Business
Novo Integrated Sciences Signs $24 Million Term Sheet with FundingNet Corporation
Novo Integrated Sciences Signs $24 Million Term Sheet with FundingNet Corporation.
About this update from Novo Integrated Sciences, Inc.
[{"type":"text","content":"\nBELLEVUE, Wash., June 05, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Novo Integrated Sciences, Inc. (OTCQB: NVOS) (“Novo Integrated Sciences” or “the Company”) is pleased to announce it has executed a Term Sheet with FundingNet Corporation to provide the Company with a wholesale loan facility, totaling $24 Million, earmarked for the Company to use in the ordinary course of business expenditures. The Term Sheet provides for a 48-month term and an interest rate, to accrue and be paid or capitalized on a quarterly basis on the outstanding principal, calculated at the U.S. 12-month Libor rate published by the Intercontinental Exchange plus two hundred (200) basis points.\n Mr. Robert Mattacchione, Novo Integrated Sciences’ CEO and Board Chairman, stated, “Securing this non-dilutive debt-based funding will allow Novo the opportunity to fully activate its primary growth strategies which include, but are not limited to, key acquisitions, health-tech implementation and medicinal agricultural development. The non-dilutive structure of this loan facility is key to maximizing shareholder value; as well as affirming third party confidence in the Company’s business model and growth strategy. In addition to the strategic relationship created with FundingNet Corp., Novo Integrated Sciences is equally pleased to introduce Matthew Bassett and Bassett Financial Corp. to our team of capital advisors as the Company pursues additional debt-based finance solutions in the future to enhance both top line growth and bottom-line performance.” About Novo Integrated Sciences, Inc. Through Novo Healthnet Limited (“NHL”), our wholly owned Canadian subsidiary, we deliver multi-disciplinary primary healthcare to over 400,000 patients annually through our 15 corporate-owned clinics and a contracted network of 97 affiliate clinics and 222 eldercare centric homes located across Canada. Our team of practitioners and staff are trained for assessment, diagnosis, treatment, pain management, rehabilitation and primary prevention. Our specialized services and products include physiotherapy, chiropractic care, occupational therapy, eldercare, laser therapeutics, massage therapy, acupuncture, chiropody, neurological functions, kinesiology, concussion management and baseline testing, women’s pelvic ...