LevelJump Healthcare Corp. (TSXV: JUMP) (OTCQB: JMPHF) (FSE: 75J) ("Leveljump" or the "Company"), a Canadian leader in B2B telehealth solutions, is pleased to announce that it has secured a term loan commitment from TD Canada Trust for $3.2 million for the purpose of closing the Company's previously announced acquisition of three Ontario Diagnostic Imaging Clinics (Press release September 28, 2021).
Combined with the Company's cash on hand, the term loan will allow the Company to close the Ontario Diagnostic Imaging Clinics acquisition.
The loan facility will be a $3.2 million term loan, amortized over 10 years and the expected interest rate is to be less than 4%. The loan calls for monthly payments of principal and interest and an annual payment of 25% of excess EBITDA towards principal.
Additionally, TD Canada Trust is supplying the company with a $150,000 operating line of credit at Prime +1.5%.
"We are very excited to have TD Canada Trust act as our partner in this acquisition and we look forward to being able to present them with our additional acquisitions in the near future with a goal to expanding our relationship and building JUMP," said Mitchell Geisler, Chief Executive Officer of the Company.
Closing of the loan is subject to a number of diligence items and covenants as requested by the bank and the Company believes these will all be met prior to closing the acquisition.
About Leveljump Healthcare
LevelJump Healthcare Corp., (TSXV: JUMP) (OTCQB: JMPHF) (FSE: 75J) is a healthcare company with a focus on profitable telehealth solutions as well as primary care services in radiology. The Company's subsidiary, CTS, provides off-site radiology readings for hospital emergency rooms and is a leader in the teleradiology space in Ontario. As part of our growth strategy, we are acquiring healthcare companies that have strong revenue and cash flow, with room for organic growth.
ON BEHALF OF THE BOARD OF DIRECTORS OF
LevelJump Healthcare Corp.
Mitchell Geisler, Chief Executive Officer
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the Company's industry. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, Canadian Teleradiology Services, Inc., their securities, or their respective financial or operating results (as applicable).
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