MONTREAL, July 14, 2026 (GLOBE NEWSWIRE) -- PREMIER HEALTH OF AMERICA INC. (TSX-V: PHA) ("Premier Health" or the "Company") announces that, in connection with the restructuring proceedings initiated on June 23, 2026 by the Royal Bank of Canada (the "Applicant") in its capacity as a secured creditor (the "CCAA Proceedings") and the Court-approved restructuring transaction announced on July 3, 2026, Polar Valley Investments Limited ("Polar") has successfully closed 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") (the "Transaction").
As a result of the Transaction, Polar became the sole holder of the securities of SSI, CHCA and Nordik Québec. Each of SSI, CHCA and Nordik Québec retained the assets and liabilities necessary to continue the going concern operations of their respective businesses and ceased to be debtors in the CCAA Proceedings.
In connection with the closing of the Transaction, Guy D'Aoust has ceased to act as Interim Chief Executive Officer of the Company.
Clients of SSI, CHCA and Nordik Québec should expect no changes to day-to-day operations and service levels. SSI, CHCA and Nordik Québec remain focused on delivering reliable, high-quality healthcare solutions and ensuring continuity of service for the organizations and communities served.
The CCAA Proceedings remain ongoing, as FTI Consulting Canada Inc., in its capacity as Court-appointed monitor (the "Monitor"), addresses the Company's remaining assets, liabilities, and obligations, and works toward winding down the Company's corporate structure in anticipation of terminating the CCAA Proceedings.
Documents relating to the restructuring process, such as Court orders and Monitor's reports, are available on the Monitor's website at https://cfcanada.fticonsulting.com/PHA. For more comprehensive information regarding the CCAA Proceedings and the Transaction, readers are invited to consult the full text of all of these documents.
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 continuance of the operations of the Company 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 include the inability to successfully complete the SISP for the remaining assets of the Company, 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. Frédéric St-Cyr
Interim Chief Financial Officer
Premier Health of America Inc.
fstcyr@premierhealth.ca / 1 800 231 9916
