Nova Leap Health Corp. Announces Execution of Definitive Agreement
26 Abril 2024 - 9:20AM
NOVA LEAP HEALTH CORP. (TSXV: NLH) (“Nova Leap” or “the Company”),
a growing home health care organization, is pleased to announce
that it has executed a definitive agreement (the “Agreement”),
dated April 25, 2024, to acquire a home care services company (“the
Target”) with operations in Massachusetts. The Target reported
unaudited annualized 2023 revenues of approximately $800,000 and
Adjusted EBITDA of approximately $100,000. All amounts are in
United States Dollars (“USD”) unless otherwise specified.
Under the terms of the Agreement, the
acquisition is to be made for total consideration of $300,000 of
which $250,000 is payable with cash on closing and $50,000 is by
way of a promissory note repayable over a two-year period.
The acquisition is expected to be immediately
accretive, is at arm’s length and there are no finder fees to be
paid. Closing of the acquisition is expected to occur within the
first two weeks of May.
“As mentioned in my March 7 Letter to
Shareholders, Nova Leap is in an excellent position to re-engage
its acquisition program,” said Chris Dobbin, President & CEO of
Nova Leap. “We are pleased to execute our first acquisition of 2024
in Massachusetts, a state where we currently operate several
agencies and where we see significant potential for growth in the
future. We’re looking forward to working with a great group of
people upon closing of the acquisition.”
About Nova LeapNova Leap is an
acquisitive home health care services company operating in one of
the fastest-growing industries in the U.S. & Canada. The
Company performs a vital role within the continuum of care with an
individual and family centered focus, particularly those requiring
dementia care. Nova Leap achieved the #42 ranking on the 2021
Report on Business ranking of Canada’s Top Growing Companies, the
#2 ranking on the 2020 Report on Business ranking of Canada’s Top
Growing Companies and the #10 Ranking in the 2019 TSX Venture 50™
in the Clean Technology & Life Sciences sector. The Company is
geographically diversified with operations in 10 different U.S.
states within the New England, Southeastern, South Central and
Midwest regions as well as in Nova Scotia, Canada.
NON-IFRS MEASURES:This release
contains references to certain measures that do not have a
standardized meaning under IFRS as prescribed by the International
Accounting Standards Board (“IASB”) and are therefore unlikely to
be comparable to similar measures presented by other companies.
Rather, these measures are provided as additional information to
complement IFRS measures by providing a further understanding of
operations from management’s perspective. Accordingly, non-IFRS
financial measures should not be considered in isolation or as a
substitute for analysis of financial information reported under
IFRS. The Company presents non-IFRS financial measures,
specifically Adjusted EBITDA (as such term is hereinafter defined),
as well as supplementary financial measures such as annualized
revenue and annualized adjusted EBITDA. The Company believes these
non-IFRS financial measures are frequently used by lenders,
securities analysts, investors and other interested parties as a
measure of financial performance, and it is therefore helpful to
provide supplemental measures of operating performance and thus
highlight trends that may not otherwise be apparent when relying
solely on IFRS financial measures.
Adjusted Earnings before interest, taxes,
amortization and depreciation (“Adjusted EBITDA”), is calculated as
income from operating activities plus amortization and depreciation
and stock-based compensation expense. The most directly comparable
IFRS measure is income from operating activities.
FORWARD LOOKING
INFORMATION:Certain information in this press release may
contain forward-looking statements, such as statements regarding
future expansions and cost savings and plans regarding future
acquisitions and business growth, including anticipated annualized
revenue or annualized recurring revenue run rate growth and
anticipated consolidated Adjusted EBITDA margins. This information
is based on current expectations and assumptions, including
assumptions described elsewhere in this release and those
concerning general economic and market conditions, availability of
working capital necessary for conducting Nova Leap’s operations,
availability of desirable acquisition targets and financing to fund
such acquisitions, and Nova Leap’s ability to integrate its
acquired businesses and maintain previously achieved service hour
and revenue levels, 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. Risks that could cause results to differ from those
stated in the forward-looking statements in this release include
the impact of the COVID-19 pandemic or any recurrence, including
staff and supply shortages, regulatory changes affecting the home
care industry or government programs utilized by the Company, other
unexpected increases in operating costs and competition from other
service providers. All forward-looking statements, including any
financial outlook or future-oriented financial information,
contained in this press release are made as of the date of this
release and included for the purpose of providing information about
management's current expectations and plans relating to the future,
and these statements may not be appropriate for other purposes. 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.
CAUTIONARY STATEMENT:Neither
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
For further information:
Chris Dobbin, CPA, CA
Director, President and CEO
Nova Leap Health Corp.
T: 902 401 9480
E: cdobbin@novaleaphealth.com
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