Business
Vitalhub Corp. Announces Completion of the Acquisition of B Sharp Technologies Inc.
Toronto, Ontario--(Newsfile Corp. - October 5, 2017) - VITALHUB CORP. (TSXV: VHI) (the " Compa...
About this update from Vitalhub Corp.
[{"type":"text","content":"Vitalhub Corp. Announces Completion of the Acquisition of B Sharp Technologies Inc.Toronto, Ontario--(Newsfile Corp. - October 5, 2017) - VITALHUB CORP. (TSXV: VHI) (the \"Company\" or \"Vitalhub\"), is pleased to announce that it has completed the acquisition of B Sharp Technologies Inc. (\"B Sharp Technologies\") through the purchase of all of the issued and outstanding securities of B Sharp Technologies (the \"Acquisition\") pursuant to an acquisition agreement (the \"Agreement\") dated August 29, 2017 with all of the shareholders of B Sharp Technologies.\"We are excited to announce the completion of the B Sharp Technologies transaction and to begin the process of integrating our two companies\" said Dan Matlow CEO of Vitalhub. \"B Sharp Technologies is a strong, established company that possesses great solutions and an established customer base in the growing mental health and long term health care spaces. We are optimistic about the growth opportunities associated with combining Vitalhub's Mhealth platform with B Sharp Technologies' offerings.\"\"Joining forces with the Vitalhub team is an exciting opportunity to create a new organization that has a stronger ability to create and market innovative solutions to serve the growing mental health, specialty health service providers and the long term care sector,\" said Robert Lazar, CEO of B Sharp Technologies. \"The combination of our organizations brings together technology and expertise to generate benefit for our existing and future customers.\"The purchase price for the Acquisition was $3,826,000 paid to the Vendors by way of a cash payment of $1,876,000.06 (the \"Cash Purchase Price\") together with the delivery of a total of 13,928,571 common shares of Vitalhub (\"Common Shares\"), at a deemed price of $0.14 per Common Share (the \"Share Purchase Price\"), issued to the shareholders of B Sharp Technologies. The principal shareholders of B Sharp Technologies, Vijit Coomara, Robert Lazar and Anthony Iantorno (including their respective wholly-controlled family trusts) received 5,457,171, 5,457,171 and 3,014,229 Common Shares, respectively. Before closing of the Acquisition, the Company had 66,203,745 Common Shares issued and outstanding. Currently, the Company now has 80,132,316 Common Shares issued and outstanding, which includes the 13,928,571 Common shares issued in conn...