Premier Health Group Inc (CSE: PHGI) has officially closed its acquisition of Livecare Health Canada, an established leader in providing telemedicine and software for the health care industry. The company was acquired in an all stock transaction valued at approximately $1.8 million.
The acquisition of Livecare has brought together two firms that are focused on advancing telemedicine within Canada. Livecare has served over 27,000 patients to date, whom are often located in remote communities that otherwise have limited access to quality health care. Livecare’s offerings include bluetooth technologies, enabling patients to get a higher quality telemedicine visit than that of competitors.
The firm also owns KindredPHR, a health care software application focused on providing clients with a personal health record that is used for storing, managing and sharing health information among multiple healthcare providers.
Under the terms of the transaction, Premier Health has acquired Livecare in exchange for 4.5 million common shares of the company, priced at $0.40 per share. The terms of the agreement also stated that Premier will acquire no more than $1.20 million in liabilities as a result of the acquisition, with any addition figure resulting in a reduction of total shares issued as consideration. Shares issued under the agreement are subject to a 24 month lockup as well.
Premier Health Group last traded at $0.46 on the Canadian Securities Exchange.
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