MONTREAL, July 03, 2026 (GLOBE NEWSWIRE) -- PREMIER HEALTH OF AMERICA INC. (TSX-V: PHA) ("Premier Health" or the "Company") announces that, in connection with the proceedings initiated on June 23, 2026 by the Royal Bank of Canada (the "Applicant") in its capacity as a secured creditor (the "CCAA Proceedings"), the Québec Superior Court (Commercial Division) (the "Court") has issued today an order approving the acquisition of all of the equity interests in three affiliates of the Company, namely Solutions Staffing Inc. ("SSI"), Canadian Health Care Agency Ltd. ("CHCA") and Premier Soin Nordik Inc. / Premier Health Nordik Inc. ("Nordik Québec"), by way of reverse vesting orders (the "Transaction" and the "Approval and Reverse Vesting Orders").
Polar Valley Investments Limited ("Polar"), which owns a number of health care companies, was selected as the successful bidder by FTI Consulting Canada Inc., in its capacity as Court-appointed monitor in the CCAA Proceedings (the "Monitor"). The Transaction is structured as share subscriptions pursuant to which Polar will subscribe for newly issued shares of each of SSI, CHCA and Nordik Québec, and all existing equity interests in SSI, CHCA and Nordik Québec will be cancelled without consideration. In accordance with the Approval and Reverse Vesting Orders, certain assets and liabilities of SSI, CHCA and Nordik Québec will be excluded and vested in an affiliate of the Company, 10544485 Canada inc. and not transferred as part of the Transaction.
The Transaction will preserve going concern operations of SSI, CHCA and Nordik Québec, and is expected to close on or around July 10, 2026. Clients of SSI, CHCA and Nordik Québec should expect no changes to day-to-day operations and service levels. The Company's focus remains on delivering reliable, high-quality healthcare solutions and ensuring continuity of service for the organizations and communities served.
Documents relating to the restructuring process, such as the Approval and Reverse Vesting Orders, the Monitor's reports to the Court, are available on the Monitor's website at https://cfcanada.fticonsulting.com/PHA. Readers are invited to consult the full text of all of these documents for further, more detailed, information.
Trading in the Company's common shares on the TSX Venture Exchange ("TSXV") has been halted. The common shares will remain halted until such date that the TSXV determines.
Forward-Looking Information
Certain statements in the preceding may constitute forward-looking statements, including the successful completion of the Transaction and the date until which trading in the common shares will remain halted. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the Company, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These factors the inability to successfully complete the Transaction, operational disruptions arising from restrictions imposed during the CCAA proceedings, continued suspension of trading of the common shares, and other risks and uncertainties discussed in the management discussion and analysis section of the Company's interim and most recent annual financial statement. There can be no assurance that such forward looking information 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 information.
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 NEWS RELEASE.
For Further Information Please Contact:
| Mr. Guy D'Aoust | Mr. Frédéric St-Cyr |
| Interim Chief Executive Officer | Interim Chief Financial Officer |
| Premier Health of America Inc. | Premier Health of America Inc. |
| gdaoust@premierhealth.ca / 1 800 231 9916 | fstcyr@premierhealth.ca / 1 800 231 9916 |
