Radiant Announces Acquisition of 10520802 Canada Corp. and Change of Name
October 9, 2018 / TheNewswire / Vancouver, British Columbia: Radiant Health Care Inc. (the "Company" or "Radiant"), announces the closing of a share purchase transaction with 10520802 Canada Corp. ("0802") and the shareholders of 0802, whereby the Company has acquired all of the issued and outstanding shares in the capital of 0802. 0802 is a private federal order fulfillment and clinic management company engaged in the Canadian medical cannabis sector that has developed a proprietary secure medical record storage, monitoring and prescribing platform (the "Teal Platform") that serves as a bridge between clinics and licensed producers (LPs) of cannabis. The Company also announces that it plans to change its corporate name from "Radiant Health Care Inc." to "Teal Valley Health Inc."
In accordance with the terms of a share purchase agreement dated October 3, 2018, the Company has acquired all of the issued and outstanding shares of 0802 from the shareholders of 0802 in consideration for common shares in the capital of the Company (each, a "Company Share") at a deemed price of $0.65 per Company Share (the "Acquisition").
Radiant's President and Chief Executive Officer, Brett Walker, stated: "The Teal Platform has rapidly become a comprehensive platform for LPs and clinics alike to not only on-board patients and customers, but to manage the entire order and fulfillment lifecycle in a sector that is rapidly realizing that best-of-breed partners are now an absolute necessity in a market with such breakneck growth. We believe the Teal Platform has the potential to become the industry standard."
As a result of the Acquisition, the former 0802 shareholders now hold approximately 3.8% of the issued and outstanding Company Shares, and 0802 is now a wholly-owned subsidiary of the Company. Following the proposed name change Radiant will have a new Committee on Uniform Securities Identification Procedures (CUSIP) number.
Radiant is a British Columbia based company focused on the healthcare sector. Currently, the principal business of the Company is the identification, evaluation, and acquisition of interests in healthcare assets and businesses, with a focus on the Canadian and emerging global medical cannabis sector.
For more information on the Teal Platform, please visit www.tealvalley.com.
President & Chief Executive Officer
President & Chief Executive Officer
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans and expectations regarding the future, including the change of the Company's corporate name, the development and use of the Teal Platform and the anticipated business plans and timing of future business activities of the Company. Often, but not always, forward-looking statements can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "schedules", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Actual results could differ from those projected in any forward-looking statements due to numerous factors including risks and uncertainties relating to the ability of the Company to, among other things, obtain any required governmental or regulatory approvals, permits, consents or authorizations required, including acceptance by a securities exchange of any planned future activities, complete its listing on a securities exchange as planned, and obtain the financing required to carry out its planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the cannabis or healthcare industry, may also adversely affect the future results or performance of the Company. Although the Company believes that the statements, beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that those statements, beliefs, plans, expectations or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should also refer to other periodic reports provided by the Company from time-to-time. These reports and the Company's Canadian continuous disclosure filings are available at www.sedar.com.
Readers are cautioned not to put undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.