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ScreenPro Security Inc. (CSE: SCRN) (OTCQB: SCRSF) ("ScreenPro" or the "Company") is pleased to announce that further to its press release of February 23rd, 2022, the Company has completed the acquisition of all of the issued and outstanding shares of Add Biomedical Inc. ("Add Biomedical" or the "Target"), a biomedical screening company specializing in making solutions for disease diagnosis.
The Company entered into an amended Share Purchase Agreement with Add Biomedical to acquire the Target shares for a revised purchase price of CAD $3.3 million (the "Purchase Price"). The Company is enthusiastic about expanding business lines and looks forward to expanding into the health screening sector, with a focus on breast cancer detection.
"We are pleased that the acquisition of Add Biomedical is now finalized. This expansion is a strategic acquisition that advances us further into the health screening industry. We are excited for this new addition of the company and look forward to sharing our future plans." - Lena Kozovski, CEO.
Terms of the Acquisition
Pursuant to the Amended Share Purchase Agreement, the Company issued 33,000,000 Units of the Company, each Unit consisting of one common share and one common share purchase warrant. Each warrant exercisable to purchase one common share at an exercise price of $0.15 per share for 24 months. No finder's fee was payable in connection with the Acquisition.
Operations of Add Biomedical Upon Completion of the Acquisition
Add Biomedical has become a wholly-owned operating subsidiary of the Company. The Company has appointed Michael Yeung as the new director of Add Biomedical, Lena Kozovski as Chief Executive Officer and Paul Haber as Chief Financial Officer of Add Biomedical following the closing of the Acquisition.
About ScreenPro
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 allows 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 with on the ground support staff and transportation, with access to high quality PPEs to ensure that clients are protected in all aspects of their testing needs.
For additional information on ScreenPro and other corporate information, please visit the Company's website at www.screenprosecurity.com
About Add Biomedical Inc.
Add Biomedical is a biomedical screening company specialized in creating solutions for disease diagnosis. ScreenPro has exclusively purchased the Canadian entity of AddBiomedtiek Co, Korea, which gives the Company exclusive rights to their products within the North American marketplace. Acquiring Add Biomedical gives the Company access to a library of products. Currently, the Company has an interest to bring the CA 15-3 Rapid Test Kit's for breast cancer screening into the North American marketplace as well as Veterinary Animal Disease and Infectious Disease screening tests. The technology is easy to use, fast, portable, cost effective and can be operated in resource limited areas. Add Biomedical is committed to early diagnosis which can saves lives.
For additional information on Add Biomedical and other corporate information, please visit the Company's website at: www.addbiomedical.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:
Lena Kozovski, CEO
Email: investors@screenprosecurity.com
Forward-Looking Statements:
Certain statements contained in this news release may constitute forward‐looking information, including statements relating to expectations regarding the acquisition and business of Add Biomedical 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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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117209
