Empower clinics to acquire four operational clinics in Ontario with 400,000 patient records

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The group adds more than 4 million dollars of main turnover and 12% of EBITDA as well as additional clinics strengthen the med-collective medical team by adding 35 doctors

VANCOUVER, BC / ACCESSWIRE / October 27, 2021 / EMPOWER CLINICS INC. (CSE: CBDT) (Frankfurt: 8EC) (OTCQB: EPWCF) (“Empower“or the”Society“) an integrated healthcare company – serving patients through medical centers, telemedicine platforms, a medical device company and a high-complexity medical diagnostic laboratory – is pleased to announce that the company has entered into a non-binding term sheet to acquire 100% of 1814764 Ontario Limited (“Sudbury Clinics”). The proposed agreement takes into account its current locations, employees and patient records.

Sudbury Clinics is a leading healthcare group with four locations in Sudbury, Ontario, and surrounding areas. The practice has over $ 4 million in annual revenue for 2020. Its 35 physicians provide comprehensive family medicine consultations and services, including, but not limited to, general assessment, referrals, treatment. acute illnesses or injuries, and much more. Its 400,000 existing patient records are expected to significantly expand The Medi-Collective’s (“TMC”) patient database. The current clinical locations complement TMC’s integration model as two of the four locations are co-located with Rexall pharmacies.

Empower CEO and Chairman of the Board, Steven McAuley, said, “The Sudbury clinics are an incredible asset to Empower clinics in terms of existing employee capacity, infrastructure and patient reach. I am proud of the work TMC does to provide comprehensive health services under one roof. Our national expansion strategy continues to gain momentum as we operationalize more clinics and target new jurisdictions. Adding such a large number of patient records allows us to comfortably exceed one million patient records in 2022. “

“The Sudbury Clinics are an important catalyst for TMC,” added Dr. Jordan Rabinowitz and Dr. Aviv Tsimerman. “By combining their three dozen general practitioners and 400,000 patient records with our existing telemedicine and specialty services, we are maximizing TMC’s integrated healthcare offerings, reach and revenue. “

Following a definitive agreement, the Company will integrate existing family medicine activities into the TMC clinic brand. TMC will offer its family telemedicine operation and other specialist services including dermatology, internal medicine, cardiology and nephrology. By expanding these services, TMC is expanding the scope of services available in Sudbury. At all TMC clinics, the company plans to market other Empower Clinics products and services, such as Kai Care test solutions and MediSure diabetes management solutions, to existing and incoming patients.

The expansion pipeline of the Médi-Collectif clinic goes to 41

The state of our clinic pipeline in Canada can be summarized as follows:

  • Operational – 4
  • Under Development & Construction – 8
  • In Due Diligence – 21
  • Acquisition – 8

Total – 41

Advanced discussions continue for other locations in various provinces including, but not limited to, Alberta, British Columbia and New Brunswick. The next opening of the TMC clinic is scheduled for November 1, 2021, in Mississauga, Ontario.

Terms of the Proposed Acquisition of CA $ 4,800,000.00

Under the proposed terms, the Company will pay $ 2,500,000.00 at closing and a post-closing payment of $ 250,000.00 for a total cash payment of $ 3,000,000.00. The Post-Closing Payment will be withheld by the Company pending the satisfaction of performance milestones defined in the final agreement and, if won, will be paid six months after Closing. On closing, the Company will issue common shares in the capital of Empower with a total value of $ 1,550,000.00 at a deemed price per share equal to the 10-day volume weighted average closing price per share at the Canadian Securities Exchange (the “CSE”). for the period ending on the last business day preceding the Closing. These Shares will not be subject to escrow or blocking, but will be subject to applicable hold periods and all other rules and policies of the CSE and applicable securities laws. In addition, the closing issuance of shares totaling $ 500,000.00 at a deemed price per share equal to the 10-day volume weighted average closing price per share at CSE for the period ending on the last business day prior to Closing, which on Closing will be deposited with a escrow agent appointed by Empower, and will vest in quarterly installments over 24 months from Closing.

