Numinus Wellness Inc. Announces Strategic Wind-Down of Non-Operating Subsidiaries

Rhea-AI Summary

Numinus Wellness Inc. (TSX: NUMI, OTCQX: NUMIF) announced a strategic wind-down of several non-operating subsidiaries through bankruptcy proceedings to streamline its corporate structure and improve operational efficiency. The affected subsidiaries include Mindspace Services Inc., Neurology Centre of Toronto Inc., Numinus Bioscience Inc., Salvation Bioscience Inc., and Numinus Health Corp.

The company emphasized that these actions will not affect Numinus Wellness Inc.'s ability to continue operations, as it maintains focus on its core research and training businesses in mental health solutions and psychedelic-assisted therapies. Dodick Landau Inc. has been engaged to oversee the bankruptcy proceedings, and the company will ensure completion of all required CRA filings for the affected entities.

Positive

• Streamlining corporate structure to enhance operational efficiency
• Core operations in research and training businesses remain unaffected
• Strategic initiative to improve financial sustainability

Negative

• Multiple subsidiary bankruptcies indicating financial difficulties
• Pending financial statements and MD&A filings suggest potential reporting delays

VANCOUVER, BC, Feb. 14, 2025 /PRNewswire/ - Numinus Wellness Inc. ("Numinus" or the "Company") (TSX: NUMI) (OTCQX: NUMIF) (FSE: LR23), a mental healthcare company advancing traditional and innovative behavioral health treatments including safe, evidence-based psychedelic-assisted therapies, today announced that its Board of Directors has approved the wind-down of certain non-operating subsidiaries as part of the Company's efforts to simplify its corporate structure and concentrate resources on its core business areas. This initiative is intended to enhance operational efficiency and financial sustainability.

The subsidiaries affected and their respective wind-down methods are as follows:

• Mindspace Services Inc. (Canada) – Bankruptcy
• Neurology Centre of Toronto Inc. (Ontario) – Bankruptcy
• Numinus Bioscience Inc. (British Columbia) – Bankruptcy
• Salvation Bioscience Inc. (Canada) – Bankruptcy
• Numinus Health Corp. (British Columbia) – Bankruptcy

These actions do not affect Numinus Wellness Inc.'s ability to continue operations. The Company remains focused on its research and training businesses, which form the foundation of its mission to advance mental health solutions and psychedelic-assisted therapies. By streamlining its corporate structure, Numinus is ensuring a more sustainable and efficient path forward.

"This initiative allows us to allocate resources more effectively and maintain focus on our core operations," said Michael Tan, CEO of Numinus Wellness Inc.

The Company has engaged Dodick Landau Inc. to oversee the bankruptcy proceedings. Additionally, Numinus will ensure that all required Canada Revenue Agency (CRA) filings for the affected entities are completed prior to the finalization of the wind-down process.

This announcement is being made in accordance with TSX and securities disclosure requirements. Further details regarding this matter will be included in the Company's forthcoming Material Change Report, to be filed within 10 days on SEDAR+.

The Company is continuing to prepare its Annual and Interim financial statements and MD&A, which will be filed as soon as possible.

About Numinus
Numinus Wellness Inc. (TSX: NUMI) helps people to heal and be well through the development and delivery of innovative mental health care and access to safe, evidence-based psychedelic-assisted therapies. The Numinus model – technology-driven clinic support, clinical trial research and comprehensive practitioner training – is at the forefront of a transformation aimed at healing rather than managing symptoms of depression, anxiety, trauma, pain and substance use. At Numinus, we are leading the integration of psychedelic-assisted therapies into mainstream clinical practice and building the foundation for a healthier society.

Learn more at www.numinus.com and follow us on LinkedIn, Facebook, and Instagram.

Forward-looking statements
Statements and other information contained in this press release about anticipated future events constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", and "intend" and statements that an event "may", "will", "should", "could" or "might" occur or other similar expressions. Forward-looking statements are subject to risks and uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking statements, and other risks that are set forth in our annual information form dated November 29, 2023, and available on SEDAR at www.sedarplus.ca. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Numinus does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.

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SOURCE Numinus Wellness Inc.

FAQ

Which subsidiaries of Numinus Wellness (NUMIF) are being wound down in February 2024?

Five subsidiaries are being wound down through bankruptcy: Mindspace Services Inc., Neurology Centre of Toronto Inc., Numinus Bioscience Inc., Salvation Bioscience Inc., and Numinus Health Corp.

How will the subsidiary wind-down affect Numinus (NUMIF) core operations?

According to the company, the wind-down will not affect Numinus Wellness Inc.'s ability to continue its core operations in research and training businesses.

What is the purpose of Numinus (NUMIF) subsidiary wind-down strategy?

The wind-down is aimed at simplifying corporate structure, enhancing operational efficiency, and improving financial sustainability by concentrating resources on core business areas.

Who is handling the bankruptcy proceedings for Numinus (NUMIF) subsidiaries?

Dodick Landau Inc. has been engaged to oversee the bankruptcy proceedings for the affected subsidiaries.