Form 8-K - Current report

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 10, 2024

SALONA GLOBAL MEDICAL DEVICE CORP.
(Exact name of registrant as specified in its charter)

British Columbia	333-255642	Not Applicable
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

49 Natcon Dr
Shirley, New York, United States 11967
(Address of principal executive offices) (ZIP Code)

Registrant’s telephone number, including area code: [phone]

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).

Emerging growth company ☑

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 10, 2024, Kyle Wilks notified the Board of Directors of Salona Global Medical Device Corporation (the "Company") of his intention to resign from the Company's Board of Directors effective immediately.  Mr. Wilks did not advise the Company of any disagreement with the Company on any matter relating to its operations, policies or practices.

Item 8.01. Other Events.

On January 11, 2024, the Company issued a press release, which press release was filed via the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR). The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release of Salona Global Medical Device Corporation dated January 11, 2024.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

	SALONA GLOBAL MEDICAL DEVICE CORPORATION
Date:  January 12, 2024	By:	/s/ Natalia Vakhitova
	Name: Natalia Vakhitova
	Title: Chief Financial Officer

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EXHIBIT 99.1

Salona Global Announces Exclusive Partnership with

Recenly Launched U.S. Military Veteran (VA) Focused Distribution Company

New York, New York, January 11, 2024 - Salona Global Medical Device Corporation (the ‎‎‎"Company") ‎‎(TSXV:SGMD), announced today it has executed an exclusive distribution agreement with Veteran Medical Solutions, LLC ("VMS"), a U.S. military verteran owned company that is positioned to sell the Company's Biodex branded equipment.

The Veterans Health Administration of the U.S. Department of Veterans Affairs is the largest integrated heath care system in the United States with over 9 million enrolled.¹ Over 760,000 patients were treated by over 2,300 physical therapists, making it the single largest employer of physical therapists in the U.S.²

VMS was launched by Kyle Wilks, a graduate of the U.S. Naval Academy in Anapolis and former Naval Officer. VMS is focused on addressing the numerous physical challenges veterans face upon leaving the service. VMS intends on servicing the growing market demand for physical therapy by U.S. veterans through the sale solely of Biodex equipment. Also joining VMS is Paul Buico, a gradute of the United States Military Academy West Point. Paul has over 25 years of sales, marketing and commercial operations experience in the life science industry with such companies as Bayer and Takeda Abbott Pharmaceuticals.

As a result of becoming a potential customer, Mr. Wilks has resigned from the Board of Directors of the Company.

"We continue to find new channels for our Biodex products," said Mike Seckler, CEO. "Our products hold significant value within the Veterans Affairs heath care system. Kyle and his team of U.S. military veterans are uniquely equipped to ensure the proper support of Biodex products to any VA medical facility requiring them," emphasized Mr. Seckler.

Deirdre Rafferty, MS, ATC from the University of Colorado Anschutz Medical, deeply involved with active military and veterans, shared, "The (Biodex) System 4 allows both researchers and clinicians to better detect musculoskeletal deficiencies within the active duty and veteran community. It provides the necessary information to better address approaches to rehab and ensure a better recovery program."

For more information please contact:‎

‎ ‎

Mike Seckler

Chief Executive Officer

Tel: [phone]‎

Email: [e-mail]

 

 

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¹ https://www.va.gov/health/

² https://www.prosthetics.va.gov/PT/

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Additional Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the ‎policies of ‎‎the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this ‎release.‎

Certain statements contained in this press release constitute "forward-looking information" within the ‎meaning of ‎‎the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities ‎laws. These statements can ‎‎be identified by the use of forward-looking terminology such as "expects" ‎‎"believes", "estimates", "may", "would", ‎‎‎"could", ‎‎"should", "potential", ‎‎‎‎‎"will", "seek", "intend", ‎‎"plan", and "anticipate", and similar expressions as they ‎‎relate ‎‎‎‎to the Company, including: VMS becoming a customer of the Company and VMS successfully selling any of the Company's Biodex branded equipment.‎

