Empower Clinics Acquires Canadian Diabetes Leader MediSure - Seite 2

"When we met with Empower it quickly became apparent to me and the MediSure team that both companies have similar and symbiotic missions, to improve the state of healthcare delivery in the communities we serve," said Mario Cortis, President of MediSure. "We are frankly pumped to become a part of this strong, professional team of people led by Steve, who truly care about the health of people who live with chronic diseases."

"We believe that with Empower's resources, strategies and support, we will dramatically scale our business and make continued positive impacts on the healthcare industry in Canada and beyond," said Mr. Cortis.

The Transaction was completed pursuant to the terms of a share purchase agreement dated July 30, 2021, between the Company and Mr. Cortis, MediSure's sole shareholder. In consideration for the acquisition of the MediSure shares from Mr. Cortis, the Company: (i) paid Mr. Cortis a cash payment of $1,250,000, of which $250,000 will be held back for 12 months to satisfy any potential contingent liabilities as defined in the purchase agreement; and (ii) issued Mr. Cortis an aggregate of 4,582,483 common shares in the capital of the Company (each, a "Share") at a deemed price of $0.491 per Share (being the volume weighted average trading price of the Shares on the Canadian Securities Exchange for the 10 trading days ended July 28, 2021), of which 2,545,824 were issued without resale restrictions and an aggregate of 2,036,659 Shares are subject to contractual restrictions on transfer pursuant to which 1/8 of such Shares will become freely tradeable on October 30, 2021 and 1/8 of such Shares will become freely tradeable each three months thereafter until July 30, 2023.

This press release is available on the Empower Clinics Verified Forum on AGORACOM for shareholder discussion, questions, and engagement with management https://agoracom.com/ir/EmpowerClinics

ABOUT MEDISURE:

MediSure Canada is a Canadian medical device company dedicated to bringing value to the high cost of diabetes, both to patients and insurers. MediSure's products are designed and manufactured with safety and durability in mind, meeting all ISO standards with world-class quality controls. Equipped with features that lead the industry in technology, MediSure's products are designed to offer a user-friendly experience and an overall improved approach to diabetes management.