Premier announces plans for unit purchase of MyCare MedTech
July 26, 2016
Premier Diversified Holdings intends to acquire units of MyCare MedTech, a telemedicine company that uses communications technology to deliver virtual medical consultations with licensed healthcare providers for non-emergency conditions through its GOeVisit app.
The purchase price is $0.35 per unit. Premier intends to acquire up to $500,000 worth of units in two tranches, with its first acquisition of $250,000 closing in July and its second acquisition of $250,000 closing in August. The purchase price will be paid in cash.
MyCare is a private company incorporated under the laws of Alberta and is a Canadian telemedicine company that provides virtual medical consultations with licensed healthcare providers through computers, tablets and mobile devices.
The GOeVisit medical team can provide diagnosis, alternate remedies and prescriptions for over 30 non-emergency conditions and uncomplicated medical concerns such as a sore throat, stomach virus, upper respiratory infection such as bronchitis, strain or sprain, sinus infection, urinary tract infection, rash, allergy, headache, pink eye, burn or laceration. It is available round the clock and its certified healthcare professionals include nurses and doctors.
"Jim Viccars, founder of GOeVisit, has been involved with health insurance for over 30 years, spending the last decade trying to make diagnosis and treatment more convenient for consumers," said Premier president Sanjeev Parsad. "MyCare has the ability to do this and could be disruptive in how the average patient seeks general medical diagnosis."
Each unit is comprised of one Class A common share and one half of a share purchase warrant of MyCare. Each whole warrant will be exercisable to purchase an additional share at $0.50 until the end of 2018. Additionally, MyCare will issue 570,000 incentive shares to Premier.
Premier does not currently hold any securities of MyCare. After acquiring the units, it will hold two million MyCare shares, approximately 14.34 per cent undiluted of the issued and outstanding MyCare shares. Parsad will be appointed to the board of directors of MyCare.
Premier Diversified Holdings participates in diversified industries through its acquisitions of securities and/or assets of public and private entities that it believes have potential for significant returns. It may act as a holding company either directly or through a subsidiary and may participate in management of its subsidiaries to varying degrees. Its current holdings include interests in medical diagnostic clinics in Canada and China, in a reinsurance business in Bermuda, in a Canadian craft beer brewery, and in a Vancouver real-estate development partnership.