Mednow Enters into Agreement to Acquire Liver Care Canada Inc. and London Pharmacare Inc.
Channel: RICH TV LIVE
Date: 2021-12-21

Mednow Enters into Agreement to Acquire Liver Care Canada Inc. and London Pharmacare Inc. - RICH TV LIVE - December 21, 2021 - Mednow Inc. (“ Mednow ” or the “ Company ”) (TSXV: MNOW), Canada’s on-demand virtual pharmacy, is pleased to announce the Company has entered into the following two non-arm’s length party transactions pursuant to: (1) a share purchase agreement dated December 20 th , 2021 with Liver Care Canada Inc. (" Liver Care Canada ") and the shareholders of Liver Care Canada pursuant to which the Company shall acquire, directly or through an affiliate, all of the issued and outstanding shares of Liver Care Canada (the " Liver Care Shares ") for an initial cash payment in the amount of C$65,000 and two subsequent earn-out payments in the amount of 0.1x of the revenue generated by Liver Care Canada in each of its 2022 and 2023 financial years; and (2) a share purchase agreement dated December 20 th , 2021 with London Pharmacare Inc. (" London Pharmacare " and collectively with Liver Care Canada, the " Targets ") and the shareholders of London Pharmacare pursuant to which the Company shall acquire, directly or through an affiliate, all of the issued and outstanding shares of London Pharmacare (the " London Pharmacare Shares ") for an initial cash payment of C$585,000 and two subsequent earn-out payments in the amount of 0.1x of the revenue generated by London Pharmacare in each of its 2022 and 2023 financial years (collectively, the " Transactions "). #mednow #livercarecanada #richtvlive #news #business #finance #stocks #trading #pennystocks #investing #mnow #rich

In its last fiscal year, the Targets generated approximately an aggregate of C$21.3M in revenue and C$2.1M in gross profits from selling prescription medications and diagnostic services to its patients. The acquisition of the Targets follows the acquisitions of InfusiCare and 2716725 Ontario Inc. dba Medvisit (“ Medvisit ”) on November 18, 2021, and August 6, 2021, respectively. The combination of the Targets, InfusiCare, and Medvisit’s aggregate revenue in their last fiscal years was approximately C$33.6M and C$3.3M in total gross profit.

The acquisition of the Targets will expand Mednow’s offering of specialty pharmacy and clinical services in addition to those now offered by Mednow’s wholly-owned subsidiary InfusiCare Canada Inc. (" InfusiCare "). Liver Care Canada services over 20,000 patient visits per year virtually and in-person with over 10 hepatologists and gastroenterology specialists, a team of 12 specialty nurses, 3 of which are nurse practitioners, and boasts a history of treating over 5,000 Hepatitis C patients with curative treatments. Liver Care Canada provides a holistic approach to liver disease management, starting with early detection and diagnostic services to direct access to treatments and supportive therapies such as weight loss and nutrition counseling.

“The share purchase agreements with Liver Care Canada and London Pharmacare further demonstrate the continuation of our acquisition strategy to continue to expand nationally and grow organically,” said Karim Nassar, Chief Executive Officer of Mednow. “Over the last ten months, since our initial public offering in March 2021, Mednow has continued on its growth trajectory by acquiring companies with aggregate revenue in their last fiscal year of approximately C$33.6M and C$3.3M in total gross profit, while building out a national, digital pharmacy.”

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