Levitee Labs Signs Definitive Agreements to Acquire Clinics, Pharmacies, and a Telemedicine Company in Alberta


Ryan Allway

July 23rd, 2021

News


  • Asset purchase agreement to acquire all material operating assets of 5 addiction clinics
  • Share purchase agreement to acquire 3 specialized pharmacies
  • Share purchase agreement to acquire leading telehealth provider in addiction services
  • Combined for over 35,000 patient visits over the past 12 months, 70% via telehealth
  • Targets combined trailing twelve months revenues of approximately $7.5 million, with over $1 million in EBITDA
  • Aggregate purchase price for the three acquisitions of approximately C$4 million in cash and C$1.5 million in stock

VANCOUVER, British Columbia, July 23, 2021 (GLOBE NEWSWIRE) — Levitee Labs Inc. (CSE: LVT) (” Levitee ” or the ” Company “), an integrative wellness company, is pleased to announce that it has executed the following definitive agreements (collectively, the ” Agreements “):

  1. Asset purchase agreement to acquire all material operating assets of ACT Medical Centres, Inc. (“ ACT Medical ”), comprised of a group of five (5) addiction and pain management clinics across Alberta, for $350,000 in cash. A leader in addiction and substance abuse treatments, ACT Medical hosted more than 35,000 patient visits in the past 12 months.
  2. Share purchase agreement to acquire all of the issued and outstanding shares of three (3) pharmacies in Alberta specialized in filling prescriptions for patients with substance abuse disorders, mental health conditions and chronic pain. The purchase price under this agreement is $3,685,262, payable in cash plus or minus customary working capital adjustments.
  3. Share purchase agreement to acquire BlockMD LTD. (“ BlockMD ”), which operates a leading telemedicine platform used by addiction patients to access doctors and order prescriptions in Alberta, for $1,475,000 (the “ BlockMD Purchase Price ”). Over the last 12 months, BlockMD conducted over 20,000 patient visits remotely through its platform. The BlockMD Purchase Price will be paid through the issuance of Levitee common shares (“ Shares ”), the number of Shares to be determined on the date of closing, subject to downside protection in the event the Shares trade below a predetermined price 4 months and 1 day post-closing of the transaction.

The Agreements provide that upon completion of the Transactions, current owner Alex Wylie, will stay on in a consulting basis and the businesses’ principal operator, Carrie Wylie, will be engaged full-time as General Manager of Levitee’s Alberta operations.

Pouya Farmand, Chief Executive Officer of Levitee, commented, “The Agreements we have entered today are integral to our growth strategy and goal of building a platform that will set a new standard for substance abuse and mental health treatment in Canada. Through these acquisitions, we expect Levitee will become the largest non-government provider of addiction treatment services in Alberta.”

“These acquisitions are not only a milestone in our mission to build the substance abuse and addiction treatment platform of tomorrow, but are also immediately accretive to our top and bottom lines,” added Ken Osborne, Head of M&A at Levitee. “The assets we will be acquiring have been growing aggressively, even through the pandemic, and we are excited to add our team’s expertise and strong balance sheet to support this momentum. Levitee has a well capitalized balance sheet with the working capital needed to execute on additional future acquisitions as well as ongoing business initiatives,” added Mr. Osborne.

The acquisition of these traditional healthcare assets is intended to serve as the initial platform from which Levitee aims to implement psychedelic therapies such as ketamine treatment for mental health, pain, and addiction patients. Levitee also aims to include psilocybin- and ibogaine-based treatment options as soon as it is legally possible to do so.

“All of our physicians and medical professionals are excited to join Levitee due to Levitee’s dedication to positively impacting outcomes in the area of mental health and addictions treatment,” said Mr. Wylie. “The ACT group of companies has been focused on delivering evidence-based treatment to our patient base through the use of telehealth. The breadth of expertise of the Levitee team will allow the ACT group of companies to significantly expand and enhance our program.”

Completion of the Transactions is subject to customary conditions precedent, which are expected to be met in the coming weeks. Completion of each Transaction is not dependent on the completion of the other Transactions.

About Levitee Labs

Levitee Labs is establishing itself as a leader in the integrative wellness space. Through leveraging an M&A regimen that focuses on the centralization of complementary integrative wellness assets, Levitee Labs aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies.

Further information about the Company is available on its website at www.leviteelabs.com .

Forward-Looking Statements

This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance, or achievements that Levitee anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, statements respecting the Company’s planned acquisitions, the closing of same and the expected benefits of same, Levitee’s business plans and proposed products, Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Levitee to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. These risks and uncertainties include, but are not limited to, those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com . Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that any such statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement.

The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

For further information about Levitee, please contact:

Levitee Media Contact
media@leviteelabs.com

Levitee Investor and Corporate Communications
ir@leviteelabs.com

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.


Network Partners

Follow Us on Social Media

About CFN Media Group

CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.

Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer

loading