TORONTO, ON. – March 6, 2020 – The Clinic Network Canada, Inc. (“TCN” or the “Company”) is pleased to announce that it has acquired the Medical Cannabis Management Program (“MCMS”), including all rights, trademarks, copyrights, standard operating protocols and intellectual property associated with MCMS, from National Access Cannabis Medical Inc. (“NACM”). This asset purchase also included MCMS service agreements with 168 independent pharmacies (“MCMS Base”) in British Columbia, Saskatchewan, Manitoba, Ontario and Nova Scotia. The aggregate purchase price of $1,200,000 consisted of a convertible note for $200,000 and up to $1,000,000 in contingent earn out bonus. The convertible note matures September 6, 2021 and may be repaid prior to maturity, at TCNC’s option, with no premium or penalty. The note is convertible into common shares upon the occurrence of a liquidity event. The conversion price per share is the lower of $10,856 or the deemed market value. If no such event occurs prior to maturity, the note shall be paid in cash.
About The Clinic Network Canada, Inc.
The Clinic Network Canada, Inc. owns and operates 18 community-based clinics where its team of health professionals work together to help patients through a variety of evidence-based approaches. TCN’s patient care programs utilize an interdisciplinary approach that are guided by trained pain specialists and other healthcare providers. TCN has also developed an expertise in harm reduction where medicinal cannabis is being used as an alternative to traditional opioids.
For more information, visit The Clinic Network website: www.theclinicnetwork.ca
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Notice Regarding Forward Looking Statements
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “would”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe”, “working on” or “continue”, or the negative thereof or similar variations. There are numerous risks and uncertainties that could cause actual results and TCN’s plans and objectives to differ materially from those expressed in the forward-looking information, including: business disruption risks relating to COVID-19; regulatory risks, including those related to healthcare, privacy, and data security; and integration risks relating to newly acquired businesses. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
For further information, please contact:
Wayne Cockburn
President
[email protected]
(905) 505-0770
