Empower Clinics Inc (CSE:CBDT) (OTCQB:EPWCF) (FRA:8EC) announced it is expanding its pipeline of clinics with two additional locations in Canada.
The healthcare company said it now has four signed leases and six pending leases in its total pipeline of 22 planned clinics.
Vancouver-based Empower told investors that its clinic expansion strategy is “far ahead” of its anticipated schedule.
READ: Empower Clinics updates on clinic expansion strategy and says its at-home COVID-19 RT-PCR test is now available on Air Canada website
"I'm thrilled Empower is not only showing immense progress with our nationwide clinic expansion strategy but actually doing so ahead of schedule," CEO Steven McAuley said in a statement.
"Our strategy of prioritizing collaboration with pharmacies is creating tremendous momentum and further validates the deep strength of both our strategy and our business model."
The company is planning to have 30 clinics finalized by the end of the year and says it is on track to meet that goal with more than 20 additional locations pending.
The two new clinics are both located in Ontario in the cities of Waterloo and Hamilton. Empower will offer primary care and paramedical services at its clinics, which the company says could generate up to $600,000 and $1.2 million in annual revenue per location, respectively.
Update on MCTO
Separately, Empower updated shareholders on its management cease trade order that was issued by the British Columbia Securities Commission earlier in May. The firm said it expects to file all of its required financial statements no later than June 15.
"I want to reassure investors that the delay has nothing to do with any issues related to the company's financials,” McAuley added.
“Rather, the combination of acquiring private, unaudited companies in both Canada and the United States, each with differing accounting rules and doing so in the fourth quarter, simply created additional sizable workloads that need to be worked through. Nonetheless, given the great success of both KAI Lab and our Canadian clinics acquisitions, this temporary inconvenience will pale in comparison to the long-term shareholder value that is being created."
Contact Angela at angela@proactiveinvestors.com
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