All ‎statements ‎other than statements of ‎historical fact may be forward-looking‎ information. Such ‎statements ‎‎reflect the Company's current views and intentions with respect to future ‎events, and ‎current information ‎available ‎to the Company, and are subject to certain risks, ‎uncertainties and ‎assumptions. The Company cautions that ‎the forward-looking statements contained ‎herein are qualified by important ‎factors that could cause ‎actual results to differ materially from those reflected by ‎such statements. Such factors ‎include but ‎are not limited to the ‎‎general business and ‎‎economic ‎conditions in the ‎regions in ‎which the Company ‎‎operates; the ability of the Company to execute on key ‎‎priorities, ‎including the ‎successful completion ‎of ‎acquisitions, business‎ retention, and‎‎ strategic plans and to‎‎ attract, develop ‎and retain key ‎‎executives; difficulty ‎integrating newly acquired businesses; ‎‎ongoing or new disruptions in the supply ‎chain, the ‎extent and scope of ‎such supply chain disruptions, and the timing or extent of the resolution ‎or improvement of ‎such disruptions; the ‎ability to‎‎‎ implement business strategies and pursue business ‎opportunities; ‎‎disruptions in or ‎attacks (including ‎‎cyber-attacks) on the Company's information ‎technology, internet, network access or other ‎‎voice ‎or data ‎‎communications systems or services; the ‎evolution of various types of fraud or other ‎‎‎criminal behavior to ‎which ‎ ‎the Company is exposed; the ‎failure of third parties to comply with their obligations to ‎‎ the Company or its ‎‎‎affiliates; the‎ impact of ‎new and changes to, or application of, current laws and regulations; ‎granting of permits ‎‎and licenses ‎in a highly regulated business; the ‎overall difficult ‎‎‎‎‎litigation environment, including in the United ‎‎‎States; increased competition; changes in foreign currency rates; ‎increased ‎‎‎‎funding ‎costs and market ‎volatility due ‎‎to market illiquidity and competition for funding; the ‎availability of funds ‎‎‎‎and ‎resources to pursue operations; ‎‎critical ‎accounting estimates and changes to accounting standards, ‎policies,‎‎‎‎ and methods used by the Company; ‎the ‎occurrence of natural and unnatural‎‎ catastrophic ‎‎events ‎and claims ‎‎‎‎resulting from such events; as well as ‎those ‎risk factors discussed or ‎referred to ‎in ‎the ‎Company's disclosure ‎documents filed with United States ‎Securities and ‎Exchange Commission ‎‎and ‎available at ‎www.sec.gov, and with ‎the securities regulatory authorities ‎in certain ‎provinces of ‎Canada and ‎‎available at ‎www.sedarplus.ca. Should any ‎factor affect the Company in an ‎unexpected ‎‎manner, or should ‎‎assumptions underlying ‎the forward-looking ‎information prove incorrect, the actual ‎‎results or ‎events may differ ‎‎materially from the results ‎or events predicted. ‎Any such forward-looking ‎information ‎is ‎expressly qualified in its ‎‎entirety by this cautionary ‎statement. Moreover, ‎the Company ‎does not assume ‎‎responsibility for the accuracy or ‎‎completeness of such ‎forward-looking ‎information. ‎The forward-looking ‎‎information included in this press release ‎‎is made as of the ‎date of this press ‎‎release and the Company undertakes ‎‎no obligation to publicly update or revise ‎‎any forward-‎looking ‎information, ‎other than as required by applicable ‎‎law‎.‎

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Document and Entity Information Document	Jan. 10, 2024
Document Information [Line Items]
Document Type	8-K
Document Creation Date	Jan. 10, 2024
Document Period End Date	Jan. 10, 2024
Amendment Flag	false
Entity Registrant Name	Salona Global Medical Device Corp.
Entity Address, Address Line One	49 Natcon Dr
Entity Address, City or Town	Shirley
Entity Address, State or Province	NY
Entity Address, Country	US
Entity Address, Postal Zip Code	11967
Entity Incorporation, State Country Name	A1
City Area Code	800
Local Phone Number	760-6826
Entity File Number	333-255642
Entity Central Index Key	0001617765
Entity Emerging Growth Company	true
Entity Tax Identification Number	00-0000000
Entity Ex Transition Period	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false

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