This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Gemoscan Canada, Inc. Acquires Operations Of The Physiomed Yorkdale Clinic

Stocks in this article: GES

TORONTO, Dec. 13, 2013 (GLOBE NEWSWIRE) -- Gemoscan Canada, Inc. (" Gemoscan" or the " Corporation") – (TSX-V:GES) (MUN:1GE) wishes to announce that further to its press release dated November 4, 2013 it has entered into a definitive agreement, with the shareholders and certain debt holders (the " Debt Holders") of Physiomed Yorkdale Inc., a multidisciplinary paramedical clinic, located in Toronto, Ontario Canada (" PYI"), to manage and consolidate the operation of the PYI business, for Gemoscan's own account (" Management Contract").

In consideration for the Management Contract and the acquisition of $163,853.44, owed to the Debt Holders, (the "Debt"), the Corporation will satisfy the Debt by way of shares of Gemoscan, priced at $0.09 per share presenting 1,817,594 Class A Common Shares of Gemoscan (the "GCI Shares"). All securities issued pursuant to this acquisition are subject to a hold period ending April 14, 2014.

Under the terms of the Management Agreement, Gemoscan has the right and expects to acquire all of the shares of PYI, on or before May 31, 2015. The purchase price of the shares of PYI will be calculated based on 5 times the audited annualized net cash flow of PYI from the first date of the Management Contract to not later than March 31, 2015. The purchase of PYI's shares are satisfied through a combination of cash, cash and/or Class A Common Shares of Gemoscan, priced upon determination of the purchase price, and a 24 month 7% per annum interest bearing vendor take back mortgage.

"We are very pleased to have concluded this agreement to manage, grow and consolidate the Physiomed Yorkdale business into Gemoscan. As we continue to cultivate our retail health care business for the benefit of our customers, employees and shareholders; Physiomed Yorkdale provides us with good accretive income now, while representing the potential for first-rate incremental and synergistic revenue in the future," said Brian Kalish CEO of Gemoscan.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs