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TICKERS: PHGI; PHGRF; 6PH

Innovative Healthcare Firm Closes Two Pharmacy Acquisitions
News Update

Source:

These assets complement the company's primary care clinics and telemedicine and electronic medical record functionality.

Premier Health Group Inc. (PHGI:CSE; PHGRF:OTCQB; 6PH:FSE) closed on its acquisition of two pharmacies in Vancouver, Canada, it announced in a news release.

The details of the transaction are that Premier Health would purchase all of the pharmacies' outstanding shares from the vendors. In so doing, it would assume the pharmacies' net liabilities, an estimated $2.5 million, and would pay the vendors up to $4,057,733 in cash and shares.

Premier Health's CEO, Dr. Essam Hamza, outlined the benefits of the acquisitions. Premier's physicians and patients now have easier access to pharmacy services. The added pharmacies will help improve prescription fulfillment. They are "instrumental to our telemedicine app as they will enable team-based practices and concentrate services around a patient's specific healthcare needs," he said in the release. Also, now Premier could open a medical or cannabis clinic inside one of the pharmacies.

The two acquired pharmacies, both cash flow positive, posted a combined revenue of about $6 million for the fiscal year that ended Aug. 31, 2018. Together, their cost of goods sold and operating expenses was about $5.44 million during the same period.

The pharmacies' management teams will stay on and continue running the businesses.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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