Skylight Health Group at www.otcmarkets.com.
The company also announces that it has elected to satisfy its obligation to pay $23,227 in interest as of September 30, 2022 to the holders of its unsecured convertible debentures issued and announced in a press release on August 17, 2022 (the “Debentures“) by issuing 46,829 common shares of the Company. The common shares will be issued at a deemed price of $0.50 per share in full satisfaction of the September 30th interest payment obligation in accordance with the terms of the Debentures. The Debentures bear interest daily at the rate of 8.0% per annum with interest accruing commencing on August 17, 2022, calculated and payable quarterly in arrears. The shares for debt application remains subject to approval by the TSX Venture Exchange and all shares issued will be subject to a hold period of 4 months and one day.
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About Skylight Health Group
Skylight Health Group (TSXV:SLHG OTCQX: SLHGF) is a healthcare services and technology company, working to positively impact patient health outcomes. The Company operates a US multi-state primary care health network comprised of physical practices providing a range of services from primary care, sub-specialty, allied health, and laboratory/diagnostic testing. The Company is focused on helping small and independent practices shift from a traditional fee-for-service (“FFS”) model to value-based care (“VBC”) through tools including proprietary technology, data analytics and infrastructure. In an FFS model, payors (commercial and government insurers) reimburse on an encounter-based approach. This puts a focus on the volume of patients per day. In a VBC model, the providers offer care that is aimed at keeping patients healthy and minimizing unnecessary health expenditures that are not proven to maintain the patient’s well-being. This places emphasis on quality over volume. VBC will lead to improved patient outcomes, reduced cost of delivery and drive stronger financial performance from existing practices.
Forward Looking Statements
This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent our current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this release. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as “look forward,” “believe,” “continue,” “building,” or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are often discussed in filings we make with the Canadian and United States securities regulators, including the Securities and Exchange Commission, available at: www.sec.gov, and Canadian Securities Administrators, available at www.sedar.com, and on our website, at skylighthealthgroup.com.
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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.