Livecare is a Canadian Telehealth company founded and operated by physicians dedicated to giving patients access to quality, real-time healthcare, regardless of where they are located
Premier Health Group, a company focused on developing innovative approaches that combine human skill-based expertise with emerging technologies for the healthcare industry, is pleased to announce that, further to its previous news release, it has entered into an amalgamation agreement to acquire all of the outstanding securities of Livecare Health Canada.
Livecare is a Canadian Telehealth company founded and operated by physicians dedicated to giving patients access to quality, real-time healthcare, regardless of where they are located. They offer digital technologies that connect Doctors & Allied Health Care Providers to their Patients via secure, encrypted, face-to-face video and messaging. In addition to their telemedicine platform, they offer kindredPHR – a personalized health record used for storing, managing, and sharing your health information. Thus, enabling patients access to manage their own care and share amongst their multiple healthcare providers.
With a track record providing health solutions to rural communities, remote work camps and First Nations communities, Livecare’s technology has proven to be a key enabler for sustainable health in geographically disperse populations. Their virtual health solution is an industry leader in enabling patients to access health information and the care they need on their terms. With digital tools designed for adoption by physicians and health organizations, Livecare aims to be a key player supporting the digitization of health and empowerment of patients. Additionally, they provide a white labelled enterprise platform for national health companies.
“We are excited about this opportunity to leverage Livecare’s existing partnerships and technology,” said Dr. Essam Hamza, CEO of Premier Health. “Livecare has been a pioneer in telemedicine and their knowledge and relationships will be invaluable to our plans moving forward. A key aspect of integration includes their workflow for video consults, specializing in real time assessments with devices like bluetooth enabled stethoscopes and otoscopes for physical examination of patients remotely. Having tested the devices in my own practice, I was impressed with the quality of care I was able to provide from a distance, whether it was listening to a heartbeat or performing an ear exam.”
Under the terms of the agreement, in exchange for all of the outstanding Livecare common shares, Premier Health will: (i) assume all of the outstanding liabilities of Livecare and its wholly-owned subsidiary; and (ii) issue to the Livecare shareholders an aggregate of up to 4.5 million common shares of Premier Health (the “Consideration Shares”), at a deemed price of $0.40 per share, subject to adjustment.
In the event that the total amount of assumed liabilities exceeds $1.20 million, Premier Health shall be entitled to immediately cancel such number of Consideration Shares, at a deemed price of $0.40 per share, as is equal to such excess. Notwithstanding, in no event shall Premier Health be obligated to assume more than $1.80 million in total liabilities of Livecare and its wholly-owned subsidiary. The Consideration Shares will be subject to certain contractual restrictions on trading for a period of twenty-four months from the date of issuance. Under the terms of the agreement, Livecare will also have the right to appoint its nominee to the board of directors of Premier Health on closing.
The acquisition is subject to customary closing conditions and receipt of regulatory approval.
Source: Company Press Release