TORONTO, ONTARIO--(Marketwired - April 18, 2017) - Grenville Strategic Royalty Corp. (TSX VENTURE:GRC) ("Grenville" or the "Company") today announced it has signed a royalty purchase agreement with MedWorxs LLC ("MedWorxs") to provide US$150,000 in growth capital. Grenville's investment partners, Foregrowth Holdco Inc. and Darwin Strategic Royalty Corp., invested alongside Grenville, for a total commitment from the three parties of US$300,000 to MedWorxs.
MedWorxs is a privately-held, Denver-based company that provides inpatient and ambulatory software solutions to healthcare facilities through its proprietary cloud-based, software-as-a-service platform. Its service offering includes electronic health records, ambulatory health records, revenue cycle management software, financial and management software.
In addition to the investment in MedWorxs, Grenville and its joint venture partners also announced a follow-on investment of US$250,000 in Factor 75, a healthy meal delivery company. Grenville committed US$125,000 to the follow-on investment based on the exceptional growth demonstrated by Factor 75 during the first quarter of 2017.
"MedWorxs is an excellent example of a company that fits our go-forward investment strategy. It is a recurring revenue business with an established growth strategy, run by highly experienced experts in the target market," said Steve Parry, Chief Executive Officer of Grenville. "Similarly, Factor 75 has demonstrated the high growth potential of their fitness-based meal service again with a highly talented team and proven execution capability."
About MedWorxs LLC
MedWorxs is a privately-held, international leader in inpatient and ambulatory software solutions. Its cloud based technology is modern in design, delivering the right features for its customer base. MedWorxs is software, people and expertise dedicated to helping the organization meet regulatory commitments, reduce costs, errors and improve the quality of care.
About Factor 75
Based in Chicago and founded in 2012, Factor 75 is dedicated to optimizing people's lives by giving them more energy, time and a fresh perspective on how to live. The Factor 75 approach takes care of planning, preparing and delivering healthy, nutritious meals to customers nationwide across the United States.
Based in Toronto, Grenville Strategic Royalty Corp. is a publicly-traded royalty company that makes investments in established businesses with revenues of up to $50 million dollars. Grenville generates revenues from royalty payments and buyouts from contracts. The non-dilutive royalty financing structure offered by Grenville competes directly with traditional equity to meet the long-term financing needs of companies on more attractive commercial terms.
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