Nova Leap Completes Purchase of Rhode Island Home Care Business Assets
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
HALIFAX, September 22, 2017– NOVA LEAP HEALTH CORP. (TSXV: NLH) (“Nova Leap” or the “Company”), a company focused on the home health care industry, closed its previously announced acquisition of the business assets of All About Home Care (“AAHC”) in Rhode Island, on September 22, 2017, for US$1.2 million of which US$600,000 was financed by way of a term loan.
Nova Leap incorporated a subsidiary, Nova Leap Health RI, Inc. to acquire the business assets of AAHC, including customer contracts and intellectual property, and will continue to operate with the name doing business as All About Home Care. The acquisition represents Nova Leap’s second investment in New England and first in Rhode Island.
“We are pleased to have completed this acquisition and we look forward to working with the talented employee group to serve the clients in Rhode Island. This is an important step in executing our growth strategy and we will continue to pursue other acquisition and expansion opportunities”, noted Chris Dobbin, President and CEO of Nova Leap.
About Nova Leap
The Home Care Providers industry is becoming one of the fastest growing healthcare industries in Canada and the United States. Home care saves patients billions of dollars every year by treating them in their own homes instead of in hospitals. An aging population, the prevalence of chronic disease, growing physician acceptance of home care, medical advancements and a movement toward cost-efficient treatment options from public and private payers have all fostered industry growth. Nova Leap is focused on a highly fragmented market of small privately-held companies providing patients one on one care in their homes. Nova Leap’s post acquisition organic growth strategy is to increase annual revenue per location through a combination of increased employee investment, including training, focused sales and marketing efforts, billing rate increases, expansion of geographical coverage, and improved referral sources.
FORWARD LOOKING INFORMATION:
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
For further information:
Christopher Dobbin, CPA, CA, Director, President and CEO Nova Leap Health Corp., T: 902 401 9480 F: 902 482 5177 firstname.lastname@example.org
John Boidman, Vice President Renmark Financial Communications Inc. T: 416 644-2020 or 514 939-3989 email@example.com
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