CALGARY, AB--(Marketwired - September 08, 2015) - FPS PHARMA INC. ("FPS Pharma" and/or the "Company") is pleased to announce that it will be closing its transaction with Florida Pharmacy Solutions, Inc. ("FPS") on September 10, 2015. Effective at the close of business, September 9, 2015, the common shares of the Company (formerly Mill City Gold Corp.) will be delisted from the TSX Venture Exchange. The Company anticipates that the shares of FPS Pharma will commence trading on the Canadian Securities Exchange ("CSE") under the symbol FPS.U-C at the opening on Thursday, September 10, 2015. The share trading price will be quoted in US Dollars.
The Company issued 25 million common shares at a deemed value of US$0.50 per share to acquire 100% of the issued and outstanding shares of FPS. All 25 million shares are subject to a 4 year escrow agreement with 10% being released 12 months from the listing date on the CSE and 15% being released every six months thereafter. As at September 8, 2015, the Company has 79,431,030 common shares issued and outstanding.
FPS is a full service, state of the art, compounding pharmacy with over 60 years of clinical experience specializing in providing effective compounds for patients and prescribers. FPS specializes in non-narcotic pain creams as well as creams for wound management, scar management, neurology management, nausea management, dermatology and bio-identical hormones.
FPS was incorporated in Florida in August 2012. For the year ended December 31, 2013, FPS had total revenue of US$4.34 million with a net income of US$903,064. For the year ended December 31, 2014, FPS had total revenue of US$20.60 million with a net income of US$7.52 million. Total revenue for 2015 Q1 was US$12.6 million with a net income of US$956,052. Working capital at June 30, 2015 was $9.86 million. All financial information quoted for the year ended December 31, 2013 and December 31, 2014 respectively has been taken from FPS audited financial statements. All financial information quoted for 2015 Q1 and at June 30, 2015 is unaudited and has been provided by a CPA who is independent of FPS.
ON BEHALF OF THE BOARD OF DIRECTORS
"James R. Brown"
James R. Brown
Chairman, President & CEO
The Canadian Securities Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Contact Information:
For further information please contact:
James R. Brown
403-640-0110