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NexgenRx Announces Retirement of all CBA/MYB Outstanding Indebtedness and Stock Option Grants
TORONTO, ON / ACCESSWIRE / March 5, 2021 / NEXGENRX INC. (TSXV:NXG) ("NexgenRx" or the "Comp...
About this update from Nexgenrx Inc.
[{"type":"text","content":"NexgenRx Announces Retirement of all CBA/MYB Outstanding Indebtedness and Stock Option GrantsTORONTO, ON / ACCESSWIRE / March 5, 2021 / NEXGENRX INC. (TSXV:NXG) (\"NexgenRx\" or the \"Company\") is pleased to announce that it has completed payment of all deferred consideration in connection with its previous acquisitions of Canadian Benefit Administrators Ltd. (\"CBA\") and MyBenetech Inc. (\"MYB\") (see the Company's press release dated July 24, 2018 for details). NexgenRx previously acquired all of the issued and outstanding shares of each of CBA and MYB for an aggregate purchase price of $4,000,000, with $2,800,000 having been paid upon closing and a further $1,200,000 being deferred, $1,100,000 of which has been paid in cash and $100,000 of which has been paid via the issuance to the former shareholders of CBA and MYB of an aggregate of 416,667 common shares in the capital of NexgenRx at a price of $0.24 per share. In accordance with applicable securities laws, a four (4) month hold period applies to the foregoing shares, which will expire on July 6, 2021.\"Having fully integrated both companies into The NexgenRx Group, we are extremely pleased to have completed delivery of all outstanding consideration in connection with the acquisitions, making NexgenRx a full service, fully integrated TPA\" stated Ron Loucks, President & CEO. \"In addition, this transaction was self-financed and completed without any conventional bank financing.\"The Company also announces the grant to key employees and consultants of NexgenRx of an aggregate of 1,100,000 options to acquire common shares in the capital of NexgenRx at a price of $0.25 for a period of 10 years. Each of the foregoing options shall vest as to 33.3% each year for three years, beginning on the first anniversary of the grant date. All of the options granted today (and the common shares issuable upon exercise) will be subject to applicable securities law hold periods.About NexgenRxNexgenRx is Canada's only independent full service technology solutions provider and Third Party Administrator, offering proprietary full front end enrolment, hour bank and mobile access capabilities, combined with state of the art claims adjudication and full provider network coverage. These combined capabilities allow NexgenRx to provide complete proprietary solutions to plan sponsors that need so...