Proceeds fully fund next phase of clinic rollouts, boosts processing capacity at Kai Medical and accelerates COVID-19 test revenues across North America
VANCOUVER, BC / March 4, 2021 / EMPOWER CLINICS INC. (CBDT:CSE)(8EC:Frankfurt)(EPWCF:OTCQB) (“Empower” or the “Company”) an integrated healthcare company – serving patients through medical centers, telemedicine platforms and a high complexity medical diagnostics laboratory processing thousands of COVID-19 specimens – is pleased to announce the following updates demonstrating the strength of the Company’s financial resources and balance sheet.
RECEIPT OF MORE THAN $10,500,000 FROM THE EXERCISE OF WARRANTS ALLOWS EMPOWER TO EXECUTE NATIONAL ROLLOUT STRATEGY
Empower is pleased to announce the receipt of in excess of $10,500,000 from the exercise of warrants up to March 1, 2021. The Company has received an additional $5,000,000 since the announcement on December 14, 2020 when the Company announced the receipt of approximately $5,500,000.
The company is in a strong financial position for continued rapid growth in its business divisions in 2021. This is a direct result of the success of the Company’s execution of it’s business plan as well as the expectations of continued strong revenue growth from its KAI Medical Laboratory, anticipated revenue from its national Canadian clinics rollouts and COVID-19 test kit sales over the next 12 months.
“We are in our best financial position ever and fully funded for this year’s ambitious growth plan. We have paid off debt and are achieving our metrics of success across our divisions.” says Steven McAuley, Chairman and CEO of Empower. “Despite any short-term stock market activity, our fundamentals remain strong and our long-term path to becoming a major North American health and wellness company is fully intact, accelerating and funded.”
BALANCE SHEET FURTHER STRENGTHENED THROUGH RETIREMENT OF DEBT
The Company has paid in full outstanding long-term debt satisfying obligations to key supporters of the company.
“We are fortunate to have support from early investors, who understood our goals, had vision, knowing what it takes to develop a great company. To be able to repay our obligations to them is an honour. Our next great phase begins.” said Steven McAuley, Chairman and CEO of Empower
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 EMPOWER:
Empower is an integrated healthcare company that provides body and mind wellness for patients through its clinics, with digital and telemedicine care, and world-class medical diagnostics laboratories. Supported by an experienced leadership team, Empower is aggressively growing its clinical and digital presence across the US and Canada. Our Health & Wellness and Diagnostics & Technology business units are positioned to positively impact the integrated health of our patients, while simultaneously providing long term value for our shareholders.
ON BEHALF OF THE BOARD OF DIRECTORS:
Steven McAuley
Chief Executive Officer