Novo Integrated Sciences Receives $40,000,000 Commitment to Develop Eldercare Facilities in Canada

Rhea-AI Summary

Novo Integrated Sciences, Inc. has received a $40 million investment from Sheikh Khaled bin Mohammad bin Fahad Al Thanayan for the development of elder care and senior living community facilities in Canada. The funding will result in project-specific joint ventures and the Company will lead in securing contracts and financing.

Positive

• Novo Integrated Sciences, Inc. has received a $40 million investment for the development of elder care and senior living community facilities in Canada.
• The funding will result in project-specific joint ventures.
• The Company will lead in securing contracts and financing.

Negative

• None.

Joint Venture Collaboration with Sheikh Khaled bin Mohammad bin Fahad Al Thanayan and his Global Healthcare Organization

BELLEVUE, Wash.--(BUSINESS WIRE)-- Novo Integrated Sciences, Inc. (NASDAQ: NVOS) (the “Company” or “Novo”) today announced the Company has received a Letter of Funding Commitment for a direct investment in the Company of USD $40,000,000 from Sheikh Khaled bin Mohammad bin Fahad Al Thanayan (“Sheikh Khaled”) through his organization Gulf International Minerals and Energy Group (GIMEG), of which Sheikh Khaled is the Chairman. The funding is expected to result in project-specific joint ventures for development of elder care and senior living community facilities in Canada. The collaboration would provide for the Company to be the lead in securing engineering, procurement, and construction project contracts, management contracts of the facilities, and working with the Canada Housing and Mortgage Corporation for project-specific specific additional financing.

Sheikh Khaled comes from a prominent business family in the Kingdom of Saudi Arabia (the “Kingdom”) and has been involved in financing multiple multibillion dollar projects and companies in the Middle East and internationally. Sheikh Khaled currently owns and operates multiple manufacturing facilities in the Kingdom as steel and silica manufacturing companies. Sheikh Khaled also co-owns and operates a grade AAA construction company which is involved in contracting multibillion dollar infrastructure, housing, and clean energy projects in the Kingdom.

The Company expects that it and Sheikh Khaled will enter into definitive documentation setting forth the terms of the parties’ proposed collaboration in the coming months.

About Novo Integrated Sciences, Inc.

Novo Integrated Sciences, Inc. is pioneering a holistic approach to patient-first health and wellness through a multidisciplinary healthcare ecosystem of services and product innovation. Novo offers an essential and differentiated solution to deliver, or intend to deliver, these services and products through the integration of medical technology, advanced therapeutics, and rehabilitative science.

We believe that “decentralizing” healthcare, through the integration of medical technology and interconnectivity, is an essential solution to the rapidly evolving fundamental transformation of how non-catastrophic healthcare is delivered both now and in the future. Specific to non-critical care, ongoing advancements in both medical technology and inter-connectivity are allowing for a shift of the patient/practitioner relationship to the patient’s home and away from on-site visits to primary medical centers with mass-services. This acceleration of “ease-of-access” in the patient/practitioner interaction for non-critical care diagnosis and subsequent treatment minimizes the degradation of non-critical health conditions to critical conditions as well as allowing for more cost-effective healthcare distribution.

The Company’s decentralized healthcare business model is centered on three primary pillars to best support the transformation of non-catastrophic healthcare delivery to patients and consumers:

• First Pillar: Service Networks. Deliver multidisciplinary primary care services through (i) an affiliate network of clinic facilities, (ii) small and micro footprint sized clinic facilities primarily located within the footprint of box-store commercial enterprises, (iii) clinic facilities operated through a franchise relationship with the Company, and (iv) corporate operated clinic facilities.
• Second Pillar: Technology. Develop, deploy, and integrate sophisticated interconnected technology, interfacing the patient to the healthcare practitioner thus expanding the reach and availability of the Company’s services, beyond the traditional clinic location, to geographic areas not readily providing advanced, peripheral based healthcare services, including the patient’s home.
• Third Pillar: Products. Develop and distribute effective, personalized health and wellness product solutions allowing for the customization of patient preventative care remedies and ultimately a healthier population. The Company’s science-first approach to product innovation further emphasizes our mandate to create and provide over-the-counter preventative and maintenance care solutions.

Innovation through science combined with the integration of sophisticated, secure technology assures Novo Integrated Sciences of continued cutting-edge advancement in patient-first platforms.

For more information concerning Novo Integrated Sciences, please visit www.novointegrated.com.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, or the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," “intend,” "expect," "anticipate," "plan," "potential," "continue," or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in Novo’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown uncertainties and other factors which are, in some cases, beyond Novo’s control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects Novo’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Novo assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated by reference herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230606005519/en/

Chris David, COO & President 

Novo Integrated Sciences, Inc. 

chris.david@novointegrated.com 

(888) 512-1195 

Source: Novo Integrated Sciences, Inc.

FAQ

What is the investment amount received by Novo Integrated Sciences, Inc.?

Novo Integrated Sciences, Inc. has received a $40 million investment.

What will the funding be used for?

The funding will be used for the development of elder care and senior living community facilities in Canada.

Who is Sheikh Khaled bin Mohammad bin Fahad Al Thanayan?

Sheikh Khaled bin Mohammad bin Fahad Al Thanayan is the Chairman of Gulf International Minerals and Energy Group (GIMEG) and comes from a prominent business family in the Kingdom of Saudi Arabia.

What role will Novo Integrated Sciences, Inc. play in the collaboration?

Novo Integrated Sciences, Inc. will be the lead in securing contracts and financing for the project-specific joint ventures.