GlobeNewswire Inc | Sep 8, 2020 06:00AM EDT

September 08, 2020

DENVER, Sept. 08, 2020 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the Company or Assure) (TSXV: IOM; OTCQB: ARHH), a provider of intraoperative neuromonitoring services (IONM), announces that further to the Companys news release on August 31, 2020, announcing its financial results for the second quarter ended June 30, 2020 (the Earnings Release), Assure received a formal notification (the Notice) from Central Bank & Trust, a part of Farmers & Stockmens Bank (Central Bank) advising that the additional reserves recorded by the Company against its accounts receivable constitutes a material adverse change in the assets of Assure which thereby triggers an event of default under the loan agreement dated August 12, 2020, between the Company and Central Bank (the Loan Agreement). Central Bank has not made a demand for repayment of the proceeds advanced under the Loan Agreement.

Assure and Central Bank are currently working together to revise certain terms of the Loan Agreement which will, among other things, in the opinion of management, likely result in a reduction in the borrowing base of the Company as a result of the reduced collateral. Both parties are working in good faith to complete a new and restructured agreement. Assure will advise the market of any developments as they become available.

As explained in the Earnings Release, the reserves to accounts receivable were recorded further to consultation with the auditors of Assure because of declining revenue per procedure metrics over the past 6 to 12 months.

The Company further announces the resignation ofScott Page from Assures board of directors, effective September 4, 2020.Mr. Pageis chief executive officer of Central Bank which, as of August 12, 2020, serves as the Companys primary bank and lender.

I would like to sincerely thank Scott for his tenure on the board of Assure. His counsel and contributions on organizational development, strategic and financial matters were instrumental in Assures advancement during our last three years of rapid growth and transformation, said John A. Farlinger, Assures executive chairman and CEO. In the context of the new credit facility, we have accepted Scotts resignation out of an abundance of caution to avoid any potential conflict of interest on his part or Assures.

Scott Page said, "It has been a pleasure to serve on Assures board of directors. I am proud of the progressthe Companyhas made, maintain strong confidence in the management team and am excited to watch its future success."

Mr. Page first joined Assures board of directors in2018, and had been serving as the Companys lead independent director. Dr. Chris Rumana will join the Audit Committee replacing Mr. Page and Steven Summer will assume the role of Chair of the Governance, Nomination and Compensation Committee.

At this time, the Company has decided not to fill Mr. Pages seat on the board.

Further to the press release dated August 13, 2020, Mr. Page recused himself from any discussions and voting related to the approval of the Loan Agreement by Assure.

About Assure HoldingsAssure Holdings Corp. is a Colorado-based company that works with neurosurgeons and orthopedic spine surgeons to provide a turnkey suite of services that support intraoperative neuromonitoring activities during invasive surgeries. Assure employs its own staff of technologists and uses its own state-of-the-art monitoring equipment, handles 100% of intraoperative neuromonitoring scheduling and setup, and bills for all technical services provided. Assure Neuromonitoring is recognized as providing the highest level of patient care in the industry and has earned the Joint Commissions Gold Seal of Approval. For more information, visit the companys website atwww.assureneuromonitoring.com.

Forward-Looking StatementsThis news release may contain forward-looking statements within the meaning of applicable securities laws, including but not limited to: the negotiation of revised terms to the Loan Agreement. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: the Companys ability to successfully negotiate revised terms to the Loan Agreement; the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Companys operations and economic activity in general; and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Companys profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, Assure does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

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.

ContactScott Kozak, Investor and Media Relations Assure Holdings Corp. 1-720-287-3093Scott.Kozak@assureiom.com