Mednow Inc (TSX-V:MNOW, OTCQB:MDNWF) told investors that it has completed the acquisition of all of the issued and outstanding shares of Mednow Pharmacy Inc (Mednow West).
Under the agreement, announced on September 22, it will make an aggregate cash payment of around $74,000 and convert about $908,000 owed by Mednow West to the company into a non-interest bearing on-demand convertible promissory note.
The Toronto-based company noted that Mednow West’s revenue and expenses will be consolidated with its own and a pharmacy agreement between the two parties will be terminated.
READ: Mednow ends 4Q with over $28M in cash as it continues to grow its telemedicine services for Canadians
Mednow West operates an online pharmacy, delivering prescriptions in British Columbia. Its business headquarters are in Vancouver and it employs Mednow’s marketing and technology platform for lead generation, prescription fulfillment and customer services.
“We are executing on our plan for a national presence across Canada and we are thrilled to be consolidating Mednow West under our platform,” CEO Karim Nassar said in a statement.
“As we add service to our digital-first healthcare platform, we are also simultaneously working to expand our geographical reach to become a household name in Canadian healthcare,” he added.
Mednow is a healthcare technology company offering virtual access with exceptional care. Designed with access and quality care in mind, Mednow.ca provides virtual pharmacy and telemedicine services, as well as doctor home visits, with convenience and through an interdisciplinary approach to healthcare that is focused on the patient experience.
The company’s services include free at-home delivery of medications, a user-friendly interface for easy upload, transfer and refill of prescriptions, access to healthcare professionals through an intuitive chat experience, a specialized PillSmart system that packages prescriptions and vitamins by date and time, and doctor consultations.
Contact the author at stephen.gunnion@proactiveinvestors.com