TORONTO--(BUSINESS WIRE)--Jack Nathan Medical Corp. (TSXV: “JNH”; OTCQB: “JNHMF”) (the “Company”) announces that, further to recent Company press releases reporting that the Company will be exploring certain strategic alternatives (see the Company’s August 13, 2024 and August 7, 2024 press releases), the Company has entered into a non-binding letter of intent (the “LOI”) for a proposed transaction. The proposed transaction is subject to, among other things, the negotiation and execution of a definitive agreement (the “Definitive Agreement”) and the completion of satisfactory due diligence by the other party to the LOI. In connection with the execution of the LOI, the Company agreed to a 30-day exclusivity period with the other party and has secured conditional funding to support the Company’s cash flow requirements while the parties work towards negotiating and entering into the Definitive Agreement. The LOI does not create any legally binding obligations to enter into a Definitive Agreement, and no assurance can be provided that a Definitive Agreement will be signed. If a Definitive Agreement is signed, transaction details will be provided by the Company at that time.
About Jack Nathan Medical Corp.
Jack Nathan Medical Corp., operating as Jack Nathan Health®, is one of Canada’s largest healthcare networks. Jack Nathan Health® is an innovative healthcare company that is improving access for millions of patients by co-locating physician and ancillary medical services conveniently inside Walmart® stores.
Jack Nathan Health® provides an exceptional level of patient care, made possible through patient-centric physicians, a variety of medical services, technology, and programs, designed to put patients first. Our mission is to provide everyone access to the finest quality retail medical centers, with both in-clinic physicians and digital telemedicine, so you and your loved ones can “Live Your Best Life”.
Jack Nathan Health® was established in 2006 and continues to expand its international footprint, delivering exceptional, state-of-the-art, turn-key medical centers in 243 locations globally, with 183 corporately owned and operated. In Canada, the Company has 80 clinics in Walmart locations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec and 2 independent locations for a total of 82 clinics. There are currently 22 corporate owned and operated clinics of which 3 include Rehab services and 6 include MedSpa services. In Mexico, the Company has 155 corporate owned and operated clinics in Walmart locations, 5 clinics inside Walmart Distribution Centers servicing Walmart Associates, and 1 Multidisciplinary clinic. Jack Nathan Health, Mexico recently started operation of its first medical center in Mexico City.
For more information, visit www.jacknathanhealth.com or www.sedarplus.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Concerning Going Concern
The Company has been actively pursuing opportunities for certain strategic options, which include the proposed transaction referred to in this press release. No assurance can be provided that these efforts will be successful. In the event the Company is unable to complete the proposed transaction referred to in this press release or another strategic option in the near term, the Company is not expected to continue as a going concern.
