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Mednow Inc. (TSXV: MNOW; OTCQB: MDNWF), Canada's on-demand virtual pharmacy, has completed the acquisition of Mednow Pharmacy Inc., for approximately $74,000 in cash and converting $908,000 owed under a previous agreement into a non-interest bearing promissory note. This move consolidates Mednow West's operations into Mednow’s platform, enhancing their online pharmacy capabilities in British Columbia. The transaction is a related party transaction but complies with regulatory exemptions, indicating its strategic importance in expanding Mednow's national presence.
Positive
Acquisition of Mednow Pharmacy Inc. consolidates operations, enhancing service delivery.
Total transaction value of approximately $982,000 may lead to improved financial performance.
Strengthens Mednow’s market presence in British Columbia and contributes to national expansion efforts.
Negative
None.
TORONTO--(BUSINESS WIRE)--
Mednow Inc. (“Mednow” or the “Company”) (TSXV:MNOW; OTCQB:MDNWF), Canada’s on-demand virtual pharmacy, is pleased to announce that the Company has completed the acquisition, previously announced on September 22, 2021, of all of the issued and outstanding shares of Mednow Pharmacy Inc. (“Mednow West”), for an aggregate cash payment of approximately $74,000 and the Company’s agreement to convert approximately $908,000 owed by Mednow West to the Company pursuant to a pharmacy agreement dated September 24, 2020, as amended October 30, 2020 (the “Pharmacy Agreement”) into a non-interest bearing on-demand convertible promissory note. Mednow West’s revenue and expenses will be consolidated with those of the Company and the Pharmacy Agreement between the two parties will be terminated.
Mednow West is a British Columbia company that operates an online pharmacy, delivering prescriptions in the Province of British Columbia. Mednow West has its business headquarters in Vancouver and employs Mednow’s marketing and technology platform for lead generation, prescription fulfillment and customer services.
“We are executing on our plan for a national presence across Canada and we are thrilled to be consolidating Mednow West under our platform. As we add service to our digital first healthcare platform, we are also simultaneously working to expand our geographical reach to become a household name in Canadian healthcare,” said Karim Nassar, Chief Executive Officer.
As Amir Ali Reyhany-Bozorg and Felipe Campusano are directors of the Company and Karim Nassar is the Chief Executive Officer of the Company, and each are also shareholders of Mednow West, the transaction contemplated under the Share Purchase Agreement (the “Transaction”) is a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The Company is exempt from the formal valuation and minority shareholder approval requirements imposed by MI 61-101 pursuant to the exemptions in section 5.5(a) and 5.7(a) of MI 61-101, as neither the fair market value of the Shares, nor the consideration paid therefor, exceeds 25% of the Company's market capitalization.
About Mednow Inc.
Mednow is a healthcare technology company offering virtual access with exceptional care. Designed with access and quality care in mind, Mednow.ca provides virtual pharmacy and telemedicine services, as well as doctor home visits, with convenience and through an interdisciplinary approach to healthcare that is focused on the patient experience. Mednow’s services include free at-home delivery of medications, a user-friendly interface for easy upload, transfer and refill of prescriptions, access to healthcare professionals through an intuitive chat experience, a specialized PillSmart™ system that packages prescriptions and vitamins by date and time, and doctor consultations.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
What is the acquisition value of Mednow Pharmacy Inc. by Mednow Inc. (MDNWF)?
The acquisition is valued at approximately $74,000 in cash plus the conversion of about $908,000 owed under a previous agreement.
How will Mednow's acquisition of Mednow Pharmacy Inc. affect its operations?
The acquisition will consolidate Mednow West's revenue and expenses with Mednow Inc., streamlining operations and enhancing its online pharmacy capabilities.
When was the acquisition of Mednow Pharmacy Inc. announced?
The acquisition was announced on September 22, 2021.
Is the acquisition of Mednow Pharmacy a related party transaction?
Yes, the transaction is considered a related party transaction under Multilateral Instrument 61-101, but it qualifies for exemptions.
What are the future projections for Mednow Inc. after acquiring Mednow Pharmacy?
The acquisition is expected to support Mednow's goal of expanding its national presence and becoming a household name in Canadian healthcare.
