Planet Health Corp.
TSX VENTURE : PHL.H

May 30, 2016 18:27 ET

Planet Health Corp.: Corporate Update

CALGARY, ALBERTA--(Marketwired - May 30, 2016) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Mr. Ron Francisco, President and Chief Executive Officer of Planet Health Corp. (the "Corporation") (TSX VENTURE:PHL.H), announces that during the past quarter ended March 31, 2016, a major shareholder paid $254,967 into a trust account, on behalf of the Corporation, to Deloitte & Touche Inc., the court appointed monitor under the Corporation's CCAA filing in 2010, as full and final settlement of the amount payable pursuant to the terms and conditions of an Acquisition Agreement dated May 19, 2010 whereby the Corporation was responsible for the collection of certain amounts to be paid to the purchaser when received. The parties executed a full and final Release Agreement on May 16, 2016.

The net amount of $254,967 owed to the related party shareholder is included in the Corporation's interim financial statements for the period ended March 31, 2016 as due to a related party as an unsecured loan, bearing no interest and without stated terms of repayment.

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.

Contact Information

  • Planet Health Corp.
    Ron Francisco
    President & CEO
    (403) 237-0018