Premier Health Group Inc (CSE: PHGI) announced this morning that it has entered into a definitive agreement to acquire all outstanding shares of Livecare Health Canada Inc. Livecare, a pioneer in the Canadian telehealth space, is focused on providing telemedicine and software to the Canadian health care sector.
Livecare is focused on areas of telemedicine in which its competitors are not – providing health care options to those in rural communities, remote work camps, and indigenous communities. Its offerings, which include Bluetooth technologies, offer a more in-depth virtual medical appointment than those of its peers, enabling a better diagnosis for the patient.
With respect to its software solution, KindredPHR, the technology is centered around providing a better healthcare experience to the patient. It’s technology brings together data on a patients doctor and specialist visits into one central location, enabling all applicable health care professionals to receive a more in-depth history of the patients health at the permission of the client.
Under the terms of the definitive agreement, Premier Health will acquire Livecare through the issuance of shares and assumption of liabilities for a total sum of $3.0 million. A maximum of 4.5 million Premier Health shares will be issued to current shareholders of Livecare at a price of $0.40 per share, while up to $1.2 million in liabilities will be assumed by Premier. Should liabilities be in excess of $1.2 million at the time of close, the consideration shares will be reduced appropriately.
The consideration shares are anticipated to be subject to a lockup agreement for a period of 24 months from the date of close.
Premier Health last traded at $0.28 on the CSE.
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