Skylight Health Announces Extension of Final Tranche of Previously Announced US$5 million Financing

Rhea-AI Summary

Skylight Health Group has received an extension from the TSX Venture Exchange to complete a US$5 million financing through convertible debentures by December 21, 2022. This financing is crucial for the Company's efforts to transition towards value-based care in the U.S. healthcare system, focusing on improving patient outcomes and financial performance. The terms remain unchanged from a prior announcement. The Company aims to assist practices in moving from a fee-for-service to a value-based care model.

Positive

• Extension granted to complete US$5 million financing, indicating regulatory support.
• Focus on transitioning to value-based care could enhance patient outcomes and financial performance.

Negative

• None.

TORONTO, Nov. 21, 2022 (GLOBE NEWSWIRE) -- Skylight Health Group Inc. (TSXV:SLHG; OTCQX: SLHGF) (“Skylight Health” or the “Company”), a healthcare platform combining technology and analytics, focused on transitioning patients into value-based care to drive better health outcomes and experiences in the United States, today announces that the Company has been granted an extension by the TSX Venture Exchange (the "TSXV") to complete the final tranche of the previously announced US$5 million financing in the form of convertible debentures (“Financing”) by no later than December 21, 2022.

The terms of the Financing remain unchanged from those described in the press release dated October 21, 2022, found here, and the Financing remains subject to receipt of all necessary approvals, including the approval of the TSXV.

About Skylight Health Group 

Skylight Health Group (TSXV:SLHG; OTCQX: SLHGF) is a healthcare services and technology company, working to positively impact patient health outcomes. The Company operates a US multi-state primary care health network comprised of physical practices providing a range of services from primary care, sub-specialty, allied health, and laboratory/diagnostic testing. The Company is focused on helping small and independent practices shift from a traditional fee-for-service (“FFS”) model to value-based care (“VBC”) through tools including proprietary technology, data analytics and infrastructure. In an FFS model, payors (commercial and government insurers) reimburse on an encounter-based approach. This puts a focus on the volume of patients per day. In a VBC model, the providers offer care that is aimed at keeping patients healthy and minimizing unnecessary health expenditures that are not proven to maintain the patient’s well-being. This places emphasis on quality over volume. VBC will lead to improved patient outcomes, reduced cost of delivery and drive stronger financial performance from existing practices.

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,” 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 the Canadian securities regulators, and Canadian Securities Administrators, available at www.sedar.com, and on our website, at skylighthealthgroup.com.

For more information, please visit our website or contact:

Investor Relations:
Jackie Kelly
investors@skylighthealthgroup.com
416-301-2949

FAQ

What is Skylight Health Group's financing announcement dated November 21, 2022?

Skylight Health Group announced an extension to complete a US$5 million financing through convertible debentures by December 21, 2022.

What does the financing extension mean for Skylight Health Group stock SLHGF?

The extension indicates ongoing regulatory support and the potential for the Company to secure necessary funding.

What are the implications of Skylight Health Group's move to value-based care?

Transitioning to value-based care aims to improve patient outcomes and enhance financial performance for healthcare practices.