TORONTO, Sept. 4,
2024 /CNW/ - Newtopia Inc.
("Newtopia" or the "Company") (TSXV: NEWU)
(OTCQB: NEWUF), a tech-enabled whole health platform creating
sustainable habits that prevent, slow and reverse chronic
disease, today announces it has secured bridge financing in the
amount of CDN$200,000 (the "Bridge
Loan") from Bloom Burton & Co. Inc. (the "Lender").
The Bridge Loan is evidenced by a promissory note in favor of the
Lender.
The Bridge Loan will be used primarily for working capital and
general administrative purposes as the Company continues to advance
its strategic process, as disclosed in a press release on
July 10, 2024. The Bridge Loan bears
interest at 12% per annum (to be accrued on a quarterly basis and
capitalized against the principal loan amount). The principal
amount of the Bridge Loan, together with all accrued and
capitalized interest, are payable upon demand from the Lender, but
are unsecured obligations of the Company and are subject to
postponement and subordination to any other secured creditors. The
Company can repay any and all amounts under the Bridge Loan at any
time without penalty.
The Company is expected to require additional financing to
satisfy the Company's obligations as they become due.
About Newtopia
Newtopia is a personalized whole health platform helping people
create positive lifelong habits that prevent, slow, or reverse
chronic disease while reducing healthcare costs. The platform
leverages genetic, social and behavioral insights to create
individualized prevention programs with a focus on metabolic
disease, diabetes, mental health challenges, hypertension, weight
management and musculoskeletal disorders. With a
person-centered approach that combines virtual care, digital
tools, connected devices and actionable data science, Newtopia
delivers sustainable clinical and financial outcomes. Newtopia
serves some of the largest nationwide employers and health plans
and is currently listed in Canada
on the TSX Venture Exchange (TSXV: NEWU) and is quoted in
the US on the OTCQB® Venture Market (OTCQB: NEWUF).
To learn more,
visit newtopia.com, LinkedIn or X.
Forward Looking Statements
This news release contains
forward-looking information and forward-looking statements, within the meaning
of applicable Canadian securities legislation, and forward looking
statements, within the meaning of applicable United States securities legislation
(collectively, "forward-looking statements"), which
reflects management's expectations regarding Newtopia's
future growth, results from operations (including, without
limitation, future production and capital expenditures),
performance (both operational and financial) and business prospects
and opportunities. Wherever possible, words such as "predicts",
"projects", "targets", "plans", "expects", "does not expect",
"budget", "scheduled", "estimates", "forecasts", "anticipate" or
"does not anticipate", "believe", "intend" and similar expressions
or statements that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved,
or the negative or grammatical variation thereof or other
variations thereof, or comparable terminology have been used to
identify forward-looking statements. Forward looking information in
this news release includes, without limitation, information about
the use of proceeds of the Bridge Loan, the Company's ability to
secure additional financing on favorable terms, or at all, the
results of a strategic review process and the ability to reach an
agreement with the Company's senior secured lenders on favorable
terms or at all. All statements other than statements of historical
fact may be forward- looking information. Such statements reflect
Newtopia's current views and intentions with respect to
future events, based on information available to Newtopia, and
are subject to certain risks, uncertainties, and assumptions.
Material factors or assumptions were applied in providing
forward-looking information. While forward-looking statements are
based on data, assumptions and analyses that Newtopia believes are
reasonable under the circumstances, whether actual results,
performance or developments will meet Newtopia's expectations and
predictions depends on a number of risks and uncertainties that
could cause the actual results, performance and financial condition
of Newtopia to differ materially from its expectations.
Forward-looking statements are not a guarantee and are based on a
number of estimates and assumptions management believes to be
relevant and reasonable, whether actual results, performance or
developments will meet Newtopia's expectations and predictions
depends on a number of risks and uncertainties that could cause the
actual results, performance and financial condition of Newtopia to
differ materially from its expectations. Certain of the "risk
factors" that could cause actual results
to differ materially from Newtopia's
forward-looking statements in this press release include, without
limitation: the termination of contracts by clients, risks related
to COVID-19 including various recommendations, orders and measures
of governmental authorities to try to limit the pandemic, including
travel restrictions, border closures, non-essential business
closures, quarantines, self-isolations, shelters- in-place and
social distancing, disruptions to markets, economic activity,
financing, supply chains and sales channels, and a deterioration of
general economic conditions including a possible national or global
recession; and other general economic, market and business
conditions and factors, including the risk factors discussed or
referred to in Newtopia's disclosure documents, filed with the
securities regulatory authorities in certain provinces of
Canada and available at
www.sedarplus.ca including Newtopia's final long form prospectus
dated March 30, 2020.
Should any factor affect Newtopia's in an unexpected manner, or
should assumptions underlying the forward- looking information
prove incorrect, the actual results or events may differ materially
from the results or events predicted. Any such forward-looking
information is expressly qualified in its entirety by this
cautionary statement. Moreover, Newtopia does not assume
responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release, and Newtopia undertakes no obligation to publicly update
or revise any forward-looking information, other than as required
by applicable law.
Neither the 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.
SOURCE Newtopia Inc.