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Skylight completes voluntary assignment in bankruptcy

2023-12-07 16:42 ET - News Release

Subject: PDF Document File: Attachment 2023-12-07 PR November 2023(CAN_DMS_1002252819.1) v2 (002).pdf Skylight Health Provides Update Regarding Wind Down Process TORONTO, December 7, 2023 Skylight Health Group Inc. (TSXV:SLHG; OTCQX:SLHGF) ("Skylight Health" or the "Company") announces today that the Company has completed a voluntary assignment in bankruptcy pursuant to the Bankruptcy and Insolvency Act (Canada). As previously announced, in July 2023 the Company and its affiliates completed transactions (the "Enforcement and Settlement Transactions") with their secured lenders, Families-Backing-Families Credit Fund I, LP ("FLC") and Walleye Opportunities Master Fund Ltd. ("Walleye") involving a foreclosure upon certain US operations and assets and the orderly wind down of remaining US operations. As a result of the Enforcement and Settlement Transactions, the Company and its affiliates had no remaining material operations. Following efforts to maximize the remaining value of the Company's corporate assets to the extent possible in the circumstances, the Company determined that no executable value maximizing transactions would be available. Based on the foregoing, the board of directors of the Company approved the assignment of the Company into bankruptcy and the appointment of Deloitte Restructuring Inc. as trustee in bankruptcy of the Company (the "Trustee"). Upon commencement of the bankruptcy, the assets of the Company have vested in the Trustee and all existing directors of the Company have resigned from their position. Forward Looking Statements This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent our current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward- looking statements, which reflect our opinions only as of the date of this release. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as "look forward," "believe," "continue," "building," "may be", or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are often discussed in filings we make with securities regulators, including the Securities and Exchange Commission, available at: www.sec.gov, and Canadian Securities Administrators, available at www.sedar.com. 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. Click or tap here to enter text.

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