Strong 2021 Fiscal Performance Supporting Robust Clinic, Testing Expansion and Acquisition Efforts
VANCOUVER, BC / ACCESSWIRE / August 11, 2021 / EMPOWER CLINICS INC. (CSE:CBDT)(Frankfurt:8EC)(OTCQB:EPWCF) ("Empower" or the "Company") an integrated healthcare company - serving patients through medical centers, telemedicine platforms and a high complexity medical diagnostics laboratory processing thousands of COVID-19 specimens - is pleased to provide the following corporate update on our national clinic expansion strategy and overview of other corporate endeavors.
"This corporate update is a testament to the growth of Empower Clinics over the last year," said Steven McAuley, Chairman & CEO of Empower. "Our national clinic expansion strategy will provide enhanced access to healthcare for millions of Canadians. We continue to make meaningful strides across our network with various Kai Care testing partnerships and its recent expansion allowing for greater volume and diversification of services. We are also thrilled to have completed the MediSure acquisition and look forward to leveraging our collective network to drive increased volume and new product development."
Clinic Pipelines
The Company is pleased to provide shareholders with an update on its progress of opening new clinics locations that are now in various stages ranging from LOI's, to leases signed, construction underway and opening dates pending.
SIGNED LEASES with construction underway
1) Etobicoke,ON
2) London, ON
3) Etobicoke, ON 2nd flagship location
4) Hamilton, ON
LEASES signed
1) Hamilton, ON Rexall proximity
2) Kitchener, ON Rexall proximity
3) Ajax, ON Rexall proximity
4) Barrie, ON Rexall proximity
PENDING LOI'S & LEASES
1) Sudbury, ON Pharmacy proximity
2) Chatham, ON Pharamcy proximity
3) Nepean, ON Pharmacy proximity
4) Peterborough, ON Pharmacy proximity
5) St. Catherines, ON
Chairman & CEO Mr. McAuley added, "I simply want to say that our Canadian health centre development plan has never been in doubt for us, from the moment we announced the strategy. Working so closely on a plan with pharmacy organizations takes time to materialize, it requires a collective effort with all constituents, but as everyone knows, we have not been idle, we have not been complacent, we have been diligent, respectful and focused on building a long-term strategy. I am so impressed with our business development team and their recruitment of medical doctors to date, that will serve so many communities and neighbourhoods. We seem to be building a collective of healthcare centers, a collective of medical professionals, a collective of knowledge and expertise, focused on the health outcomes of people in the markets we serve."
Acquisitions
Empower Clinics recently finalized the acquisition of leading Canadian diabetic service manufacturing company MediSure. With over $1.9M in revenue for 2020, 50,000 end users and presence in over 4,000 Canadian pharmacies, MediSure represents a highly valuable asset for the Empower Network.
Partnerships
Empower Clinics has signed nine partnership agreements in 2021 with leading companies across Canada and the United States. Each partnership leverages various strengths of the Empower Clinics network. The endeavours include:
- Signed partnership to offer COVID-19 testing on a long-term basis for the Dallas Market Centre
- Signed partnership for select clinics to offer the MedX DermSecure screening platform
- Signed referral agreement with major Canadian airline for Kai Care COVID testing
- Signed partnered with Loop Insights to augment COVID mitigation efforts through testing
- Signed partnership with PharmaChoice to carry Kai Care saliva test kits, Antigen Tests & Antibody Tests in their more than 900 independent pharmacies across Canada
- Signed partnership with Save-On-Foods to sell Kai Saliva tests in Vancouver area stores
- Signed partnership with Tabula Rasa Pharmacy for a dedicated 24-hour customer support line
Financials
Empower Clinics has had a tremendous year of growth that has translated to promising fiscal results. A 58% year-over-year growth and a zero cash loss in 2020 set Empower up to make significant strides in 2021. Empower yielded over $2.5M of revenue in Q1 2021, a 258% growth compared to 2020.
Corporate Talent
Along with tremendous fiscal growth, Empower Clinics is looking to elevate its corporate leadership team and partnerships. Recently retained global executive recruiting firm Korn Ferry has started searching for a new Chief Financial Officer (CFO). An immediate priority for the new executive will be an in-depth review of current financial and audit operations, with the express intent to make recommendations to affect positive change on current practices and partnerships.
This press release is available on the Empower Clinics Verified Forum on AGORACOM for shareholder discussion, questions and engagement with management https://agoracom.com/ir/EmpowerClinics
ABOUT EMPOWER:
Empower is an integrated healthcare company that provides body and mind wellness for patients through its clinics, with digital and telemedicine care, and world-class medical diagnostics laboratories. Supported by an experienced leadership team, Empower is aggressively growing 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 providing long term value for our shareholders.
ON BEHALF OF THE BOARD OF DIRECTORS:
Steven McAuley
Chief Executive Officer
CONTACTS:
Investors:
Steven McAuley CEO
s.mcauley@empowerclinics.com
604-789-2146
Investors:
Tamara Mason
Business Development & Communications
t.mason@empowerclinics.com
416-671-5617
DISCLAIMER FOR FORWARD-LOOKING STATEMENTS
This news 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 at the date of this news release. Forward-looking statements can frequently be identified by words such as "plans", "continues", "expects", "projects", "intends", "believes", "anticipates", "estimates", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. Forward-looking statements in this news release include, but are not limited to, statements regarding: the expected benefits to the Company and its shareholders as a result of the acquisition of Kai Medical Laboratory; the transaction terms; the expected number of clinics and patients following the closing; the future potential success of Kai Medical Laboratory, Sun Valley's franchise model; launch of new healthcare centers and the occurrence thereof; that the Company can bring healthcare 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 requirements in 2020 and beyond. Such statements are only projections, are based on assumptions known to management at this time, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including: that Kai Medical Laboratory will successfully win any US Government RFP; that the MedX Health pilot program will be successful; that Empower will place the MedX Health teledermatology product in health centers in North America; that the Company's products may not work as expected; that the Company may not be able to expand COVID-19 testing; that legislative changes may have an adverse effect on the Company's business and product development; that the Company may not be able to obtain adequate financing to pursue its business plan; that the Company will be able to commence and/or complete build-outs and tenants improvements for Canadian clinics or Kai Medical Laboratory expansion inn 2Q 2021; that general business, economic, competitive, political and social uncertainties; failure to obtain any necessary approvals in connection with the proposed transaction; and other factors beyond the Company's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable laws.
SOURCE: Empower Clinics Inc.
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