WELL Health to Acquire Majority STake in SleepWork Medical

Well Health Technologies (TSXV:WELL) has announced it will acquire SleepWorks Medical, a privately-held Canadian company.

As quoted in the press release:

“We’re thrilled to welcome Larry Bloom, co-founder of SleepWorks, and the rest of the SleepWorks team to the WELL family,” said Hamed Shahbazi, Chairman and CEO of WELL. “SleepWorks has been a valued partner to WELL clinics for 6 years and has earned the trust of many of our physicians for their top-notch service.”

Under the terms of the Agreement, the total consideration payable by WELL in connection with the Transaction is $1,134,000, which will be allocated as follows: (i) a cash payment in the amount of $524,475, (ii) $170,100 paid by the issuance of common shares in the capital of WELL at a deemed price per share of $1.57, being equal to the prior 10-day average trading price of WELL’s common shares immediately prior to the public announcement of the Transaction, subject to the policies of the TSX Venture Exchange (the “TSXV“); (iii) $42,525 deposited by WELL and the Vendors into escrow upon closing in accordance with the provisions of an escrow agreement; and (iv) $396,900 payable by WELL to the Vendors in cash or common shares of WELL at the discretion of WELL during a time based earn-out period of 3 years. WELL shall have the right to acquire the remaining shares it doesn’t acquire as part of the Transaction pursuant to a call option.

Click here to read the full press release.