EMPOWER CLINICS INC - EPWCF STOCK NEWS

Empower Clinics reports a significant 58% year-over-year revenue growth, achieving total revenues of $3,209,196 for FY2020. The company's operating loss decreased by 27% to $4,489,427. Despite challenges from the pandemic, Empower expanded its healthcare services through the acquisition of Kai Medical Laboratory and clinics in Canada. The net loss for the year was $17,066,311, largely due to a non-cash loss related to warrant liabilities. Cash reserves improved to $4,889,824 by year-end.

Empower Clinics Inc (OTC PINK:EPWCF) is providing an update on its Management Cease Trade Order (MCTO) issued by the British Columbia Securities Commission due to delays in filing annual financial statements for 2020. The delay was attributed to COVID-19 impacts on audits. Empower anticipates completing and filing these documents by June 30, 2021. The MCTO does not hinder non-insider shareholders from trading. The company confirms compliance with ongoing reporting requirements and expects no further material defaults.

Empower Clinics Inc. (OTCQB:EPWCF) has partnered with Pharmachoice for a six-month pilot program to distribute Kai Care COVID-19 Testing Solutions at over 900 pharmacies across Canada. The MOU aims to evaluate revenue and marketing opportunities while providing approved COVID-19 testing products, including Rapid Antigen, Rapid Antibody, and Saliva RT-PCR tests. CEO Steven McAuley highlights this as a crucial step in enhancing consumer access to testing solutions, with further collaborations expected with major pharmacy networks.

Empower Clinics Inc. (OTCQB: EPWCF) released a bi-weekly update regarding a management cease trade order (MCTO) issued due to a delay in filing annual financial statements ending December 31, 2020. The company anticipates completing the required filings by June 28, 2021. The delay was primarily attributed to COVID-19's impact on audits and travel related to newly acquired subsidiaries. Importantly, the MCTO does not restrict non-insider shareholders from trading their securities, although future regulatory action could still occur.

Empower Clinics Inc. has signed Letters of Intent to establish six new medical healthcare centers in Ontario, aiming for estimated annual revenues between $12 million and $18 million CAD. The collaboration with REXALL/PHARMA PLUS PHARMACIES LTD will see Empower act as a subtenant, providing primary and paramedical services, including telemedicine, chiropractic care, and physiotherapy. Each location is projected to serve thousands of patients, enhancing the company's growth strategy and market presence.

Empower Clinics has signed a non-binding term sheet to acquire Medi + Sure Canada Inc., a premier Canadian diabetes medical device manufacturer. This acquisition aims to enhance Empower's direct-to-consumer testing products, adding 50,000 new end users and expanding its footprint in Canada. MediSure, operating in 4,000 pharmacies, generated $1.9 million CAD in trailing revenues. The acquisition involves a proposed payment of $3.5 million CAD, including $1 million at closing and performance-based shares. This strategic move is set to bolster Empower’s market presence in the healthcare sector.

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.

Empower Clinics has launched its non-invasive, at-home saliva COVID-19 test on Air Canada's website, allowing passengers a simple testing method for international travel. The authorized Kai Saliva RT-PCR Test is designed for compliance with travel regulations. In addition, the company reports a pipeline of 22 clinics in Canada at various stages of development, with several locations having signed or pending leases. Empower aims to enhance its healthcare services, including telemedicine and paramedical offerings.

Empower Clinics Inc. (OTCQB:EPWCF) issued an update on its management cease trade order (MCTO) from the British Columbia Securities Commission, initially announced on May 3, 2021. The MCTO was due to delays in filing annual financial statements for 2020, impacted by COVID-19 challenges related to audits. Empower expects to complete the necessary filings by May 31, 2021, and will issue bi-weekly updates during this process. The MCTO does not prevent non-insider shareholders from trading, although a general cease trade order could still be issued by regulators.