PharmaCielo Completes Acquisition of Ubiquo Telemedicina
- Ubiquo Telemedicina S.A.S. is a leading provider of telemedicine services in Colombia
- Acquisition will enable expanded access to medicinal cannabis expertise among the Colombian medical community
TORONTO, Canada (July 26, 2019) – PharmaCielo Ltd. (“PharmaCielo” or the “Company”) (TSXV:PCLO, OTC:PHCEF), the Canadian parent of Colombia’s premier cultivator and producer of medicinal-grade cannabis oil, PharmaCielo Colombia Holdings S.A.S., today announced that it has completed the acquisition of all of the shares (the “Acquisition”) of Ubiquo Telemedicina S.A.S. (“Ubiquo Telemedicina”), previously announced on April 20, 2018.
The aggregate purchase price for the Acquisition consisted of 156,058 common shares and COP$2.1 million (approximately equal to CDN$880,000) in cash. Upon closing of the Acquisition, an aggregate of 132,649 common shares were issued and COP$1.78 million (approximately equal to CDN$750,000) was paid to former Ubiquo Telemedicina shareholders. The remaining shares and cash will be held back for a period of six months for any adjustments to the purchase price that may be required.
About Ubiquo Telemedicina
A joint venture between the Government of Colombia and the private sector, Ubiquo Telemedicina launched in 2016 in the Department of Antioquia, Colombia. A knowledge management and medical consultation system, the platform currently has a patient base of more than 80,000 in the department, with established plans for expansion throughout the country over the next 36 months, increasing the base of both medical expertise and patients supported exponentially.
The operating mandate of Ubiquo Telemedicina is to create fair and equal access for all Colombians to medical care and expertise. By enabling the Colombian medical community to provide increased access to highly specialized practitioner knowledge and consultation, Ubiquo Telemedicina facilitates continuing medical education and treatment-focused communication among practitioners. As part of the operating agreement, knowledge about the possible uses, benefits and risks of medicinal cannabis will be enabled among medical practitioners associated with the platform to help them make educated and informed decisions about products and monitoring, in addition to the current broad range of consultative supports currently provide by the platform.
“The acquisition of Ubiquo Telemedicina is another step in rounding out PharmaCielo’s dominance in the local medicinal cannabis sector. It adds an important physician-patient dimension to complement our already established position as Colombia’s premier medicinal cannabis producer,” says David Attard, Chief Executive Officer with PharmaCielo Ltd. “Bringing Ubiquo Telemedicina into the family further cements the Company’s commitment to advance knowledge sharing and patient care in Colombia, with specific focus on medicinal cannabis. Furthermore, we intend to leverage the capabilities that Ubiquo Telemedicina and its physician-patient platform bring to other regions as we continue to expand globally.”
PharmaCielo Ltd. (TSXV:PCLO, OTC:PHCEF) is a global company, headquartered in Canada, with a focus on ethical and sustainable processing and supplying of all natural, medicinal-grade cannabis oil extracts and related products to large channel distributors. PharmaCielo’s principal (and wholly owned) subsidiary is PharmaCielo Colombia Holdings S.A.S., headquartered at its nursery and propagation centre located in Rionegro, Colombia.
The boards of directors and executive teams of both PharmaCielo and PharmaCielo Colombia Holdings are comprised of a diversely talented group of international business executives and specialists with relevant and varied expertise. PharmaCielo recognized the significant role that Colombia’s ideal location will play in building a sustainable business in the medical cannabis industry, and the Company, together with its directors and executives, is executing on a business plan focused on supplying the international marketplace.
For further information:
International: Gal Wilder, Cohn & Wolfe
Colombia: María Paula Peña Fdz., SPR GROUP S.A.
PBX: 57-1 2877234
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, “expects”, “is expected”, “intends”, “believes”, or variations of such words and phrases or state that certain actions, events or results “may” or “will” be taken, occur or be achieved. Forward-looking statements include those relating to issuance of shares and payment of cash subject to the hold back, the adjustment to the purchase price under the Acquisition, the expansion plans of Ubiquo Telemedicina, the operating mandate of Ubiquo Telemedicina and PharmaCielo’s business and other objectives. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, including assumptions related to the ability to successfully integrate the operations of the two companies, as well as other factors that management believes to be relevant and reasonable in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment and future approvals and permits. Actual results, performance or achievement could differ materially from that expressed in, or implied by, any forward-looking statements in this press release, and, accordingly, you should not place undue reliance on any such forward-looking statements and they are not guarantees of future results. Forward-looking statements involve significant risks, assumptions, uncertainties and other factors that may cause actual future results or anticipated events to differ materially from those expressed or implied in any forward-looking statements.Except as required by law, PharmaCielo undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.