TORONTO--(BUSINESS WIRE)--Jack Nathan Medical Corp. (TSXV:JNH, OTCQB:JNHMF) (“Jack Nathan Health” “JNH” or the “Company”), a provider of primary care medical clinics located in Walmart® Supercentres under the Jack Nathan Health® brand, announced the acquisition of four operational medical clinics, in Ontario, previously owned and operated by medical partner and Advisory Board member Dr. Hamilton Jeyaraj, and located inside Walmart stores in Ontario.
- Cumulatively accretive, with annual revenues of approximately of $2.8 million (1)
- Adjusted EBITDA of approximately 7% (1)
- Acquisition price $1,198,400 payable $560,000 in cash and 840,000 shares.
This is a significant milestone and represents the opportunity to further entrench Jack Nathan Health as a provider of accessible healthcare for an increasing range of needs. By further building out its ecosystem of corporate-owned and managed operations and allied services with these four clinics, Jack Nathan Health is creating benefits for practitioners and patients alike. In addition, it represents an annualized increase of approximately 50% of current revenue and reflects the Company’s plans to generate revenue growth and create shareholder value through clinic acquisitions and operations inside the Walmart footprint.
These four clinics will serve as the first corporate-owned medical clinics under its strategic growth initiative in practice management and clinic operations. The clinics will be developed and operated under the guidance of Dr. Glenn Copeland, Jack Nathan Health’s Chief Medical Officer.
Remaining consistent with the “patient first” vision synonymous with Jack Nathan Health’s vision, these clinics will provide a full range of services, including telemedicine and virtual consultations that encompass the full circle of healthcare including (but not limited to):
- Primary physician and family care
- Cardiac care and prevention
- Orthopedic and sports medicine
- Physiotherapy and chiropractic services
- Corporate and executive health services
- Medispa and more
The clinics already offer a technology backbone for online booking access, scheduling services and referrals. Under the Jack Nathan Health brand, virtual consultations will now be offered as will telemedicine options in accordance with the growing demand for online services.
“The integration of these clinics creates an opportunity to further build out our co-located and allied services and provide patients with even greater access to customized healthcare, treatment options and seamless service,’ said Dr. Glenn Copeland, Chief Medical Officer of Jack Nathan Health. “It is this focus on bringing the type of on-demand healthcare that truly resonates with people and creates a positive patient experience that will drive the success of our practice management and clinic operations.”
“Joining the Jack Nathan Health family will enable these locations to provide an even greater level of integrated healthcare for patients,” said Advisory Board Member Dr. Hamilton Jeyaraj. “The Company’s dedication to helping patients access the services they need when they need them is an ethos of one that puts people first and one that I am proud to be a part of.”
(1) Based on unaudited 2019 fiscal Results and Adjusted EBITDA
About Jack Nathan Medical Corp.
Jack Nathan Medical Corp., operating as Jack Nathan Health®, is one of Canada’s largest health care networks. Jack Nathan Health is an innovative health care company that is improving access for millions of patients by co-locating physician and ancillary medical services conveniently located inside Walmart® stores.
Jack Nathan Health provides an exceptional level of patient care, made possible through patient-centric physicians, a variety of medical services, technology, and programs, designed to put patients first. Our mission is to provide everyone access to the finest quality retail medical centres, with both in-clinic physicians and digital telemedicine, so you and your loved ones can “Live Your Best Life”.
Jack Nathan Health was established in 2006 and continues to expand its international footprint, delivering exceptional, state-of-the-art, turn-key medical centres in 76 Walmart locations across Canada including British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec, as well as 11 locations in Mexico.
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Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Jack Nathan are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to them, and are subject to certain risks, uncertainties, and assumptions Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative and other judicial, regulatory, political and competitive developments; the economic and business impact of COVID-19 and operational difficulties. This list is not exhaustive of the factors that may affect forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.