Kovo+ Announces Notice of Default and Demand Notice

Calgary, Alberta--(Newsfile Corp. - August 6, 2026) - Kovo+ Holdings Inc. (TSXV: KOVO) ("Kovo" or the "Company") announces that it, along with its wholly-owned subsidiaries including, without limitation, Kovo+ (USA) Inc. (formerly Medworxs, Inc.), Nexus AI Data Inc., Heal Global Holdings, Inc., AI Vector 2.0, Inc., Heal Vue, Inc., NOC5280 LLC, RPM Billing LLC, Kovo Acquisitions LLC, Kovo Human Capital LLC, and RSKM, LLC, have received a default notice and demand for repayment (the "Default Notice"), accompanied by a notice of intent to enforce security under section 244 of the Bankruptcy and Insolvency Act (Canada) (the "Enforcement Notice", and together with the Default Notice, the "Creditor Default Notices") from its senior secured creditor, Avonlea Ventures #2 Inc. ("AVI") in connection with certain defaults under the Company's 2nd Amended & Restated Senior Loan and Security Agreement dated August 29, 2024 between Kovo and AVI (the "Senior Loan") and secured promissory grid note dated May 1, 2025 (the "Secured Note"), both as extended and amended pursuant to extension agreements dated May 1, 2025, June 30, 2025, July 31, 2025, August 29, 2025, and April 20, 2026 (the "Extension Agreements" and together with the Senior Loan and Secured Note, the "Transaction Documents").

Under the Default Notice, AVI has alleged that certain events of default have occurred under the Transaction Documents, including, amongst other things, in relation to certain legal proceedings against the Company and the impact that such proceedings are likely to have on Company's ability to satisfy its obligations to the AVI.

Under the terms of the Enforcement Notice, Kovo and its subsidiaries (which are each a borrower under the Transaction Documents) (collectively, the "Borrowers") have until close of business on August 15, 2026 to repay an aggregate principal amount of US$27,088,273, or AVI may take such steps as it deems appropriate to seek repayment of such amounts, including enforcing its rights under the Transaction Documents and applicable law, without further notice to the Borrowers, or any of them, including commencing legal proceedings against the Borrowers, or any one of them, and enforcing its security.

Schreibe Deinen Kommentar