ScreenPro Security Inc. (CSE: SCRN) (OTCQB: SCRSF) ("ScreenPro" or the "Company") is pleased to announce that it has entered into a non-binding letter of intent (the "LOI"), dated November 1, 2021 with Datametrex AI Limited (the "Vendor"), which sets out the basic terms and conditions for the proposed acquisition (the "Transaction") by the Company of all of the issued and outstanding securities in the capital of Concierge Medical Consultants Inc. ("Concierge"), a corporation incorporated under the laws of the Province of British Columbia.
The Transaction is subject, among other things, to the completion of satisfactory due diligence and the parties successfully entering into a definitive agreement (the "Definitive Agreement") in respect of the Transaction, by no later than November 30, 2021, or such other date as the Company and Vendor may mutually agree.
Lena Kozovski, CEO of ScreenPro Security commented, "We believe that adding a medical concierge element to our existing businesses will drive significant value to our bottom line as we the have infrastructure with laboratory's, nurses, back office, and scheduling systems in place now with our testing. The demand for concierge medical service is expected to continue to strengthen as the market for remote healthcare grows. We look forward to working with Dr. Sharif and his medical team to grow this business under ScreenPro."
The LOI provides that the Company will acquire the securities of Concierge for an aggregate purchase price of CAD $1,800,000 (the "Purchase Price"). The Purchase Price shall be satisfied through the issuance of common shares (the "Consideration Shares") of the Company at a deemed price of CAD $0.05 per share (the "Issue Price"). The closing of the Transaction and the issuance of the Consideration Shares shall be subject to regulatory approvals including by the Canadian Securities Exchange ("the CSE") and may be subject to statutory hold periods under applicable securities law.
On closing of the Transaction, Concierge will become a wholly owned subsidiary of the Company and the Company will not assume any debt of the Concierge.
Concierge Medical Consultants is a small group of board-certified practicing emergency physicians who think that urgent care does not just happen in an ER or your doctor's office, it can happen anywhere at any time. Dr Jibran Sharif, MD, CCFP EM, RDMS, is the founder and CEO of Concierge Medical Consultants and grew up in Vancouver. He earned a degree in Economics at the University of British Columbia before graduating with a medical degree and residencies in Emergency Medicine and Ultrasound at the University of Sydney, University of Saskatchewan, and the University of Calgary, respectively. He is a full time Emergency physician in the GVRD and a Clinical lecturer with the faculty of Emergency Medicine at the University of British Columbia.
For additional information, please visit Concierge's website at www.conciergemedical.ca
ScreenPro is a Screening and Medical Technology company that provides turnkey screening solutions with its proprietary medical alerting software. ScreenPro's unique access to multiple manufacturers of high-quality test kits and its strategic partnership with labs in British Columbia, Ontario and Quebec allowing ScreenPro to be a full-service nationwide provider of COVID testing solutions across Canada. In addition, ScreenPro has its own medical doctor and nursing professionals along with on the ground support staff and transportation, as access to high quality PPEs to ensure that its clients are protected in all aspects of their testing needs. ScreenPro provides alerting software through its secure GoStop application that enables individuals to use the app for test screening results as well as provides automated identification codes for our laboratories and analytics to our clients on their testing cadence. For additional information on ScreenPro and other corporate information, please visit the Company's website at www.screenprosecurity.com
For more information about the Company, please refer to the Company's profile on SEDAR at www.sedar.com.
Neither the Canadian Securities Exchange (the "CSE") nor it's Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Jamie Hyland, Director
P. (604) 442-2425
Certain statements contained in this news release may constitute forward‐looking information, including statements relating to expectations regarding acquisition of Concierge Medical Consultants Inc. and the future development of ScreenPro's business. Forward‐looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward‐looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking information. The actual results of ScreenPro could differ materially from those anticipated in this forward‐looking information as a result of regulatory decisions, competitive factors in the industries in which ScreenPro operates, prevailing economic conditions, changes to ScreenPro's strategic growth plans, and other factors, many of which are beyond the control of ScreenPro. Management of ScreenPro believes that the expectations reflected in the forward‐looking information herein are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. Any forward‐looking information contained in this news release represents ScreenPro's expectations as of the date hereof and is subject to change after such date. ScreenPro disclaims any intention or obligation to update or revise any forward‐looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
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