Empower Clinics Inc (CSE:CBDT) (FRA:8EC) (OTCQB:EPWCF) announced Thursday the receipt of more than $10.5 million from the exercise of warrants up to March 1, 2021, demonstrating the strength of the company's financial resources and balance sheet.
The company said it has received an additional $5 million since the announcement on December 14, 2020, when it reported the receipt of about $5.5 million.
Empower said it is in a strong financial position for continued rapid growth in its business divisions in 2021, as part of a national roll-out strategy.
READ: Empower Clinics unveils three new integrated health centre locations in Ontario with major revenue expectations
The company said this is a direct result of the success of the execution of its business plan, as well as the expectations of continued strong revenue growth from its KAI Medical Laboratory, anticipated revenue from its national Canadian clinics' rollouts, and COVID-19 test kit sales over the next 12 months.
"We are in our best financial position ever and fully funded for this year's ambitious growth plan. We have paid off debt and are achieving our metrics of success across our divisions." said CEO Steven McAuley in a statement. "Despite any short-term stock market activity, our fundamentals remain strong and our long-term path to becoming a major North American health and wellness company is fully intact, accelerating and funded."
Empower noted that it has paid-in-full outstanding long-term debt satisfying obligations to key supporters of the company.
McAuley added: "We are fortunate to have support from early investors, who understood our goals, had vision, knowing what it takes to develop a great company. To be able to repay our obligations to them is an honour. Our next great phase begins."
Empower is an integrated healthcare company serving patients through medical centers, telemedicine platforms, and a high complexity medical diagnostics laboratory processing thousands of COVID-19 specimens.
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