Skylight Health Group Inc (OTCMKTS:SHGFF) signed an LOI (Letter of Intent) with the US-based 3 primary care practices spanning several states. The takeover, which is expected to be completed in Q2 2021, will add $10 million in Skylight revenues.
The deals are subject to regulatory and board approvals, signing definitive agreements, and conducting due diligence.
Maintains a cash balance of $7 million
Skylight will pay in cash, shares, and debt for the takeover. It will maintain a cash balance of $7 million on closing the deal.
According to the forecasts, the company will have a revenue run rate of over $56 million annually. The takeover improves patient count. It also strengthens the organizational team and promotes long-term and short-term growth.
CEO of Skylight, Prad Sekar, said these transactions will improve footprint and improves growth. The company will continue to add high-quality assets in its pipeline while maintaining financial discipline and favorable pricing.
Strengthens executive team
Skylight strengthened its executive team in the last two months. It now focuses on strategic acquisitions, organic growth, and new technologies to post better results going forward.
Skylight will focus on apt acquisition targets in geographic locations to improve patient count and maximize earnings through operational efficiencies. It will include pay-per-value and fee-for-service models with commercial payers and government organizations/ agencies.
Andrew Elinesky takes charge as CFO
Skylight announced the appointment of Andrew Elinesky as a new CFO. Andrew previously held the position of CFO of several publicly traded firms in the US and Canada. He specialized in consolidation and M&A activities, besides contributing experience in cross-border transactions.
Sekar said Andrew is a perfect addition to Skylight. Andrew played a vital role in equity financings during his previous tenures and brought a wealth of experience in mergers and takeovers. His negotiation qualities are a great asset because the company focuses on consolidation in the US’s primary care market. The capital market experience of Andrew will help to maintain profitability and improve value for the shareholders.
Commenting on his appointment, Andrew said he will improve both long-term and short-term opportunities for the company. He received stock options of 200,000 each at $1.59.
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