Brief: Salona Global Announces Debt Reduction, Provides Update On Cost Cuts

Evome Medical Technologies

25/07/2023 15:15

July 25 (Reuters) - Salona Global Medical Device Corp
 SGMD.V :
    * SALONA GLOBAL ANNOUNCES DEBT REDUCTION, PROVIDES UPDATE ON
COST
CUTS AND DEBT RESTRUCTURING; APPOINTS MIKE SECKLER AS PERMANENT
CHIEF EXECUTIVE OFFICER
    * SALONA GLOBAL MEDICAL DEVICE CORP - ANNOUNCED A 15% DEBT
REDUCTION AS PART OF A RESTRUCTURING EFFORT
    * SALONA GLOBAL MEDICAL DEVICE CORP - MIKE SECKLER HAS MOVED
FROM
INTERIM CEO TO PERMANENT CEO.
    * SALONA GLOBAL MEDICAL DEVICE- EFFECTIVE JULY 2023,
MANAGEMENT
HAS TAKEN ACTION TO CUT OVER US$2 MILLION OF ANNUALIZED SALARY
AND OTHER COSTS
    * SALONA GLOBAL MEDICAL DEVICE CORP - NEW EXPENSE BUDGET IS
DESIGNED TO GENERATE A PROFIT FOR QUARTER ENDING SEPTEMBER 30,
2023.
    * SALONA GLOBAL MEDICAL DEVICE - GIVEN CURRENT REVENUE RUN
RATE,
NEW EXPENSE BUDGET IS DESIGNED TO GENERATE A PROFIT FOR QUARTER
ENDING SEPTEMBER 30, 2023
    * SALONA GLOBAL MEDICAL DEVICE CORP - IN LATE-STAGE
DISCUSSION
WITH SELLER OF BIODEX TO RESTRUCTURE ALL REMAINING PAYMENT
OBLIGATIONS
    * SALONA GLOBAL MEDICAL DEVICE: IN LATE-STAGE TALKS WITH
SELLER OF
BIODEX TO RESTRUCTURE ALL REMAINING PAYMENT OBLIGATIONS RESULT
OF BIODEX ACQUISITION

Source text for Eikon:  ID:nGNXYn123 
Further company coverage:  SGMD.V 

 ((Reuters.Briefs@thomsonreuters.com;))