Patient Home Monitoring Corp. focused on rolling-up annuity-based healthcare service companies in the US and Canada, announced it has executed a binding Purchase Agreement for the acquisition of Black Bear Medical (“BB Medical”), a profitable Maine-based company focused on providing home-based healthcare services, including mobility solutions, through several retail locations in Maine and New Hampshire. Black Bear Medical generated more than $8.5 million in revenue for 2014 calendar year with just over $1 million in Adjusted EBITDA over the same period, based upon unaudited due diligence. Under the terms of the Definitive Purchase Agreement, PHM will acquire 100% of the stock of the Black Bear Medical entities for a total consideration of (1) $622,680 in cash to the sellers and (2) 7,072,472 shares of PHM issued to the sellers, subject to TSX approval.
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