Empower Clinics Updates Current Pipeline of 22 Clinics With 2 More Locations Upgraded from Pending To Signed Leases
Empower Clinics is advancing its national clinic expansion plan, with two additional medical clinics now under signed leases, surpassing the anticipated timeline. This brings the total to 22 planned locations. With a projected revenue of $400,000 - $600,000 per MD and $960,000 - $1,200,000 per location for para-medical services, Empower aims to finish 2021 with 30 clinics operational. The company also faces a Management Cease Trade Order due to delays in financial filings related to COVID-19 impacts but expects to resolve this by June 15, 2021.
- Two medical clinic locations signed ahead of schedule, increasing total signed leases to 4.
- Projected annual revenue of $400,000 - $600,000 per MD and $960,000 - $1,200,000 per para-medical service location.
- On track to achieve goal of 30 clinic locations by year-end, with over 20 additional sites pending.
- Management Cease Trade Order issued due to delays in filing annual financial statements, impacting investor confidence.
Empower National Clinics Expansion Strategy Is Ahead of Schedule and Accelerating
VANCOUVER, BC / ACCESSWIRE / May 28, 2021 / EMPOWER CLINICS INC. (CBDT:CSE) (8EC:Frankfurt) (EPWCF:OTCQB) ("Empower" or the "Company") an integrated healthcare company serving patients through clinics, a telemedicine platform, and a leading medical diagnostics laboratory processing thousands of COVID-19 specimens and developing novel COVID-19 testing protocols, is pleased to announce a further expansion of its clinics pipeline with two more medical clinic locations finalized under its Canadian clinic expansion plan.
On May 19th, 2021 Empower announced an Update To Current Pipeline Of 22 Clinics Locations in which the Company listed details and locations of its new clinic location pipeline.
- SIGNED LEASES 4 (up from 2)
- PENDING LEASES 4 (down from 6)
- PENDING LOI's & LEASES 8
- PENDING DUE DILIGENCE 6
- TOTAL 22
Empower is pleased to advise that two of the pending clinic leases are now signed leases, far ahead of the 2 - 4 week anticipated schedule.
"I'm thrilled Empower is not only showing immense progress with our nationwide clinic expansion strategy but actually doing so ahead of schedule" said Steven McAuley, Chairman & CEO Of Empower Clinics. "Our strategy of prioritizing collaboration with pharmacies is creating tremendous momentum and further validates the deep strength of both our strategy and our business model."
Empower is firmly on track to meet its year end goal of having 30 clinics finalized given the fact that more than 20 additional locations are pending. Moreover, advanced discussions continue on multiple additional locations as the Company continues to gain momentum with the aggressive rollout of its national clinic expansion strategy.
NEW CLINIC LOCATIONS
Pharmasave: 1,500 sq. ft with (3) Medical Doctors to start
- 209 Lexington Rd, Waterloo, ON N2K 2E1
IDA Pharmacy: 1,400 sq. ft with (2) Medical Doctors to start
- 675 Rymal Rd E, Hamilton, ON L8W 1B5
HEALTH CARE SERVICES TO BE DELIVERED
Empower will be opening primary care and para-medical healthcare services in its various locations.
Primary care services include:
- Family physicians
- Walk-in physicians
- Tele-medicine and virtual care
Empower expects to generate
Paramedical services include:
- Chiropractic
- Physiotherapy
- Registered Massage Therapy
- Chiropody
- Acupuncturists
- Osteopaths
- Nutritionists
Empower expects to generate
ADDITIONAL HEALTH CARE SERVICES EXPECTED TO BE ADDED
Given the anticipated expansion and penetration of Empower Clinics into the Canadian market, the Company intends to continue adding valuable specialized medical services to strengthen the quality of healthcare at each location that can include:
- Tele-Dermatology
- Cardiology
The Company is also providing an update with respect to its previously announced management cease trade order (the "MCTO") issued by the British Columbia Securities Commission on May 3, 2021. The MCTO was issued in connection with the delay by the Company in filing its annual financial statements, management's discussion and analysis and related officer certifications for the financial year ended December 31, 2020 (collectively, the "Required Filings") before the prescribed deadline of April 30, 2021.
