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EMPOWER CLINICS INC (EPWCF) is committed to assisting individuals in improving and safeguarding their health through medical marijuana. With clinics in Washington, Oregon, California, and upcoming in Illinois, they have aided over 200,000 patients since 1999. The company boasts compassionate physicians ready to assist with paperwork and a well-informed staff to guide patients through the process.
Empower is an integrated healthcare company with multi-disciplinary clinics and a Canadian medical device company. They have established a clinical research site in Dallas, TX, becoming a Site Management Organization (SMO). Empower is reshaping patient-first wellness with cutting-edge healthcare and research solutions. Recently, the company announced its plan to consolidate shares and complete a non-brokered private placement offering.
Empower Clinics Inc. (OTCQB: EPWCF) reported its Q1 2022 results, with total revenues of $1,106,950, a 43% decline from Q1 2021. The gross margin fell to 21% from 62%, and the net loss improved to $2,298,925 from $24,928,263 in the previous year. Cash reserves increased to $2,518,743 as of March 31, 2022. The company closed two Medi-Collective clinics due to unmet expansion goals but reported growth in Health & Wellness revenue. Overall, the performance reflects ongoing challenges in operations and market conditions.
Empower Clinics Inc. reported a remarkable 355% year-over-year revenue growth, reaching $4.37 million for full-year 2021. However, the company's net loss for continuing operations significantly increased to $31.74 million from $16.70 million in 2020, largely influenced by a non-cash loss related to warrants. Despite facing financial challenges, Empower acquired MediSure and expanded its clinic brand, The Medi-Collective, while generating revenue from its diagnostics segment. The company plans to revoke a cease trade order and enhance operational efficiency moving forward.
Empower Clinics confirms it has three active Directors despite the recent death of one Director, ensuring compliance with regulations. Following a bulletin from IIROC regarding alleged non-compliance, the company clarified its status, and the exchange's halt bulletin will now indicate 'To Remain Halted' under a cease trade order (CTO). Empower continues to expand its integrated healthcare services across North America, focusing on patient wellness through clinics and medical diagnostics.
Empower Clinics Inc announced the passing of Anthony Tomasello, a valued board member, on September 23, 2022. His extensive experience in the healthcare sector spanned over three decades, contributing significant insight to the company. The announcement was made by CEO Steven McAuley, who expressed profound sadness at the loss. Empower will continue operations with its remaining directors and plans to recruit a new board member. The company focuses on providing integrated healthcare services, including telemedicine and diagnostics, while striving for growth across North America.
Empower Clinics Inc (OTCQB:EPWCF) reported strong performance in its COVID-19 testing solutions, processing over 3,300 tests in August. The testing operations, based in Vancouver, benefit from repeat business from cruise lines and tour operators, reflecting the company’s brand strength and service quality. Empower’s testing facilities are fully accredited, ensuring compliance with British Columbia’s regulations. The company remains optimistic about maintaining testing volumes as the cruise season progresses and is exploring opportunities for new business across various sectors.
Empower Clinics Inc. (OTCQB: EPWCF) announced the closure of its Hamilton and Mississauga clinics effective September 1, 2022. The decision follows an operational review, revealing these locations do not align with the company's growth objectives. Empower will continue operations at six remaining clinics across Ontario, focusing on maximizing revenue through integrated healthcare services. CEO Steven McAuley stated that resources will be redirected to locations with greater potential for expansion and service offerings, especially in the current physician shortage context.
Empower Clinics has announced a cease trade order (CTO) from the British Columbia Securities Commission due to incomplete annual financial filings, specifically the audited financial statements, management discussion, and required CEO certifications. The delay is attributed to recent management changes and extended auditing processes. Despite this setback, the company continues to operate normally and is working to complete these filings. Once fulfilled, trading is expected to be reinstated within days.
Empower Clinics Inc (OTCQB:EPWCF) announces the immediate resignation of Chief Financial Officer Jennifer Archibald due to personal reasons. Steven McAuley, Chairman and CEO, will serve as interim CFO while a search for Archibald's successor is initiated. During this transition, Archibald will provide consulting support. Empower Clinics is recognized for its integrated healthcare services and aims for continued growth across North America, bolstered by a capable leadership team.
Empower Clinics Inc. (OTC: EPWCF) has provided an update regarding the management cease trade order (MCTO) issued by the British Columbia Securities Commission (BCSC) due to delayed financial filings for 2021. The company anticipated completing its required and interim filings by June 30, 2022, but has received an extension, now aiming for a deadline of July 29, 2022. As of this update, no material changes in the company's status have occurred. Empower Clinics continues to follow the provisions outlined in National Policy 12-203.
Empower Clinics has announced the launch of the new MediSure Empower Blood Glucose Monitor (BGM), aimed at improving diabetes care. Fully approved by Health Canada, the device features a smaller blood sample requirement, support for alternative blood removal sites, enhanced accuracy, and faster result times of under 6 seconds. Pre-launch orders have already been secured through over 11,000 pharmacies in Canada. The company aims to expand its digital and telemedicine capabilities while enhancing patient care. Additionally, stock options for 1,100,000 shares were approved at $0.08 each, valid until July 2027.
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