The Group Adds in Excess of $4MM in Topline Revenue Plus 15% EBITDA and The Medi-Collective Clinic Pipeline Expands to 37 Locations
VANCOUVER, BC / ACCESSWIRE / October 21, 2021 / EMPOWER CLINICS INC. (CSE:CBDT)(FSE:8EC)(OTCQB:EPWCF) ("Empower" or the "Company") an integrated healthcare company - serving patients through medical centers, telemedicine platforms, a medical device company, and a high complexity medical diagnostics laboratory processing thousands of COVID-19 specimens - is pleased to announce the proposed acquisition of 2873847 Ontario Inc. ("Thornhill Clinics") and its four operational medical clinics in Thornhill, Ontario.
Thornhill Clinics employs over fifteen general practitioners across four clinics, and currently holds 200,000 patient files. The existing practice offers full-service family medicine consultations and services, including, but not limited to, general assessment, referrals, acute illness or injury treatment, and much more. Following a definitive agreement, the Company will incorporate the existing clinic operations into The Medi-Collective ("TMC") brand. This will expand its services to include, and benefit from, TMC's family telemedicine operation, teledermatology, other specialty services and pharmaceutical partnerships.
"We're very excited to continue our clinic expansion in Southern Ontario," said Empower Steven McAuley, Chairman & CEO Of Empower Clinics. "Thornhill Clinics existing service capabilities and 200,000 patient roster will catalyze TMC's community reach and deliver accretive revenues following a definitive agreement. We continue to execute our growth strategy according to our medium and long-term plans across the company. I'm excited for Empower's ability to improve access to integrative healthcare across Canada in the coming months."
"The Thornhill clinics are a wonderful addition to TMC's national clinic rollout," added Dr. Jordan Rabinowitz and Dr. Aviv Tsimerman. "Through the assistance and leadership of Empower, TMC is on its way to enabling better patient outcomes in Canada via strong clinic acquisitions, pharmacy partnerships and in-house specialty services."
The Medi-Collective is on Track to Continue Openings into Q1 2022
- Operational - 4
- In Development & Construction - 8
- In Due Diligence - 21
- Acquisition - 4
TOTAL - 37
The Company currently has four operational TMC clinics with five additional openings scheduled before the end of Q4 2021. TMC is also projecting ongoing openings into Q1 2022 and throughout the year. Advanced discussions continue for additional locations across various provinces, including but not limited to Alberta, British Columbia and New Brunswick.
Proposed Terms of $4,200,000.00 Acquisition
Under the proposed terms, at Closing the Company will pay an aggregate cash payment to the Vendor of $1,600,000.00, with $800,000.00 to be paid to the Vendor at the Closing and $800,000.00 (the "Post-Closing Payment") to be held back by the Purchaser pending satisfaction of performance milestones to be set out in the definitive agreement. The Post-Closing Payment, if earned, will be released twelve months following the Closing.
The Company will issue common shares in the capital of Empower having an aggregate value of $1,300,000.00 at a deemed price per share equal to the 10-day volume weighted average closing price per share on the Canadian Securities Exchange ("CSE") for the period on the last business day prior to the Closing. Such shares will not be subject to escrow or lock-up but shall be subject to applicable hold periods and all other rules and policies of the CSE and applicable securities laws. Further, the issuance at the Closing of Shares having an aggregate value of $1,300,000.00 at a deemed price per share equal to the 10-day volume weighted average closing price per Share on the CSE for the period ending on the last business day prior to the Closing, which, at the Closing, will be issued into escrow with an escrow agent appointed by Empower, and will vest in quarterly instalments over 24 months from the Closing.
Closing will be conditional upon successful due diligence by both parties participating in good faith on or before mid-December.
TMC Health Care Clinic Services
Empower's TMC clinics will offer primary care and paramedical healthcare services.
Primary care services include:
- Family physicians
- Walk-in physicians
- Tele-medicine and virtual care
Paramedical services include:
- Chiropractic
- Physiotherapy
- Registered Massage Therapy
- Chiropody
- Acupuncturists
- Osteopaths
- Nutritionists
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)