Closure will be conditional on successful due diligence of both parties participating in good faith by early December at the latest.

The Company announces that it has granted, as of September 22, 2021, a total of 100,000 stock options and, as of September 23, 2021, a total of 200,000 stock options ( each, a “Option“) to certain employees and subcontractors of the Company in accordance with the Company’s stock option plan. Each Option may be exercised in one ordinary share of the capital of the Company (each, a”To share“) at a price of $ 0.43 and $ 0.47 respectively per share, being the closing price of the shares on the Canadian Stock Exchange on the grant date and the trade date before the grant date for a three-year period from the grant date The shares will be subject to a four-month holding period from the grant date of the options.

This press release is available on the verified Empower Clinics forum on AGORACOM for shareholder discussion, questions and engagement with management https://agoracom.com/ir/EmpowerClinics

ABOUT THE MEDI-COLLECTIVE:

The Medi-Collectif (TMC), a wholly owned subsidiary of Empower Clinics, is a multidisciplinary group of practicing physicians dedicated to the application of a collaborative working model with the goal of providing effective community health care and a positive well-being. Our practice begins and ends with the people who make up our community. From our high-quality practitioners who strive for excellence every day, to every client we serve. Together we are all healthy. We believe effective health care is as much a mental as it is a physical approach. By combining the power of positive attitudes with the most advanced medical methodologies, we create the best possible opportunity to produce the best possible results for everyone involved, physically and mentally.

ABOUT EMPOWER:

Empower is an integrated healthcare company that provides physical and mental well-being to patients through its clinics, with digital and telemedicine care, a medical device company and world-class medical diagnostic laboratories. Backed by an experienced management team, Empower is aggressively expanding its clinical and digital presence across North America. Our Health & Wellness and Diagnostics & Technology business units are positioned to positively impact the integrated health of our patients, while simultaneously delivering long-term value for our shareholders.

ON BEHALF OF THE BOARD OF DIRECTORS:
Steven McAuley
Chief Executive Officer

CONTACTS:

Media:
Steven McAuley CEO [email protected] 604-789-2146

Investors:
Tamara mason
Business Development and Communications [email protected]
416-671-5617

DISCLAIMER FOR FORWARD-LOOKING STATEMENTS

This press release contains certain “forward-looking statements” or “forward-looking information” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this press release. Forward-looking statements can often be identified by words such as “plans”, “continues”, “expects”, “plans”, “intends”, “believes”, “plans”, “estimates”, “Could”, “”, “potential”, “proposed” and other similar words, or information indicating that certain events or conditions “could” or “occur”. Forward-looking statements contained in this press release include, without limitation, statements regarding: the expected benefits to the Company and its shareholders as a result of the acquisition of 1814764 Ontario Limited; the terms of the transaction; the expected number of clinics and patients after closure; the potential future success of 1814764 Ontario Limited; the launch of new health centers and their appearance; that the Society can provide health care to millions of Canadians; that new healthcare services can be added and that the Company will be positioned to be a market-leading service provider for complex patient needs in 2020 and beyond. These statements are only projections, are based on assumptions currently known to management, and are subject to risks and uncertainties which may cause actual results, performance or developments to differ materially from those contained in forward-looking statements, including: The Company’s products may not perform as expected; that the Company may not be able to expand COVID-19 testing; that legislative changes may have an adverse effect on the activities of the Company and the development of its products; that the Company may not be able to obtain adequate financing to pursue its business plan; as general business, economic, competitive, political and social uncertainties; and other factors beyond the control of the Company. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do, what benefits the Company will derive from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this press release, which are qualified in their entirety by these cautionary statements. The Company has no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as expressly required. by applicable laws.

THE SOURCE: Empower Clinics Inc.

See the source version on accesswire.com:
https://www.accesswire.com/669925/Empower-Clinics-to-Acquire-Four-Operational-Ontario-Clinics-with-400000-Patient-Files


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