07:06 AM EDT, 07/11/2024 (MT Newswires) -- Newtopia ( NEWUF ) , a wellness company, on Wednesday said it began a review of strategic alternatives to maximize shareholder value and pay down debt.

A special committee of Newtopia's ( NEWUF ) board is working with financial advisors to explore alternatives for the company, which may include a sale, a merger or other business combination, or strategic investment.

Newtopia ( NEWUF ) has also entered into a forbearance agreement with the Bank of Nova Scotia, under which the lender has agreed to temporarily refrain from enforcing their default-related rights and remedies under the existing credit agreement until the earlier of Oct. 31 and the occurrence of any forbearance termination event.

The forbearance agreement allows the company to pursue a range of options along with the injection of working capital during the strategic review process.

"Today we see three distinct and significant opportunities to accelerate Newtopia's ( NEWUF ) growth including: (1) expanding our key innovation partnerships, most notably with Heartland Whole Health Institute; (2) combining Newtopia's ( NEWUF ) proven habit change platform with GLP-1 drugs for obesity and type 2 diabetes; and (3) partnering with health AI and clinical discovery innovators to improve our collective ability to deliver best in breed outcomes that prevent, reverse and slow chronic disease," said Jeff Ruby, founder and CEO of Newtopia ( NEWUF ).

In addition, Newtopia ( NEWUF ) said the TSX Venture Exchange accepted its application for the reinstatement of trading of the company's common shares.