Aja Health and Wellness Inc. Announces Launch of Nasal Product for Migraine Headache Relief and Provides Update on Delay in Filing Financial Statements
VANCOUVER, British Columbia, May 27, 2025 (GLOBE NEWSWIRE) — Aja Health and Wellness Inc. ('Aja' or the 'Company') (TSXV:Aja) announces that its wholly owned subsidiary Aja Therapeutics Inc. ('ATI') is launching a nasal spray product for migraine headache relief.
ATI's research and development lab in Atlanta, Georgia has concluded initial testing of the nasal spray and anticipates the product will be released for retail sale in the United States on May 28, 2025. The nasal spray will be available for purchase by United States residents at
www.easemyheadache.com
.
'There are a reported 32 million migraine sufferers in the United States who are looking for an alternative to harsh chemicals for migraine prevention and treatment. ATI's proprietary flavonoid extract and nasal spray application quickly targets pain centers offering fast relief without side effects or risk of long-term damage,' commented Jim Viccars, co-founder and Vice President of ATI. 'With Canada and the United Kingdom reporting 16 million people with migraine issues, this product has global market opportunity,' added Mr. Viccars.
Update on Delay in Filing Annual Financial Statements
Aja also announces that it is getting closer to filing its annual audited financial statements for the financial year ending December 31, 2024, including the related management's discussion and analysis and certifications from the CEO and CFO (the 'Required Annual Filings'). On May 6, 2025, the Alberta Securities Commission issued a management cease trade order (the 'MCTO') because the Company was unable to file the Required Annual Filings in time to meet the April 30, 2025 filing deadline.
Aja previously announced that the delay in filing the Required Annual Filings was due to the auditors of the Company seeking guidance from the auditor's technical committee with respect to the characterization of the previously announced reverse takeover transaction, which closed on September 17, 2024 (the 'RTO'). After consulting with the auditor's technical committee, the auditors determined that the RTO will be characterized as a series of acquisitions for accounting purposes. In connection with the RTO, the auditors require a valuation of the purchase price allocation to complete the audited financial statements for the financial year ending December 31, 2024. The Company is in the process of retaining a valuator to complete the valuation. The Company expects to have a valuator engaged on or before June 2, 2025 and anticipates the valuation will be completed on or before July 4, 2025. The Company expects to file the Required Annual Filings on or before July 31, 2025.
While the MCTO restricts all trading in securities of the Company by executive officers of the Company until the MCTO is no longer in effect, regular trading by current and future investors outside the Company continues as normal. The MCTO will be in effect until two full business days after the Required Annual Filings are filed.
Until the Required Annual Filings are filed, the Company intends to satisfy the provisions of the Alternative Information Guidelines set out in National Policy 12-203 -
Management Cease Trade Orders
.
Update on Filing of Interim Financial Statements
As a result of the delay in filing the Required Annual Filings, Aja also announces that it anticipates being unable to file its unaudited interim financial statements for the three months ended March 31, 2025, the management's discussion and analysis for the same period and management certifications of the interim filings (the 'Interim Filings') by the filing deadline of May 30, 2025. Aja is working to complete the Interim Filings as soon as possible and expects the Interim Filings to be filed concurrently with the filing of the Required Annual Filings.
On behalf of the Board of Directors
'Sanjeev Parsad'
Sanjeev Parsad
President, CEO and Director
The above may contain 'forward-looking information' within the meaning of applicable securities laws. When used in this address, the words 'estimate', 'project', 'belief', 'anticipate', 'intend', 'expect', 'plan', 'predict', 'may' or 'should' and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of publication of this information and the Company undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither 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.
For further information, contact:
Sanjeev Parsad, President and CEO
Phone: (604) 678.9115
Fax: (604) 678.9279
E-mail:
sparsad@ajahw.com
Web:
www.ajahw.com
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