OAKVILLE, ONTARIO--(Marketwired - Dec. 17, 2013) - Pethealth Inc. (TSX:PTZ) ("Pethealth" or the "Company") is pleased to announce that it has acquired VetMedsDirect.co.uk ("VetMedsDirect"), an online retailer of pet pharmaceuticals, pet supplies and pet food that services pet owners in the United Kingdom (the "Acquisition").
Financed by internal cash, the all-cash transaction (purchase price not disclosed) will expand Pethealth's existing platform in the United Kingdom and provide the Company with further opportunities to leverage its platform built around its position in companion animal microchipping and database management, and will also complement its growing U.K. pet insurance operations. VetMedsDirect has a current customer base of approximately 65,000 pet owners and is expected to generate approximately £2.6 million in revenue for fiscal year 2013. The Company expects the acquisition to be accretive to earnings in 2014.
Vetmedsdirect.co.uk is an online vet dispensary based at Macmerry, East Lothian, United Kingdom, that sells pet pharmaceuticals, pet supplies and pet food throughout the United Kingdom.
Pethealth is North America's second largest provider of medical insurance for dogs and cats to pet owners, operating in the United States, Canada and the United Kingdom. In addition, the Company is the leading provider of management software to North American animal welfare organizations through its cloud-based application and is the leading provider of pet related database management services to the North American companion animal industry. Pethealth offers a unique range of products and services for veterinarians, shelters and pet owners through a number of wholly owned subsidiaries using a range of brand names including PetCare, 24PetWatch, Pet Protect, Petpals Direct, PetPoint, Petango.com and ThePetangoStore.com.
Pethealth is based in Oakville, Ontario. To find out more about Pethealth, visit the website at www.pethealthinc.com.
This press release contains information that is forward-looking information within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts.
Forward-looking information by its nature necessarily involves risks and uncertainties including, without limitation, the difficulty of predicting the current regulatory and supervisory environment, the timing and conditions to obtaining any regulatory approval, reliance on insurance underwriters for pet insurance policies, market acceptance and demand for existing and new products and services, including PetPoint and EVE Software and the 24PetWatch microchip program, the Company's ability to maintain and service new and existing customers, the protection of intellectual property associated with its products and services, the impact of competition generally and new competitive products, currency and foreign exchange fluctuations, risks associated with the Company's customer care solutions facility, and related risks and uncertainties. Additional risks and uncertainties affecting the Company can be found in the Company's Annual Information Form available on SEDAR at www.sedar.com. If any of these risks or uncertainties were to materialize or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein. The Company disclaims any intention or obligation, other than those required by security laws, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.