Altrova Health Plans Debt Settlement Through Share Issuance

Altrova Health Inc., a Canadian public company focused on health solutions, has announced plans to settle a portion of its outstanding debts through the issuance of common shares. The company intends to enter into debt settlement agreements with three consultants, aiming to reduce its liabilities and preserve cash for working capital purposes.

According to the press release, the settlement will involve the issuance of 3,583,333 common shares of Altrova Health Inc. at a deemed price of $0.06 per share, totaling an aggregate value of C$215,000. This move is expected to significantly alleviate the company’s financial burden, allowing it to focus on its core operations and strategic initiatives.

The debt settlement is part of Altrova Health’s ongoing efforts to streamline its financial structure and enhance its operational efficiency. The company’s current product portfolio includes exclusive Canadian distribution rights for the NIRLAB SA NIRLIGHT drug analysis device, the O-Spray product line, and the rapid detection strip portfolio of its subsidiary Drug Lab 118 Ltd.

Completion of the debt settlement remains subject to the receipt of all required regulatory approvals, including the approval of the Canadian Securities Exchange (CSE), and the satisfaction of other customary closing conditions. The common shares issued pursuant to the debt settlement will be subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities laws and the policies of the CSE.

The company’s Chief Executive Officer, Geoff Benic, commented on the significance of this move, stating, "This debt settlement is a crucial step in our financial management strategy. It will help us to maintain liquidity and focus on our core business objectives."

Altrova Health Inc. continues to build a growing portfolio of health solutions across detection, protection, treatment, and wellness. The company’s commitment to innovation and market expansion is evident in its diverse product offerings and strategic partnerships.

The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered or sold in the United States absent registration under the U.S. Securities Act and applicable U.S. state securities laws or compliance with an applicable exemption from those registration requirements.