Business
Vitalhub Corp. Announces Completion of the Acquisition of H.I. Next Inc.
Toronto, Ontario--(Newsfile Corp. - January 10, 2018) - VITALHUB CORP. (TSXV: VHI) (the "Compa...
About this update from Vitalhub Corp.
[{"type":"text","content":"Vitalhub Corp. Announces Completion of the Acquisition of H.I. Next Inc.Toronto, Ontario--(Newsfile Corp. - January 10, 2018) - VITALHUB CORP. (TSXV: VHI) (the \"Company\" or \"Vitalhub\"), is pleased to announce that it has completed the acquisition of H.I. Next Inc. (\"HI Next\") through the purchase of all of the issued and outstanding securities of HI Next (the \"Acquisition\") pursuant to an acquisition agreement (the \"Agreement\") dated December 21, 2017 with all of the shareholders of HI Next.\"We are pleased to welcome the HI Next team and its customers to Vitalhub and are extremely excited as to the potential created by the combination of Vitalhub, HI Next and the recently-acquired B Sharp Technologies,\" said Dan Matlow, CEO of Vitalhub. \"We have brought together great technology, great people and great customers to establish a Canadian mental health software company with a robust offering of products and services.\"\"Our acquisition by VitalHub is a strong endorsement of our leadership in specialty electronic health records for Mental Health, Addictions and Community Support organizations. It recognizes the value of the HI Next team and our focus on innovation and service to the healthcare industry over the last decade,\" said Peter Catford, Co-founder and CEO of HI Next. \"We're really looking forward to the very positive impact that this will have on our growth, customer value and expansion of our products.\"The purchase price for the Acquisition shall be up to $6,612,512 satisfied by (i) a cash payment of $550,000 (the \"Cash Purchase Price\") paid on closing, (ii) the delivery of a total of 19,500,000 common shares of Vitalhub (\"Common Shares\"), at a deemed price of $0.1275 per Common Share (the \"Share Purchase Price\"), to the shareholders of HI Next on closing, and (iii) subject to the exercise of an option by a customer of HI Next on or after closing of the Acquisition, cash payments equal to certain fee(s) actually paid by such customer to HI Next pursuant to an existing agreement between such customer and HI Next, the aggregate of such payments not to exceed $2,784,817 (USD). In advance of closing the Acquisition, the Company had 102,857,974 Common Shares issued and outstanding. Upon delivery of the Share Purchase Price, the Company now has a total 122,357,974 issued and outstanding Common Shares. The pr...