BELLEVUE, Wash.--(BUSINESS WIRE)--Novo Integrated Sciences, Inc. (OTCQB:NVOS) (“Novo Integrated Sciences”, or the “Company”) and Novo Healthnet Limited (“NHL”), a wholly owned subsidiary of the Company, announced today that on November 23, 2018, the Company and NHL executed a binding letter of intent (“LOI”) with Activa Clinics (“Activa”), a private Canadian company involved in the delivery of multi-disciplinary primary healthcare services and programs through its seven strategically located Southern Ontario clinics.
The LOI contemplates that the Company and NHL will enter into a share exchange agreement with Activa and the Activa shareholders, pursuant to which NHL will acquire 100% of Activa’s total share capital, non-dilutive, and in exchange the Activa shareholders will be issued CAD $35,000,000 worth of restricted shares of the Company’s common stock. The total number of the Company’s common shares expected to be issued for this proposed transaction will be determined by calculating the 30-trading day average, based on the period ended November 23, 2018, with the application of a market acceptable discount to the determined average. If a definitive agreement is not executed by all parties, on or before December 31, 2018 or such other date as agreed to by the parties, the LOI will terminate.
Mr. Robert Mattacchione, Novo Integrated Sciences’ CEO and Board Chairman stated, “The addition of Activa’s seven operating clinics to NHL’s multi-disciplinary primary healthcare clinic footprint in Canada is an exciting step in our expansion strategy. Eliminating Activa as marketplace competition, combined with adding Activa’s substantial market access, operational procedures expertise and proprietary treatment solutions, will greatly enhance NHL’s superior level of service and programs offered to our patients. Combining the exemplary talent of both the NHL and the Activa management teams will allow for greater organic growth and improved efficiencies company wide.”
Dr. Neil Dhalla, Activa Clinic’s CEO and President, stated, “Activa has built a solid reputation in the rehabilitation field and has grown to become one of Canada’s market leaders in providing rehabilitation solutions for its patients. We are excited to join the NHL family and expand the extended offering of services across the NHL group of clinics. Working together, we expect to become Canada's most dynamic and innovative rehabilitation services provider while continuing to offer Canadians unparalleled quality of care.”
About Novo Integrated Sciences, Inc. and Novo Healthnet Limited
Through Novo Healthnet Limited, a wholly owned subsidiary of Novo Integrated Sciences, we deliver multi-disciplinary primary healthcare to over 400,000 patients annually through our 16 corporate-owned clinics and a contracted network of 88 affiliate clinics and 234 eldercare centric homes located across Canada. Our team of practitioners and staff are trained for assessment, diagnosis, treatment, pain management, rehabilitation and primary prevention. Our specialized services and products include physiotherapy, chiropractic care, occupational therapy, eldercare, laser therapeutics, massage therapy, acupuncture, chiropody, neurological functions, kinesiology, concussion management and baseline testing, women’s pelvic health, sports medicine therapy, assistive devices, and private personal training.
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