Empower Clinics (CSE: CBDT) (OTC: EPWCF) closed on its agreement to purchase Lawrence Park Health and Wellness Clinic Inc., 1100900 Canada Inc. better known as Atkinson and Momentum Health Inc. collectively. The deal was originally announced in October and was contingent on Empower completing a debt or equity financing to raise minimum gross proceeds of C$750,000.
The company had entered into an agreement with Mackie Research Capital Corporation for a private placement of up to C$1,100,000. The private placement was scheduled to close on or about the week of November 2, 2020, and the acquisition is expected to occur on or about November 10, 2020. The proposed acquisition included the acquisition of two standalone wellness clinics and four new co-located clinics in the Greater Toronto area of Ontario, Canada. Moreover, the proposed acquisition included incentives for the two Co-Founders of Momentum Health to open an additional 30 clinics across Canada.
Steven McAuley, Chairman and CEO of Empower stated “The closing of this acquisition is a significant milestone for both Empower and its shareholders that will provide Empower with both a growing accretive business, as well as, a winning business model with plans for immediate expansion across the Greater Toronto Area, the province of Ontario and then nationwide with at least 30 clinics in very rapid succession. This nationwide expansion plan is already taking shape with discussions for new locations with significant partners already at advanced stages. With this acquisition now officially complete, I am confident that we will have developments to report regarding our Canadian expansion in the very near future.”
Empower is a vertically integrated health and wellness company serving a database of 165,000 patients through clinics in the southwest United States, a telemedicine platform and a world-class medical diagnostics laboratory. Momentum Health operates a network of medical clinics with a comprehensive team of physicians and therapists who apply a holistic and hands-on approach working with patients to unlock potential well-being. Key services include Physiotherapy, Chiropractic, Massage Therapy, Traditional Chinese Medicine, Athletic Therapy, and others.