PHARMACORP RX INC. (“PharmaCorp” or the “Corporation”) (TSXV: PCRX) is pleased to announce that it has agreed to acquire from two arm’s length vendors (the “Vendors”) a 90% interest in a pharmacy (the “Acquired Pharmacy”) located in Western Canada. The aggregate purchase price for the 90% interest is $2,207,170, will be funded from cash and is expected to close on or about August 30, 2024, subject to satisfaction of customary closing conditions.
A key aspect of the transaction is that the Vendors will retain a 10% interest in the Acquired Pharmacy, and have agreed to continue working at the Acquired Pharmacy, with one of the Vendors entering into a long-term employment agreement as the managing pharmacist. This arrangement ensures continuity of leadership and aligns with PharmaCorp’s goal of maintaining the highest levels of service and customer satisfaction.
The Acquired Pharmacy represents PharmaCorp’s second acquisition following the successful completion of its Qualifying Transaction on June 6, 2024, which included the acquisition of a 75% interest in a pharmacy in Saskatoon, Saskatchewan, as well as the with the previously announced strategic alliance with PharmaChoice Canada Inc.
“We are happy with the acquisition of the Acquired Pharmacy, which demonstrates our commitment to delivering value to our shareholders through acquisitions”, stated Al Simpson, Executive Chairperson, PharmaCorp. “The retention of one of the Vendors to continue to manage the pharmacy reflects our commitment to continuity and preserving the exceptional service standards that customers have come to expect, as we work to expand our footprint in the pharmacy industry.”
About PharmaCorp Rx Inc.
As a Capital Pool Company, PharmaCorp completed its qualifying transaction as defined in Policy 2.4 of the TSX Venture Exchange on June 6, 2024. The qualifying transaction consisted of its strategic alliance with PharmaChoice Canada Inc. (“PharmaChoice”) and the acquisition of 75% of the outstanding shares of a pharmacy in Saskatoon, SK. After the acquisition of the Acquired Pharmacy, PharmaCorp will operate two pharmacies. PharmaCorp will continue to acquire independently owned and branded PharmaChoice pharmacies as they come to market in the normal course of business, as well as other independently owned non-branded PharmaChoice pharmacies in Canada, and thereafter, continue to operate such acquired pharmacies under a PharmaChoice banner. PharmaCorp trades on the TSX Venture Exchange under the symbol: PCRX.