Calgary, Alberta--(Newsfile Corp. - October 23, 2023) - The Newly Institute Inc. ("Newly" or the "Company"), a leading interdisciplinary mental health, addictions, and chronic pain clinic, is pleased to provide an operational and financial update.
Newly is proud to announce that it has been awarded a Post-Traumatic Stress Disorder ("PTSD") Program Services Agreement by WorkSafeBC, a provincial agency that promotes safe and healthy workplaces across British Columbia ("B.C."). The multi-year agreement will provide Public Safety and Non-Public Safety Personnel experiencing ongoing trauma and stress-related symptoms from a workplace incident access to treatment programs through an outpatient, interdisciplinary approach to care.
Newly is also pleased to announce that it has secured a location and signed a lease agreement to open its first clinic in Kelowna, British Columbia, in the beautiful Okanagan Valley. The Company's new clinic in B.C., its fourth overall, will allow Newly to provide its leading mental health programs for first responders, veterans, and the general population across the province. This clinic is a key step in The Newly Institute's plan to expand across Canada for the continued delivery of its intensive outpatient programs.
"We are thrilled to expand into the province of British Columbia and continue to assist individuals achieve optimal mental health and wellbeing," says Arthur H. Kwan, Chief Executive Officer of Newly. "Our unique program offerings will be a first for Kelowna, and we are excited to welcome new clients."
By way of a financial update, the Company continues to negotiate in good faith an extension to the forbearance agreement with its bridge loan provider. Doing so will allow the Newly to pursue a recapitalization and growth capital financing. To this end, the Company has retained financial advisors to seek out additional capital.
Finally, Newly is excited to announce a proposed reorganization to set up a new entity, Newly Holdings Corporation, with two wholly-owned subsidiaries: Newly Clinics and Newly Access. Newly Clinics will include the Company's in-person mental health programs and operations and retain all current clinical operations. Newly Access will be a technology-driven entity designed to capture recurring revenue from the Company's patients, post-treatment, using an app currently in development. The Newly app will allow people who have graduated from in-person treatment programs to access additional mental health resources, book new appointments as needed, and gain quick contact with mental health professionals in an emergency. The Company expects to hold a shareholder meeting in late November or early December 2023 to vote on the proposed reorganization and other corporate matters and expects to deliver an information circular to Newly shareholders in early November 2023.
"We are looking forward to connecting with our valued shareholders and discussing the many exciting initiatives we have underway," says Mr. Kwan. "With new clinics on the horizon, a reorganization of the Company to optimize patient support and generate additional income, and a sound financial plan to help us achieve our goals, we believe the future is bright for Newly."
About The Newly Institute
Newly is a Calgary, Alberta-based private company that believes mental health treatment needs a drastic paradigm shift. Our vision is to provide long-lasting change within the industry, our community, and with our patients. We have pioneered an intensive bio-psycho-social treatment model that can be supplemented by medically managed, psychedelic-assisted therapies when appropriate. Our medical professionals help patients overcome deeply embedded traumas, addiction, and pain that prevents them from living fully in their everyday lives. While we base our programs on evidence and data, our approach is personal, as it is vital that people feel safe as we tackle the difficult work necessary to achieve wellness. The Company currently operates clinics in Calgary, Edmonton, and Fredericton and will look to expand across Canada in 2024.
Forward-Looking Statements
This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements, or developments expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements in this document include statements regarding the anticipated use of the Company's services and revenues from the WorkSafeBC PTSD Services Agreement, the opening of the Kelowna clinic, the effectiveness of the Company's treatment programs, extension of the forbearance agreement with the Company's lender, the Company's capital raising activities, the proposed reorganization of the Company's business and the related shareholders meeting, the future financial prospects of the Company and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: lack of interest in the Company's products or services from its potential clients; inability of the Company to deliver programs which meet the treatment needs of clients; failure to successfully conclude negotiations with its lenders regarding forbearance on the Company's debt obligations; inability of the Company to successfully raise sufficient capital to fund the operation of its business; the Company determining not to hold a shareholders meeting or to reorganize its business; and failure of the Company to meet its growth objectives, either in whole or in part.
When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
For further information contact:
Arthur H. Kwan
Chief Executive Officer
Phone: (825) 540-4042
Email: info@thenewly.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/184908
