TORONTO, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Field Trip Health & Wellness Ltd. (TSXV: FTHW) (OTCQB: FTHWF) (the "Company" or “Field Trip”), a global leader in the delivery of psychedelic therapies, announced today that it plans to release financial results for its fiscal 2023 third quarter ended December 31, 2022, after market close on Tuesday, February 28, 2023.
In addition, the Company announced that its Board of Directors has established an Independent Committee (IC) to explore strategic options for the Company. The formation of the IC is in response to current unfavourable capital market conditions, which have presented a challenge for the Company in seeking additional sources of financing, ongoing fixed costs associated with the Company's brick and mortar locations and the pausing of its hybrid in-clinic/virtual Freedom Program due to regulatory changes potentially affecting the ability of the Company to operate the program. The IC has retained a financial advisor to review operations and investigate alternate courses of action including, but not limited to, further cost reductions, restructuring, the potential sublease or closure of clinic locations and settlement of lease obligations. The Company will provide an update on its preliminary recommendations when possible.
About Field Trip Health & Wellness Ltd.
With a large global community of psychedelic-interested people, proprietary psychedelic therapies that generate transformative results for people in the treatment of mental health conditions and a brand and share of voice that is reaching millions of people, Field Trip is a center of gravity for the psychedelic renaissance.
Learn more at https://www.meetfieldtrip.com, https://www.fieldtriphealth.com and https://www.fieldtriphealth.nl.
Follow us on Twitter and Instagram: @fieldtriphealth
To receive company updates about Field Trip and to be added to the email distribution list please sign up here.
Download Field Trip’s app here.
Cautionary Note Regarding Forward-Looking Information
This release includes forward-looking information (within the meaning of Canadian securities laws and within the meaning of the United States Private Securities Litigation Reform Act of 1995) regarding the Company and its business. Often but not always, forward-looking information can be identified by the use of words such as "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of the Company and are based on assumptions and subject to risks and uncertainties. Although the management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including ability of Field Trip to realize its business plan, grow its clients base or app user base, uptake in existing or new programs by clinicians or patients, if any, results or ability to commercialize its research and cultivation business or uptake in any products developed thereby, acceptance of psychedelic treatments by clinicians, patients, and regulators, ability or effect of any clinical restructuring, the ability of Field Trip to realize on its business plan for broadened, holistic approach to mental health and wellbeing and/or future changes in regulatory regimes which govern Field Trip’s business. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended, including those risk factors contained in the Company's public filings at www.sedar.com. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Additional information relating to the Company, can be located on the SEDAR website at www.sedar.com.
Neither TSX Venture Exchange, or its Regulation Services Provider, have approved the contents of this release or accept responsibility for the adequacy or accuracy of this release.
CONTACTS:
Field Trip Health & Wellness:
Ronan Levy
ronan@fieldtriphealth.com
(416) 505-0929
Investor contacts:
Phil Carlson / Sophia Bashford
KCSA Strategic Communications
fieldtripIR@kcsa.com
(646) 573-0776 / (929) 246-7307
Media contacts:
Isabella Morreale
Autumn Communications
press@fieldtriphealth.com
(862) 579-7944
SOURCE Field Trip Health & Wellness Ltd.
