Cloud DX Inc. Announces Restructuring Process and the Resignation of 2 Directors

On June 6, 2024, Cloud DX Inc. (TSXV:CDX)(OTCQB:CDXFF) reported that its subsidiary, Cloud Diagnostics Canada ULC, has filed a Notice of Intention to Make a Proposal (NOI) under the Bankruptcy and Insolvency Act (Canada). This step aims to protect the company from creditor claims and allow for a structured sale or investment process (SISP) by the end of August 2024.

The company remains operational, serving its customers without interruption. However, the filing has resulted in the resignation of two directors, Brad Miller and Konstantin Othmer. Trading of Cloud DX's common shares is expected to be suspended on the TSX Venture Exchange until compliance with listing requirements is met.

Crowe MacKay LLP has been appointed as the Proposal Trustee, and the company will work closely with its advisors to safeguard stakeholders' interests throughout this period.