The MCTO was granted pursuant to Empowers application made under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). The Company requested and received an extension relating to the Required Filings for delays primarily due to the impact of COVID-19 on the audit and associated required travel, of the Company's recently acquired subsidiaries in both the US and Canada.
The Company's staff and accounting firm is working diligently with its auditors and the Company now expects to have the audit of the Required Filings completed, and the Required Filings filed, no later than June 15, 2021.
McAuley added "I want to reassure investors that the delay has nothing to do with any issues related to the Company's financials. Rather, the combination of acquiring private, unaudited companies in both Canada and the United States, each with differing accounting rules and doing so in the fourth quarter, simply created additional sizable workloads that need to be worked through. Nonetheless, given the great success of both KAI Lab and our Canadian clinics acquisitions, this temporary inconvenience will pale in comparison to the long-term shareholder value that is being created."
The Company is providing this status update in accordance with NP 12-203. The Company reports that: (i) there are no changes to the information contained in its default announcement on May 3, 2021, that would reasonably be expected to be material to an investor; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines set out under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Filings is continuing, which will be issued in the form of a news release; (iii) there has not been any other specified default by the Company under NP 12-203 and no such other default is anticipated; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Company affecting all of the securities of the Company.
The Company also confirms that the B.C. Securities Commission indicates the filing of an MCTO related to Q1 2021 filings is not required.
This press release is available on the Empower Clinics Verified Forum on AGORACOM for shareholder discussion, questions and engagement with management https://agoracom.com/ir/EmpowerClinics
ABOUT EMPOWER:
Empower is an integrated healthcare company that provides body and mind wellness for patients through its clinics, with digital and telemedicine care, and world-class medical diagnostics laboratories. Supported by an experienced leadership team, Empower is aggressively growing its clinical and digital presence across North America. Our Health & Wellness and Diagnostics & Technology business units are positioned to positively impact the integrated health of our patients, while simultaneously providing long term value for our shareholders.
ON BEHALF OF THE BOARD OF DIRECTORS:
Steven McAuley
Chief Executive Officer
CONTACTS:
Investors:
Steven McAuley CEO
s.mcauley@empowerclinics.com
604-789-2146
Investors:
Tamara Mason
Business Development &
Communications t.mason@empowerclinics.com
416-671-5617
DISCLAIMER FOR FORWARD-LOOKING STATEMENTS
This news release contains certain "forward-looking statements" or "forward-looking information" (collectively "forward looking statements") within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements can frequently be identified by words such as "plans", "continues", "expects", "projects", "intends", "believes", "anticipates", "estimates", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. Forward-looking statements in this news release include, but are not limited to, statements regarding: the expected benefits to the Company and its shareholders as a result of the acquisition of Kai Medical Laboratory; the transaction terms; the expected number of clinics and patients following the closing; the future potential success of Kai Medical Laboratory, Sun Valley's franchise model; launch of new healthcare centers and the occurrence thereof; that the Company can bring healthcare to millions of Canadians; that new healthcare services can be added and that the Company will be positioned to be a market- leading service provider for complex patient requirements in 2020 and beyond. Such statements are only projections, are based on assumptions known to management at this time, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including: that Kai Medical Laboratory will successfully win any US Government RFP; that the MedX Health pilot program will be successful; that Empower will place the MedX Health teledermatology product in health centers in North America; that the Company's products may not work as expected; that the Company may not be able to expand COVID-19 testing; that the Company will be able to meet the goal of opening 30 clinic locations; that legislative changes may have an adverse effect on the Company's business and product development; that the Company may not be able to obtain adequate financing to pursue its business plan; that the Company will be able to commence and/or complete build-outs and tenants improvements for Canadian clinics or Kai Medical Laboratory expansion inn 2Q 2021; that general business, economic, competitive, political and social uncertainties; failure to obtain any necessary approvals in connection with the proposed transaction; and other factors beyond the Company's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable laws.
SOURCE: Empower Clinics Inc.
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FAQ
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