PharmaCorp Completes Acquisition of a Pharmacy in Western Canada
September 03 2024 - 7:30AM
PHARMACORP RX INC. (“
PharmaCorp” or the
“
Corporation”) (TSXV: PCRX) is pleased to announce
that, further to its news release dated August 22, 2024, it has
completed the acquisition of a 90% interest in a pharmacy (the
“
Acquired Pharmacy”) located in Western Canada.
The acquisition of the Acquired Pharmacy is an arm’s length
transaction. The aggregate purchase price for the 90% interest in
the Acquired Pharmacy was $2,207,170 and was funded from cash.
The Acquired Pharmacy represents PharmaCorp’s
second acquisition following the successful completion of its
Qualifying Transaction on June 6, 2024, which included the
acquisition of a 75% interest in a pharmacy in Saskatoon,
Saskatchewan, as well as the previously announced strategic
alliance with PharmaChoice Canada Inc.
"We are pleased to announce the successful
completion of the acquisition of the Acquired Pharmacy, reinforcing
our strategy to enhance shareholder value through strategic
acquisitions,” said Al Simpson, Executive Chairperson of
PharmaCorp. “By retaining a vendor to continue managing the
pharmacy, we are ensuring seamless continuity and maintaining the
high service standards our customers expect, as we continue to grow
our presence in the pharmacy industry.”
About PharmaCorp Rx Inc.
As a Capital Pool Company, PharmaCorp completed
its qualifying transaction as defined in Policy 2.4 of the TSX
Venture Exchange on June 6, 2024. The qualifying transaction
consisted of its strategic alliance with PharmaChoice Canada Inc.
(“PharmaChoice”) and the acquisition of 75% of the
outstanding shares of a pharmacy in Saskatoon, SK. PharmaCorp
operates two pharmacies, including the Acquired Pharmacy.
PharmaCorp will continue to acquire independently owned and branded
PharmaChoice pharmacies as they come to market in the normal
course of business, as well as other independently owned
non-branded PharmaChoice pharmacies in Canada, and thereafter,
continue to operate such acquired pharmacies under a PharmaChoice
banner. PharmaCorp trades on the TSX Venture Exchange under the
symbol: PCRX.
For further information, contact:
Mr. Alan SimpsonSuite #203, 303 Wellman Lane, Saskatoon, SK S7T
0J1 Tel: (306) 536-3771
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Information: This news release
contains “forward-looking information” regarding the Corporation
within the meaning of applicable Canadian securities legislation.
All statements, other than statements of historical fact, included
herein are forward-looking information. In particular, this news
release contains forward-looking information in relation to: the
potential effects of the 10% retained interest by the vendors; and
the business of PharmaCorp, including the operation and acquisition
of pharmacies, including the acquisition of independently owned and
PharmaChoice branded, and non-PharmaChoice branded, pharmacies.
This forward-looking information reflects current beliefs and is
based on information currently available to the management of the
Corporation and on assumptions the Corporation believes are
reasonable. These assumptions include, but are not limited to the
continued supply of pharmacies for purchase by PharmaCorp at prices
satisfactory to PharmaCorp. Forward-looking information is subject
to known and unknown risks, uncertainties and other factors that
may cause the actual results, level of activity, performance or
achievements of the Corporation to be materially different from
those expressed or implied by such forward-looking information.
Such risks and other factors may include, but are not limited to:
general business, economic, competitive, political and social
uncertainties; general capital market conditions and market prices
for securities; delay or failure to receive board of directors,
third party or regulatory approvals; competition; changes in
legislation, including environmental legislation, affecting the
Corporation; the timing and availability of external financing on
acceptable terms; conclusions of economic evaluations and
appraisals; and lack of qualified, skilled labour or loss of key
individuals. A description of additional risk factors that may
cause actual results to differ materially from forward-looking
information can be found in the Corporation’s disclosure documents
on the SEDAR+ website at www.sedarplus.ca. Although the Corporation
has attempted to identify important risks and factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. Readers
are cautioned that the foregoing list of factors is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking information as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Forward-looking information contained in this news release
is expressly qualified by this cautionary statement. The
forward-looking information contained in this news release
represents the expectations of the Corporation as of the date of
this news release and, accordingly, is subject to change after such
date. However, the Corporation expressly disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable securities law.
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