VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 22, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
Premier Diversified Holdings Inc. ("Premier" or the "Company") (CSE: PDH) announces that it has acquired 1,428,571 units ("Units") of MyCare MedTech Inc. ("MMI"), a telemedicine company which uses communication technology to deliver virtual medical consultations with licensed healthcare providers for non-emergency conditions through its app GOeVisit. The purchase price of the Units was $0.35 per Unit, for total consideration of $500,000 in cash. $250,000 of the purchase price was paid in July 2016 and the remaining $250,000 will be paid in September 2016.
Each Unit is comprised of one Class A Common share ("MMI Share") and one half of a share purchase warrant ("MMI Warrant") of MMI. Each whole MMI Warrant will be exercisable to purchase an additional MMI Share at $0.50 until December 31, 2018. Additionally, MMI issued 570,000 incentive MMI Shares to Premier. Premier holds a total of 2,000,000 MMI Shares, approximately 14.34% (undiluted) of the issued and outstanding MMI Shares. Sanjeev Parsad, Premier President and CEO, was appointed to the board of directors of MMI at its annual general meeting of shareholders on July 21, 2016.
MMI is a private company incorporated under the laws of Alberta and is a Canadian telemedicine company which provides virtual medical consultations with licensed healthcare providers through computers, tablets and mobile devices. The GOeVisit medical team can provide diagnosis, alternate remedies and/or prescriptions for over 30 non-emergency conditions and uncomplicated medical concerns such as a sore throat, stomach virus, upper respiratory infection (e.g. bronchitis), strain or sprain, sinus infection, urinary tract infection, rash, allergy, headache, pink eye, burn or laceration. GOeVisit is available 24/7 and its certified healthcare professionals include licenses nurse practitioners and doctors. More information is available at: https://www.evisit.healthcare.
Further information regarding Premier may be found on Premier's website at www.pdh-inc.com and filed on SEDAR at www.sedar.com.
Premier Diversified Holdings Inc. participates in diversified industries and company management through its acquisitions of securities and/or assets of public and private entities which it believes have potential for significant returns. It may act as a holding company (either directly or through a subsidiary) and may participate in management of its subsidiaries to varying degrees. Its current holdings include interests in medical diagnostic clinics located in Canada and China, in a reinsurance business located in Bermuda, in a Canadian craft beer brewery and in a Vancouver real estate development partnership.
On behalf of the Board of Directors
Sanjeev Parsad, President, CEO and Director
The Canadian Securities Exchange (CSE) has not reviewed the adequacy or the accuracy of the contents of this document. Company information can be viewed here: www.thecse.com. Further information regarding the Company can be found on SEDAR at ww.sedar.com.
Legal Notice Regarding Forward Looking Statements: This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements are indicated expectations or intentions. Forward-looking statements in this news release include that Premier will pay an additional $250,000 to acquire Units of MMI, that Premier will pay the purchase price in cash, that the telemedicine company will operate its business as described and that the telemedicine company will generate income. Factors that could cause actual results to be materially different include but are not limited to the following: that the nature of Premier's acquisition of the Units will change or that the telemedicine company will operate its business differently than described. Investors are cautioned against placing undue reliance on forward-looking statements. It is not our policy to update forward looking statements.