Prism Medical Ltd.

Prism Medical Ltd.

March 14, 2016 16:59 ET

Prism Medical Ltd. Announces Acquisition of Lifts and Elevating Business From Shoppers Home Health Care

TORONTO, ONTARIO--(Marketwired - March 14, 2016) - Prism Medical Ltd. ("Prism" or the "Company") (TSX VENTURE:PM), a leading provider of durable medical equipment and related services to the mobility challenged, announced today that it has agreed to acquire certain assets of the lifts and elevating business of Shoppers Home Health Care in the provinces of Ontario, Saskatchewan and Alberta. The transaction is scheduled to close on May 31, 2016.

The purchase price to be paid for the business is comprised of an estimated amount of $2.1 million for inventory and equipment together with a deferred payment respecting good will. The parties have also agreed to enter into a sales agreement as at closing whereby Shoppers Home Health Care will be appointed as a non-exclusive sales agent for Prism of specified lifts and elevating products and services for the residential business in Ontario, Saskatchewan and Alberta.

"Prism and Shoppers Home Health Care have worked together in the moving and handling business for over 10 years," said Ross Scavuzzo, CEO of Prism. "We look forward to continuing to deliver the outstanding level of customer services Shoppers Home Health Care has provided to a leading number of Canadian acute care and long term care facilities. This transaction allows the parties to focus on their core business activities while maintaining a relationship to continue to serve their respective customers. The purchase, when combined with the recent purchases by Prism in British Columbia, will further Prism's position as the leading Canadian manufacturer and distributer of moving and handling devices."

"The transaction will be beneficial for both parties," added Scott Wilks, Vice President of Shoppers Home Health Care. "We look forward to working with Prism to ensure continued service to our customers."

About Prism Medical Ltd.

Prism is a vertically integrated manufacturer and leading provider of equipment and services used to move and handle mobility challenged individuals in a safe and dignified manner. Prism's products are marketed under the brand names of Prism Medical, ErgoSafe, Waverly Glen and Nightingale in the homecare, acute care and long-term care markets throughout North America. The Company offers solutions that encourage improved care, quality of life and mobility, while seeking to lower the overall cost of the care giving function in a number of ways, including reducing the incidence of handling-related injuries among caregivers. In addition, the Company through its network of Nightingale dealers provides an integrated suite of products and services that make home care a viable option for many people. For further information visit Prism's website at or

About Shoppers Drug Mart

Shoppers Drug Mart is one of the most recognized and trusted names in Canadian retailing. The Company is the licensor of full-service retail drug stores operating under the name Shoppers Drug Mart (Pharmaprix in Québec). With over 1,250 Shoppers Drug Mart and Pharmaprix stores operating in prime locations in each province and two territories, the Company is one of the most convenient retailers in Canada. The Company also licenses or owns 49 medical clinic pharmacies operating under the name Shoppers Simply Pharmacy (Pharmaprix Simplement Santé in Québec) and six luxury beauty destinations operating as Murale. As well, the Company owns and operates 50 Shoppers Home Health Care stores, making it the largest Canadian retailer of home health care products and services. In addition to its retail store network, the Company owns Shoppers Drug Mart Specialty Health Network Inc., a provider of specialty drug distribution, pharmacy and comprehensive patient support services; and MediSystem Technologies Inc., a provider of pharmaceutical products and services to long-term care facilities. Shoppers Drug Mart is a unique and independent operating division of Loblaw Companies Limited. For more information, visit

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward looking statements

This announcement may contain "forward-looking statements" within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Prism to be materially different from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

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