Mednow Announces Notice Received From Secured Creditor and Plan to Work on a Transitional Plan

Rhea-AI Summary

Mednow Inc. has received a notice of default, demand, and intention to enforce security from its secured creditor Alirey Corp. The amount in question is $3.23 million. Mednow plans to work with the creditor to develop a transitional plan.

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Mednow Inc. (TSXV: MNOW) (OTCQX: MDNWF) ("Mednow" or the "Company"), Canada’s on-demand virtual pharmacy, announced today that it has received a notice of default, demand and intention to enforce security from its related secured creditor Alirey Corp. amounting to $3.23 million. Mednow intends to cooperate with secured creditor to facilitate a transitional plan.

About Mednow (TSXV: MNOW) (OTCQX: MDNWF) Mednow is a healthcare technology company offering virtual access with a high-standard of care. Designed with accessibility and quality of care in mind, Mednow provides virtual pharmacy and telemedicine services as well as doctor home visits through an interdisciplinary approach to healthcare that is focused on the patient experience. Mednow’s services include free at-home delivery of medications, doctor consultations, a user-friendly interface for easy upload, transfer, and refill of prescriptions, access to healthcare professionals through an intuitive chat experience and the specialized PillSmart™ system that packages prescriptions in easy to use daily dose packs, each labelled with the date and time of the next dose.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231101160895/en/

Investor Relations:

Neha Nisar

ir@mednow.ca

1.855.686.6300

Source: Mednow Inc.

What is the name of the company mentioned in the press release?

The company mentioned in the press release is Mednow Inc.

What type of pharmacy is Mednow Inc.?

Mednow Inc. is Canada's on-demand virtual pharmacy.

Who is the secured creditor that issued the notice of default?

The secured creditor that issued the notice of default is Alirey Corp.

What is the amount mentioned in the notice of default?

The amount mentioned in the notice of default is $3.23 million.

What does Mednow Inc. plan to do in response to the notice of default?

Mednow Inc. intends to cooperate with the secured creditor to develop a transitional plan.