Business
Nova Leap Health Corp. - Update on Future Plans, Proposed Purchase of Rhode Island Home Care Business Assets and Quarterly Financial Update
(via TheNewswire) HALIFAX, NS / TheNewswire / August 18, 2017 - NOVA LEAP HEALTH CORP. (T...
About this update from Nova Leap Health Corp.
[{"type":"text","content":"Nova Leap Health Corp. - Update on Future Plans, Proposed Purchase of Rhode Island Home Care Business Assets and Quarterly Financial Update(via TheNewswire)\n\n \nHALIFAX, NS / TheNewswire / August 18, 2017- NOVA LEAP HEALTH CORP. (TSXV: NLH) (\"Nova Leap\" or the \"Company\"), a company focused on the home health care industry, is pleased to provide an overview of future plans for the Company, an update on the previously announced acquisition of the assets of All About Home Care, LLC (\"AAHC\") as well as to announce the release of financial results for the three and six months ended June 30, 2017. \n\n\n \nNova Leap Future Plans\n\n\n \nNova Leap continues to explore and evaluate opportunities for acquisition of Home Care businesses in line with the Company's area of focus. Management plans to complete up to 4 acquisitions in 2018 of similar size and structure to the AAHC business in Rhode Island. Management intends to open up to 6 new locations by the end of 2018 as part of the Company's expansion strategy to new markets under the existing licenses held by Nova Leap subsidiaries. \n\n\n \n\"Management continues to see significant growth opportunities in the Northeastern United States market. We have a deliberate geographical focus and our deal flow is strong. We believe strongly in the private pay model and will continue to examine opportunities in less competitive areas, including more rural areas that have demographics to support home care requirements\", said Chris Dobbin, President and CEO of Nova Leap.\n\n\n \nRhode Island Acquisition Update\n\n\n \nNova Leap continues to work through the conditions to closing for its proposed acquisition of AAHC in Rhode Island and expects to close the acquisition by early September. Nova Leap has submitted a \"Change in Effective Control\" application (\"the Application\") to the Rhode Island Department of Health Centre for Health System Policy and Regulation (\"Department of Health\"). The Application has been conditionally approved by the Department of Health and Management will continue to work with the Department of Health to fulfill the conditions to finalize the license approval and issuance anticipated by early September\n\n\n \nRevenues of AAHC for the years ended 2016 and 2015 were US$2.091 million (audited) and US$2.057 (unaudited), respectively.\n\n\n \n\"The AAHC acquisitio...