Letter of Intent for Merger Between Phoenix Life Sciences and ArCare Holdings Sdn Bhd

Rhea-AI Summary

Phoenix Life Sciences International Limited (PLSI) has announced a letter of intent for a merger with ArCare Holdings Sdn Bhd, a tech company focused on electronic healthcare benefits management. The merger is set to close in Q1 2022, leading to a name change to ArCare. ArCare aims to enhance patient outcomes and reduce healthcare costs and will integrate PLSI's resources. Post-merger, the board will be replaced, and PLSI will transition into a discontinued entity. Dr. Jeevan Muthiah, CEO of ArCare, expects to leverage public market visibility to accelerate growth.

Positive

• Merger with ArCare expected to enhance market visibility and access to capital.
• ArCare aims to dominate electronic healthcare delivery in Southeast Asia, potentially increasing revenue.
• Transition allows ArCare to leverage technology for better healthcare outcomes.

Negative

• PLSI has ceased operations following legal settlements, indicating past challenges.
• Existing directors and officers will resign, suggesting instability during the transition.

LAS VEGAS, NV / ACCESSWIRE / December 24, 2021 / Phoenix Life Sciences International Limited, ("PLSI") (OTC PINK:PLSI) a publicly-traded company, is pleased to announce that a letter of intent ("LOI") for a reorganization and merger between PLSI and ArCare Holdings Sdn Bhd has been executed and the merger closing is expected in Q1 2022. ArCare Holdings Sdn Bhd ("ArCare") is a privately held technology company developing Electronic Healthcare Benefits delivery and management.

ArCare (www.arcarehmo.com) intends to become a dominant provider of Electronic Healthcare Delivery and Benefits Management in Southeast Asia and beyond. ArCare Holdings Sdn Bhd is registered with the Ministry of Health Malaysia as a Managed Care Organization, structured to manage the healthcare needs of corporate employees and individual subscribers through the use of the latest in mHealth technology and the efficient management of available resources. ArCare's value proposition is in delivering enhanced patient outcomes and experiences, greater professional satisfaction for providers and caregivers and lower care costs.

Following the merger, the company formerly known as PLSI will be known as ArCare.

PLSI ceased operations following legal settlements announced in late 2020. Through the merger and reorganization, the board of directors will be replaced and all existing directors and officers shall resign. PLSI will become Phoenix Dissolution Corporation and will be a discontinued business venture.

Dr. Jeevan Muthiah, CEO of ArCare, said, "The merger between PLSI and ArCare will enable us to leverage our technology with the increased visibility of the public market." Further, Dr. Muthiah, stated "We look forward to gaining greater access to capital markets and to commencing the expansion of the suite of products. We believe this transaction will enable ArCare to grow rapidly and capture market share in our initial target markets."

About ArCare

ArCare, a Managed Care Organization, works collaboratively with physicians, care teams and practices on their transition from traditional fee-for-service to value-based care. ArCare's value proposition is in delivering enhanced patient outcomes and experiences, greater professional satisfaction for providers and caregivers and lowering care costs both to patients and insurers.

For more information on ArCare see www.arcarehmo.com

ArCare is a subsidiary under its holding company Archipelago Associates Limited (AAL), a leading Technology and Digitalization enabler focused on bringing value to ecosystems in Health and Agriculture. (www.exploreaal.com).

Forward-Looking Statements

Information contained in this press release regarding ArCare and PLSI (the "Companies") may constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe," and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and other factors which could cause the Companies actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in PLSI's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to the Companies herein are expressly qualified in their entirety by the above-mentioned cautionary statement. The Companies disclaim any obligation to update forward-looking statements contained in this press release, except as may be required by law.

PLSI Investor Contact:
investor.relations@plsi.co
www.plsi.co
+1.844.329.0895

SOURCE: Phoenix Life Sciences International Limited

View source version on accesswire.com:
https://www.accesswire.com/679549/Letter-of-Intent-for-Merger-Between-Phoenix-Life-Sciences-and-ArCare-Holdings-Sdn-Bhd

FAQ

What is the merger between PLSI and ArCare about?

The merger aims to combine PLSI's resources with ArCare's technology to enhance electronic healthcare delivery.

When is the merger between PLSI and ArCare expected to close?

The merger is expected to close in Q1 2022.

What will happen to PLSI after the merger?

PLSI will be renamed to ArCare and become a discontinued business venture.

What are the expected benefits of the PLSI and ArCare merger?

The merger is expected to improve market access and healthcare outcomes while reducing costs.