Empower Clinics Inc. (CSE:EPW, OTCQB:EPWCF) said it has commenced a process to explore and evaluate strategic options to enhance and preserve shareholder value with the engagement of Haywood Securities Inc as the company's strategic financial advisor.
"Maximizing shareholder value is a priority and to that end, throughout late 2022 and during Q1 2023, Empower has been aggressively cutting costs and focusing its business lines and initiatives with the goal of accelerating our timeline to achieving profitability,” said Steven McAuley, chairman & CEO of Empower in a statement.
"To achieve this objective, we believe the commencement of our strategic review process, supported by the team at Haywood, will help accelerate connections to new opportunities for the company," he added.
READ: Empower Clinics advances partnership to launch US clinical trial management services
Empower said potential strategic options to be explored or evaluated as part of this process may include, but are not limited to, divisional asset spin-outs, merger, reverse merger, acquisition, other business combinations, sale of assets, partnerships, joint ventures, licensing, or other strategic transactions involving the company.
The company added that it has not set a timetable for completion of this process and does not expect to disclose developments with respect to this process unless and until the evaluation of strategic alternatives has been completed or its board of directors has concluded disclosure is appropriate or legally required.
Empower Clinics as an integrated healthcare company is developing into a leading provider of clinical trials and research solutions in the US and Canada.
With its deep experience and operational expertise in laboratory diagnostics, medical devices and health clinic management, Empower is focused on offering clinical trial services - including clinical trial design, patient recruitment, data management and regulatory compliance for the pharmaceutical, biotechnology and medical device industries.
Contact the author at jon.hopkins@proactiveinvestors.com