Najah Sampson has been named President of Pfizer Canada ULC, effective May 16, 2022.

Ms. Sampson will be succeeding Cole Pinnow, who has held the position since January 2020.

Mr. Pinnow has been appointed to a position within Pfizer’s global Oncology organization. We sincerely thank him for his contribution to the Canadian pharmaceutical industry and for his commitment to patients. During his time in Canada, Mr. Pinnow made a very big impact as he led the Canadian organization from the beginning of the pandemic and helped bring Pfizer’s COVID-19 vaccine and oral treatment to Canadians. He was very involved in several life science sector organizations, including as Chair, Innovative Medicines Canada.

Prior to this role, Ms. Sampson was Vice President, Global Genitourinary Franchise Lead for Pfizer Oncology. She was responsible for ensuring global strategy development and implementation for an industry-leading portfolio of innovative brands and pipeline medicines in prostate, bladder and kidney cancers and the Oncology biosimilar portfolio.

In her 20+ year career at Pfizer, Ms. Sampson has held commercial leadership positions at all levels in the organization. Ms. Sampson served as Vice President and Chief of Staff to Pfizer’s Chairman and CEO, overseeing operations to advance enterprise priorities, supporting the Executive Leadership Team and Board of Directors, and coordinating with leaders across the organization to enable a strong corporate culture. Ms. Sampson began her career with Pfizer in the US organization managing a portfolio of quality improvement programs and enabling engagement strategies for managed care and institutional customers.

Notably, Ms. Sampson is the first woman to be appointed as President of Pfizer Canada.

Ms. Sampson holds a BS and an MBA from Florida A&M University. Outside of work, Ms. Sampson an active supporter of healthcare charities and organizations. She is an avid traveller and enjoys time outdoors with her husband and young daughter. She will be relocating with her family to Canada, where she will be based at Pfizer Canada’s head office in Kirkland, Quebec.

The company announced the execution of an agreement with an arm’s length service provider to convert $1.44 Million of debt into 4,520,000 common shares of the Company (“Shares”), currently equal to $180,800 based on the current market price of the Shares. 4,000,000 Shares are being issued at a price of ‎$0.355 per Share and 520,000 Shares are being issued at a price of $0.04 per Share. The Company, with the service provider’s consent, is determined to satisfy the indebtedness of these one-time go-public related fees with Shares in order to ‎‎preserve the ‎Company’s cash for working ‎capital.

Monica Ruffo, founder and CEO of Well Told, stated, “We are pleased to have come to an agreement that will serve to lighten our balance sheet and preserve our cash and enable us to move on from these one-time go-public fees without putting pressure on our cash flow”.

The transaction is subject to the approval of the directors of the Company and regulatory approval from the TSX Venture Exchange (the “Exchange”). In addition, all of the Shares issuable pursuant to the transaction will be subject to a four-month hold period following which 4,000,000 Shares will be released from lock-up every four months for a one-year period.

The Brampton grocery giant has confirmed the closing of the previously announced acquisition of Lifemark Health Group (“Lifemark”) from Audax Private Equity.

Lifemark is a leading provider of outpatient physiotherapy, massage therapy, occupational therapy, chiropractic, mental health and other ancillary rehabilitation services in Canada. With this acquisition, Loblaw through its wholly-owned subsidiary Shoppers Drug Mart Inc., adds to its growing role as a healthcare service provider, with a network of health and wellness solutions, accessible in-person and digitally.

About Loblaw Companies Limited
Loblaw Companies Limited is Canada’s food and pharmacy leader, with a network of more than 2,400 corporate, franchised and Associate-owned locations in communities across the country. Loblaw’s purpose – Live Life Well® – supports the needs and well-being of Canadians who make one billion visits each year to the company’s stores.

Led by Shoppers Drug Mart, the leader in Canada’s retail drug store marketplace and the number one provider of pharmacy products and services, Loblaw offers full-service pharmacies and a range of services like prescriptions, med checks, vaccinations, minor-ailment diagnoses, and nutrition consultations in more than 1,800 locations in 10 provinces and 2 territories, including in Shoppers Drug Mart, PharmaPrix, Loblaw pharmacy, DRUGStore Pharmacy and CENTRESante locations.

About Lifemark Health Group
Lifemark Health Group is a Canadian leader in community rehabilitation, workplace health and wellness and medical assessment services. With over 20 years of service excellence, Lifemark Health Group is a comprehensive and trusted health provider with 3 million patient visits annually and employs over 5,000 highly trained clinicians, medical experts and team members.

As Canada’s largest physiotherapy company, Lifemark is passionate about enriching the health of Canadians through movement. Lifemark’s commitment to health and wellness extends beyond patient care, to the entire team, as evidenced by an award-winning culture.

About Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $9 billion in more than 150 platforms and over 1050 add-on companies and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 30 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle market companies.

The company announced a net income of $2.5 million, or $0.41 per diluted share, on net sales of $42.4 million for the third quarter of the fiscal year 2022 compared to a net income of $1.9 million, or $0.30 per diluted share, in the third quarter of the prior fiscal year.

Net sales during the three months ended March 31, 2022, decreased $3.9 million, or 8.5%, to $42.4 million as compared to $46.3 million recorded in the comparable prior year period. During the same period, private-label contract manufacturing sales decreased 10.8% to $37.6 million. Private-label contract manufacturing sales decreased primarily due to a 40% reduction in sales to our largest customer partially offset by sales to other existing customers and a new customer. Sales backlog for the quarter ended March 31, 2022, totalled approximately $10.0 million primarily related to supply chain issues, labour shortages, and logistical constraints.

CarnoSyn® beta-alanine royalty, licensing and raw material sales revenue increased 15.2% to $4.8 million during the third quarter of the fiscal year 2022, as compared to $4.1 million for the third quarter of the fiscal year 2021. The increase in patent and trademark licensing revenue during the third quarter of fiscal 2022 was primarily due to increased shipments to existing customers related in part to athletic activities and gyms reopening in accordance with easing COVID-19 restrictions across the USA as compared to significant restrictions in athletic activities primarily impacting the first nine months of fiscal 2021.

Net income for the nine months ended March 31, 2022, was $7.6 million, or $1.22 per diluted share, compared to net income of $7.8 million, also $1.22 per diluted share, for the nine months ended March 31, 2021. Net income for the first nine months of fiscal 2021 included a $0.9 million discrete tax benefit while the first nine months of fiscal 2022 did not have a corresponding discrete item.

Net sales during the nine months ended March 31, 2022, decreased $15.7 million, or 11.7%, from $134.1 million recorded in the comparable prior year period. For the nine months ended March 31, 2022, private-label contract manufacturing sales decreased by $19.7 million, or 15.8%, from the comparable period last year. CarnoSyn® beta-alanine royalty, licensing and raw material sales revenue increased 41.7% to $13.5 million during the first nine months of fiscal 2022, as compared to $9.6 million for the first nine months of fiscal 2021.

Based on our current sales order volumes and forecasts we have received from our customers, and despite the continued challenges with supply chain and staffing shortages, including challenges from COVID-19 employee absences, we now anticipate our consolidated net sales during the fourth quarter of fiscal 2022 will increase between 18.0% to 21.0% as compared to the fourth quarter of fiscal 2021. We also anticipate operating income as a percent of net sales will increase to between 9.0% and 12.0% for our fourth quarter ending June 30, 2022. The improvement in net sales and operating profitability is expected to be generated from continued growth from one of our newest customers, improved sales demand from our largest customer, improved sales mix and improved staffing levels which will increase our production capacities.

As of March 31, 2022, we had cash of $18.6 million and working capital of $53.8 million, compared to $32.1 million and $58.3 million respectively, as of June 30, 2021. As of March 31, 2022, we had $20.0 million available under our line of credit agreement.

Mark A. Le Doux, Chairman and Chief Executive Officer of NAI stated, “Considering our ongoing staffing and supply chain challenges combined with a decline in sales from our largest customer, we are pleased with the results of our third quarter and first nine months of fiscal 2022. We successfully increased the capacity of our Vista California facility with the installation of a new high-capacity blender, which increased our throughput potential and enabled us to better meet the demands of our customers while we continue construction on our new powder facility. While we were able to partially reduce our backlog going into the fourth quarter, demand remains strong, and we are continuing to add staff and navigate supply chain challenges. We expect to make significant strides to further reduce our backlog during our fourth quarter.”

“We will continue to utilize our robust balance sheet and free cash flow to drive shareholder value through both share buybacks and investments in our business. We continue to believe our stock is trading well below the true value of our Company.”

“I am proud of the efforts of our team as they have diligently navigated the mercurial landscapes of staffing and supply chain combined with the evolving needs of our clients. We still see significant opportunity for growth in both the near and long term and I believe the foundation we have laid over the past couple of years will pave the way for future growth opportunities.”