VANCOUVER, B.C. – January 13, 2017 – Alternate Health Corp. (the "Company" or AHC) is pleased to announce the finalization of three key agreements to strengthen the Company's position in the medical education and laboratory testing market.
These agreements further AHC's goal of improving patient care and outcomes by acquiring assets and exclusive rights to new research and technologies. The details for each agreement are listed below.
Acquisition of Alternate Health Labs Inc.
AHC has closed the Lab Development Agreement with Dr. Michael Murphy ("Murphy") with the acquisition of Alternate Health Labs Inc. ("AHL") for consideration of 1,920,000 common shares of AHC at the previously agreed price of $1.00 per share.
AHL operates a 17,000 sq ft toxicology laboratory in San Antonio, Texas, with current testing equipment capacity to process up to 70,000 urine and blood samples per month and sufficient space to double its processing capacity. LMK Management LLC, a company controlled by Murphy, will continue to manage AHL's toxicology laboratory business.
Cooperation and Consulting Agreement with Paradigm Health Solutions
AHC and Paradigm Health Solutions LLC ("Paradigm") have agreed on a mutual cooperation and consulting agreement with the issue of 1,500,000 common shares of AHC at the previously agreed price of $1.00 per share. Paradigm is an aggregator of toxicology samples and under the Consulting Agreement it has agreed to direct all of its toxicology and blood samples to AHL via Sun Clinical Laboratories LLC, an entity indirectly controlled by Murphy.
AHC shares are being held in escrow and will be released in tranches as Paradigm achieves agreed sample delivery targets of up to 150,000 samples per month and/or signs four hospital contracts for the benefit of Paradigm and AHL.
Exclusive Rights to Medical Cannabis Education, Patents and Research
AHC is issuing 350,000 AHC common shares to Dr. Michelle Reillo as partial consideration for granting AHC and its subsidiaries the exclusive rights to commercialize her American Medical Association approved continuing medical education course on the use of medical Cannabis as well as rights to certain patents and ongoing research related to medical cannabis.
Private Placement and CSE Listing
The Company has filed its CSE Form 2A Listing Statement dated January 12, 2017 and the Listing Statement contains additional details of the key agreements described above. The Company expects that its previously announced $4 million private placement will be fully subscribed and will close coincident with the CSE Listing Bulletin expected next week./p>
For further information, contact Jim Griffiths at 416-607-5757. On behalf of the Board of Directors of
ALTERNATE HEALTH CORP.
Jim Griffiths
CFO and Director, Alternate Health Corp.
About Alternate Health
Alternate Health is a diversified healthcare company that uses its expertise in technology to revolutionize patient care and service delivery in both traditional and complementary medical fields. With investments in research, education and cutting edge technology, Alternate Health Corp. is a leader in software applications and processing systems for the medical industry using proprietary technology platforms.
Through its subsidiaries, Alternate Health Corp. offers services ranging from medical practice and controlled substance management software to blood analysis and toxicology labs, to clinical research and continuing education programs. Alternate Health Corp.'s goal is to continue to lead the medical industry with data-driven results in patient care and product development.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations, business prospects and financing plans, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward looking statements.