Empower Clinics Signs Letter of Intent for $5 Million Equity Capital Facility and Provides Additional Corporate Updates

VANCOUVER, BC / ACCESSWIRE / June 6, 2023 / EMPOWER CLINICS INC (CSE:EPW) (PINK:EPWCF) ("Empower" or the "Company") an integrated healthcare company with a developing research and clinical trials divisions announces it has entered into a letter of intent with Crescita Capital LLC ("Crescita") for a CAD$5 million equity capital facility.

Empower has entered into a letter of intent with Crescita for a CAD$5 million equity capital facility that Empower will have three (3) years to utilize to develop the business of the Company.

The Letter of Intent (the "Letter of Intent") is intended to describe the present interest of Crescita and Empower to pursue a transaction whereby the Crescita commits to investing CAD$5 million (the "Commitment") in the Company by way of an equity drawdown facility (the "Proposed Transaction"). The terms of the Letter of Intent are not comprehensive and additional terms, including customary representations and warranties, will be incorporated into a definitive equity drawdown facility agreement (the "Definitive Agreement").

The Commitment is intended to be used for general working capital purposes, strategic business development and expansion of clinical trial assets. The Commitment allows Empower to drawdown on the facility, at the discretion of the Company's management. The drawdowns are not mandatory, allowing Empower to selectively utilize this financing tool when capital is needed.

"We are thrilled with the opportunity to work with the Crescita team who have embraced Empowers path forward to becoming a Site Management Organization (SMO), with the goal of impacting the lives of patients through research and clinical trials." Said Steven McAuley, Empower Chairman & CEO. "Having access to flexible capital as and when the company requires allows us to plan for long term success with a growth strategy based on sustained cash flows."

Mr. McAuley continues, "At the core the Company has always provided patient care, facility management and the administration of our healthcare professionals. These attributes are required to successfully manage sites for clinical trials. We play the all-important role of providing oversight, direction and support to the PI's and their patients ensuring the sites all operate within the guidelines of the study protocol as set by the sponsor and CRO."