Mednow Restructuring to Meet Long-Term Needs of Stakeholders

Mednow Inc. (the “Company”) (TSXV: MNOW) (OTCQX: MDNWF) announced today that it and certain of its subsidiaries, including thirteen of its Canadian operating subsidiaries, 2716725 Ontario Inc., 10111132 Manitoba Ltd. (dba Mednow MB), Mednow Clinic Services Inc., Mednow East Inc., Mednow Medical Inc., Mednow Ontario Limited, Mednow Pharmacy AB Ltd., Mednow Operations Inc., Mednow Pharmacy Inc., Mednow Pharmacy MB Ltd., Mednow Pharmacy Services Inc., Mednow Technology Inc., and Mednow Virtual Care Ltd. have been placed into receivership by Order of the Supreme Court of British Columbia (the “Court”) pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada) (the “BIA”). The Company consented to the appointment of Ernst & Young Inc. as a restructuring professional (the “Receiver”) in furtherance of re-positioning the operating business to meet the long-term needs of its key stakeholders, including its valued customers.

In light of the inability of the Company to secure access to capital in the public markets or by way of private placement and to certain underperforming business segments, the Company is, with the assistance of the Receiver, seeking to re-position the business for long term success under a revised operating protocol. The role of the Receiver is transitional to building an enterprise premised on long-term values and success that includes the Company’s valued customers and key stakeholders.

The Company understands that on or about November 21, 2023, the Receiver will seek the approval of the Court for a sale and investment solicitation process (“SISP”) to identify parties interested in purchasing the assets and undertakings of the Company and its subsidiaries. In furtherance of operating the business, without interruption, the Receiver has retained the services of the employees to best ensure a smooth transition and to maintain regulatory requirements for the operating pharmacies, secured adequate financing to continue the operations, contracted with key industry knowledge leaders, and entered into discussions with a group of interested stakeholders (including the former Chairperson of the Board and Chief Executive Officer of Mednow Inc.) that intend to submit an offer to purchase for the assets and undertakings of the Company on an accelerated basis.