Jack Nathan Health to Secure a Revolving Credit Facility

Rhea-AI Summary

Jack Nathan Medical Corp. (TSXV: JNH, OTCQB: JNHMF) has entered a loan agreement with Walmart Canada to establish a new revolving credit facility of up to CAD$2,000,000. The Loan, maturing within six months, will accrue interest at 7% per annum and is intended for the company's general working capital. Jack Nathan Health operates numerous clinics within Walmart stores across Canada and Mexico, providing accessible healthcare services.

Positive

• Secured a revolving credit facility of CAD$2,000,000 with Walmart Canada.
• Access to working capital for operational needs.
• Established partnerships with Walmart enhance healthcare accessibility.

Negative

• Loan is subject to demand repayment by Walmart Canada.
• High interest rate of 7% may impact financial stability.

TORONTO--(BUSINESS WIRE)-- Jack Nathan Medical Corp. (TSXV: JNH, OTCQB: JNHMF) (“Jack Nathan Health”, “JNH” or the “Company”) and Wal-Mart Canada Corp. (“Walmart Canada”) announce today that they have entered into a loan agreement (the “Loan Agreement”) in order to establish a new revolving credit facility in an amount not to exceed CAD$2,000,000 (the “Loan”) in favour of the Company maturing on a date that is the earlier of (i) the date upon which demand is made by Walmart Canada pursuant to the provisions of the Loan Agreement and (i) the date that is six months from the date of entering into the Loan Agreement, as such date may be extended by Walmart Canada from time to time, in its sole discretion (the “Maturity Date”). Any advances of the Loan accrue interest at a rate of 7% per annum from and including the date of such advance, to but excluding the date of repayment. Notwithstanding the right of Walmart Canada to make demand for repayment at any time, provided such demand is at least ninety (90) days from the closing date, the full amount of all advances outstanding under the Loan Agreement, together with all interest accrued and any other amounts owing, shall be repaid on the Maturity Date.

The Loan will be used by JNH for general working capital of the Company and its subsidiaries.

About Jack Nathan Medical Corp.

Jack Nathan Medical Corp., operating as Jack Nathan Health^®, is one of Canada’s largest healthcare networks. Jack Nathan Health® is an innovative healthcare company that is improving access for millions of patients by co-locating physician and ancillary medical services conveniently located inside Walmart Canada stores.

Jack Nathan Health^® provides an exceptional level of patient care, made possible through patient-centric physicians, a variety of medical services, technology, and programs, designed to put patients first. Our mission is to provide everyone access to the finest quality retail medical centres, with both in-clinic physicians and digital telemedicine, so you and your loved ones can “Live Your Best Life”.

Jack Nathan Health^® was established in 2006 and continues to expand its international footprint, delivering exceptional, state-of-the-art, turn-key medical centres. In Canada, the Company has 76 clinics in Walmart locations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec. In Mexico, the Company has approximately 115 corporate owned and operated clinics in Walmart locations. For more information, visit www.jacknathanhealth.com or www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Jack Nathan are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to them, and are subject to certain risks, uncertainties, and assumptions Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative and other judicial, regulatory, political, and competitive developments; the economic and business impact of COVID-19 and operational difficulties. This list is not exhaustive of the factors that may affect forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward- looking information, other than as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220927005248/en/

Jack Nathan Medical Corp., Mike Marchelletta, Director, info@jacknathanhealth.com

Source: Jack Nathan Medical Corp.

FAQ

What is the loan agreement between Jack Nathan Medical Corp. and Walmart Canada?

Jack Nathan Medical Corp. secured a loan agreement with Walmart Canada for a revolving credit facility of up to CAD$2,000,000.

What is the interest rate on the loan for Jack Nathan Medical Corp.?

The loan will accrue interest at a rate of 7% per annum.

How long is the loan from Walmart Canada to Jack Nathan Medical Corp.?

The loan matures within six months but can be extended at Walmart's discretion.

What will Jack Nathan Medical Corp. use the loan for?

The loan will be used for general working capital of the Company and its subsidiaries.

What are the stock symbols for Jack Nathan Medical Corp.?

The company's stock symbols are TSXV: JNH and OTCQB: JNHMF.