Agility Health Announces Delay in Filing 2017 Financial Results

GRAND RAPIDS, Mich., April 27, 2018 (GLOBE NEWSWIRE) -- Agility Health, Inc. (TSXV:AHI) (“Agility Health” or “Corporation”), a leading provider of orthotics, prosthetics and foot care services in Canada, announces that it expects a delay of approximately 30 days in filing its audited annual financial statements, management’s discussion and analysis and related officer certifications for the year ended December 31, 2017 (collectively, the "Annual Financial Filings") which are required to be filed on April 30, 2018 (the “Filing Deadline”). Due to the recent disposition of the Corporation’s U.S. operations to Alliance Physical Therapy Management, LLC and the change in management following the disposition, the Corporation is unable to complete all the procedures necessary for the Corporation’s auditor, BDO USA, LLP, to be able to render an audit opinion by the Filing Deadline. The Corporation intends to work diligently with its auditor to ensure that it has all the necessary information to complete the audit.

The Corporation is providing this default announcement in accordance with National Policy 12-203 - Management Cease Trade Orders (“NP 12-203”). In connection with the anticipated filing delay, the Corporation has applied to the applicable Canadian securities regulators for the issuance of a management cease trade order (“MCTO”) under NP 12-203, which would restrict trading in securities of the Corporation by the Corporation’s Interim Chief Executive Officer and Chief Financial Officer. The issuance of the MCTO generally will not affect the ability of persons who have not been directors, officers or insiders of the Corporation to trade in their securities. The granting of the MCTO is at the discretion of the Ontario Securities Commission, as principal regulator of the Corporation. In the event that the MCTO is granted, it will be in effect until the default is remedied.

The Corporation intends to satisfy the provisions of the alternative information guidelines set out in sections 9 and 10 of NP 12-203 so long as the Annual Financial Filings are outstanding, including the issuance of bi-weekly default status reports in the form of news releases.

The Corporation confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Corporation that has not been generally disclosed.

About Agility Health

Through its Canadian subsidiary and principal operating entity, Medic Holdings Corp., Agility Health operates eleven (11) foot care clinics in Ontario and Quebec and manufactures orthotics and prosthetics.

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 release.

This release includes forward-looking statements regarding Agility Health and its business. Such statements are based on the current expectations and views of future events of Agility Health’s management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release, including the anticipated future growth of Agility Health, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Agility Health undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

For further information please contact:

Wayne Cockburn
Interim Chief Executive Officer
(905) 505-0770
Wayne@medicholdings.com