TORONTO--(BUSINESS WIRE)--Jack Nathan Medical Corp. (TSXV: JNH, OTCQB: JNHMF) (“Jack Nathan Health”, “JNH” or the “Company”) and Wal-Mart Canada Corp. (“Walmart Canada”) announced today that they have signed a new Credit Facility and new licensed locations to drive rapid expansion of new additional Jack Nathan Medical Clinics across Canada.
Jack Nathan Health is an independent provider of medical clinics located in Walmart Canada stores under the Jack Nathan Health brand.
Jack Nathan will begin immediately to design, build, independently own and operate new clinics in several new and existing Walmart Canada locations. Previously announced locations in Edmonton, Alberta and Victoria, British Columbia are already under construction.
The new strategic plan strengthens the Company’s ongoing relationship with Walmart Canada by way of a supportive Credit Agreement related to each new clinic that will provide financing for significant capital expenditures to build out each location. The lender under the Credit Agreement is Walmart Canada, advances under the Credit Agreement accrue interest at a rate of 6% per annum and the quantum of advances under the Credit Agreement is subject to the number of new license locations that is subject to the Credit Agreement from time to time. Eleven new medical clinic locations within Walmart Canada retail stores are scheduled to be built in 2022, with an accelerated plan in the coming years for additional locations. Jack Nathan’s clinics will provide family and urgent care medical services as well as an array of specialty medical programs and paramedical services including MedSpa and Rehab in key market locations or strategic clinical locations.
This innovative arrangement between the two companies is a catalyst for rapid expansion and growth in a sector that is currently underserviced in many parts of the country. Walmart Canada has 402 locations and Jack Nathan is currently present in 76 locations, which provides immediate opportunity for several new clinics to open.
“We’re very excited about opening more Jack Nathan Health Medical Clinics in more Walmart stores across Canada,” said Sam Hamam, senior director of licensees for Walmart Canada. “Walmart Canada is committed to making healthcare and wellness more accessible in the communities we serve, and helping our customers live better, every day.”
Dr. Glenn Copeland, President and CEO of Jack Nathan Health added, “We have worked extremely hard to this point, in crafting a unique structure to fuel rapid growth of medical clinics inside Walmart Canada over the coming years. We are proud to turn over this new page in our Company to transform medical and paramedical services in Canada with one of the world’s best retailers. This is the beginning of a bright new future for Jack Nathan. Walmart Canada’s commitment to Jack Nathan shows how steadfast Walmart Canada is, to provide easy access, omni-channel healthcare to millions of Canadians. We are extremely excited and dedicated to making these plans come to fruition.”
About Jack Nathan Medical Corp.
Jack Nathan Medical Corp., operating as Jack Nathan Health®, is one of Canada’s largest healthcare networks. Jack Nathan Health® is an innovative healthcare company that is improving access for millions of patients by co-locating physician and ancillary medical services conveniently located inside Walmart Canada 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 Canada, the Company has 76 clinics in Walmart locations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec. In Mexico, the Company has approximately 107 corporate owned and operated clinics in Walmart locations. For more information, visit www.jacknathanhealth.com or www.sedar.com.
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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.