Cloud DX Finalizes First Stage of Restructuring

Cloud DX Inc. has completed the sale of its subsidiary, Cloud Diagnostics Canada ULC, to 1493907 B.C. Ltd. This transaction marks the initial step in Cloud DX's restructuring process following the Notice of Intention announced earlier in June. The sale involved the creation of a new entity, 16538363 Canada Ltd., responsible for certain liabilities.

All previous shares and related rights in Cloud Diagnostics Canada ULC were annulled, leading to the issuance of new common shares subscribed by the purchaser. Post-transaction, the purchaser holds sole ownership of the company's share capital. The newly formed 16538363 Canada Ltd. is expected to go bankrupt.

Legal assistance for this transaction was provided by Gowling WLG to the purchaser and Owen Bird Law Corporation to Cloud Diagnostics Canada ULC. Crowe MacKay & Company Ltd. served as the proposal trustee.