Bearishbull the this press release says it was an acquisition .
Toronto, Ontario--(Newsfile Corp. - March 18, 2022) - ScreenPro Security Inc. (CSE: SCRN) (OTCQB: SCRSF) ("ScreenPro" or the "Company") is pleased to announce that further to its press release of February 23rd, 2022, the Company has completed the acquisition of all of the issued and outstanding shares of Add Biomedical Inc. ("Add Biomedical" or the "Target"), a biomedical screening company specializing in making solutions for disease diagnosis.
The Company entered into an amended Share Purchase Agreement with Add Biomedical to acquire the Target shares for a revised purchase price of CAD $3.3 million (the "Purchase Price"). The Company is enthusiastic about expanding business lines and looks forward to expanding into the health screening sector, with a focus on breast cancer detection.
"We are pleased that the acquisition of Add Biomedical is now finalized. This expansion is a strategic acquisition that advances us further into the health screening industry. We are excited for this new addition of the company and look forward to sharing our future plans." - Lena Kozovski, CEO.
Terms of the Acquisition
Pursuant to the Amended Share Purchase Agreement, the Company issued 33,000,000 Units of the Company, each Unit consisting of one common share and one common share purchase warrant. Each warrant exercisable to purchase one common share at an exercise price of $0.15 per share for 24 months. No finder's fee was payable in connection with the Acquisition.
Operations of Add Biomedical Upon Completion of the Acquisition
Add Biomedical has become a wholly-owned operating subsidiary of the Company. The Company has appointed Michael Yeung as the new director of Add Biomedical, Lena Kozovski as Chief Executive Officer and Paul Haber as Chief Financial Officer of Add Biomedical following the closing of the Acquisition.