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Gemoscan Canada Inc Announces Proposed Acquisition


Monday, 15 Jul 2013 05:35pm EDT 

Gemoscan Canada Inc announced that it has made an offer to acquire a 100% interest in Physiomed Kennedy Inc. (PKI), which operates a paramedical clinic in Toronto, Ontario (the Acquisition). The purchase price has been negotiated on the basis of a multiple of PKI's normalized earnings before interest, tax, depreciation and amortization (EBITDA) as at April 30, 2013 and is subject to adjustment based on results as of April 30, 2014. The consideration is to be paid as to 43.75% cash, 37.5% pursuant to a debenture issued to the vendor (the VTB) and 18.75% in shares of Gemoscan priced upon the closing of the Acquisition. The VTB shall bear interest at the rate of 8% per annum and shall have a term of 24 months from the closing of the Acquisition. Interest shall be paid monthly but no principal payments are required until the due date. Completion of the Acquisition is conditional on completion of financing, the negotiation of a definitive agreement between the parties and the receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange. 

Company Quote

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5 May 2014