Premier Health Group Inc. (PHGI:CSE; PHGRF:OTCQB; 6PH:FSE) announced in a news release it signed a definitive agreement to acquire the outstanding securities of Cloud Practice Inc., a national medical software company.
Cloud's products include a cloud-based electronic medical records application, a medical billing software program and an online patient portal. The company's clients encompass medical practices, licensed health care providers, cannabis clinics and registered patients.
In the merging of the two companies, Cloud Practice's CEO Jordan Visco and team of software developers and salespeople will stay on with the combined entity that will have a base of more than 300,000 patients.
"With this acquisition, we now have a medical software company with national reach, thus enabling us to build on our patient-centric technology platform that will integrate telemedicine, online booking and other premium services with our electronic medical records system," Premier CEO Dr. Essam Hamza said in the release.
Per the agreement terms, Premier will pay the Cloud Practice shareholders up to $5 million in cash in tranches. Initially, it will pay CA$500,000 as refundable deposit when the binding letter of intent (LOI) is signed. Another CA$500,000 will be due on closing of the transaction, with a third CA$500,000 due 90 days after. Within six months of the LOI signing and once certain integration milestones are met, it will pay another CA$500,000. Lastly, Premier will pay an aggregate of CA$3 million in common Premier shares at $0.76 apiece.
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