Business
Nova Leap Health Corp. Update on Proposed Purchase of Rhode Island Home Care Business Assets and Quarterly Financial Update
(via TheNewswire) HALIFAX / TheNewswire / May 29, 2017 - NOVA LEAP HEALTH CORP. (TSXV...
About this update from Nova Leap Health Corp.
[{"type":"text","content":"Nova Leap Health Corp. Update on Proposed Purchase of Rhode Island Home Care Business Assets and Quarterly Financial Update(via TheNewswire)\n\n \nHALIFAX / TheNewswire / May 29, 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 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 months ended March 31, 2017. \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. 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 is under review and management anticipates a decision by the Department of Health by the end of August. Nova Leap was previously successful with a license application in the State of New Hampshire during the acquisition of the business of Northern Family Home Care.\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 All About Home Care acquisition is an important step as management examines further expansion opportunities for Nova Leap in New England\", said Chris Dobbin, President & CEO of Nova Leap. \"In addition to non-medical services, AAHC also offers skilled nursing. We can leverage that knowledge and those processes and apply them to our New Hampshire business with the thought of accelerating growth in that area\". \n\n\n \nNova Leap First Quarter Financial Results\n\n\n \nFinancial results for the three months ended, March 31, 2017 include revenue of $40,131 and net loss of $158,809 for the period (all amounts are in U.S. dollars). \n\n\n \nDuring the period from year-end to the date of this press release, Nova Leap has executed several initiatives in its New Hampshire home care business with the aim of increasing revenue and profitability including the following:\n\n\n \n1)Identification of the next area for geographic expansion and expects to execute on the expansion by Q3-17. 2)Investigation of licensing requirements fo...