GRAND RAPIDS, Mich., Feb. 28, 2018 (GLOBE NEWSWIRE) — Agility Health, Inc. (TSXV:AHI) (“Agility Health” or the “Company”) announced today that it closed its previously announced transaction with Alliance Physical Therapy Management, LLC (“Alliance”), a wholly-owned subsidiary of Alliance Physical Therapy Partners, LLC, which is a portfolio company of GPB Capital Holdings, LLC (“GPB”) whereby Alliance agreed to purchase 100% of its U.S.-based assets (the “Transaction”) pursuant to the terms of a definitive agreement (the “Purchase Agreement”) which was signed on February 2, 2018. The Transaction, which values the U.S. operations at USD$45 million (the “Purchase Price”), has received the requisite shareholder approval by written consent and final approval from the TSXV. Shareholders holding approximately 79% of the Company’s outstanding voting common shares and restricted voting common shares approved the Transaction.
The Company intends to use the remaining available funds, estimated to be USD$1,000,000, for general working capital purposes and to provide capital to grow Medic Holdings Corp. (“Medic”), the Company’s Canadian subsidiary, that will constitute the primary business and asset of the Company post-transaction. Medic currently operates twelve outpatient foot care clinics in Ontario and Quebec and also manufactures orthotics and prosthetics. Under the terms of the of the Purchase Agreement, Agility Health will not be able to engage in a business in the United States that is competitive with Agility’s former U.S. business for a period of five years.
“Selling Agility Health’s U.S. operations facilitates the restructuring of our capital structure in order to strengthen the Company’s financial position for sustained future growth,” stated Pierre G. Gagnon, Agility Health’s Chairman and Interim Chief Executive Officer.
For more information, please visit www.agilityhealth.com.
Forward-Looking Information
This press release contains forward-looking statements regarding Agility Health and its business. Such statements are based on the current expectations and views of future events of Agility Health’s management. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release, including the amount of funds available to Agility Health, the expected or intended use of any such funds and the future growth of Agility Health’s Canadian business, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Agility Health undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Wayne Cockburn
Vice President, Corporate Development
(905) 505-0770
Wayne@medicholdings.com
