“8:30a ET 6/21/2022 - Globe Newswire
Irwin Naturals Continues To Expand Clinic Footprint
EQNX::TICKER_START (CNSX:IWIN.CN),(Frankfurt:97X),(OTC US:IWINF),(Other OTC:IWINF), EQNX::TICKER_END Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) ("Irwin" or the "Company") will add to its rapidly growing chain of psychedelic mental health centers, announcing today that it has signed a definitive agreement to acquire two clinics in Georgia.
Irwin has entered into a binding agreement to acquire 100% of the issued and outstanding membership interest in Invictus Clinic, LLC, a healthcare company operating clinics in Atlanta and Woodstock, Georgia. The clinics offer ketamine assisted therapy, as well as hydration and NAD+ therapy.
Klee Irwin, CEO, said, "We are adding EBITDA to our bottom line with every clinic we bring into the fold. With our recently announced transaction in Vermont (Preventive Medicine), we are now up to 9 clinics acquired or under definitive purchase agreement. We are pleased to welcome the Invictus team, and I look forward to working with Brandon, Wesley and the team to bring our brand into Georgia."
Wesley Karcher, MSN, CRNA, Co-Founder of Invictus, added, "From our very first conversation with the Irwin team, and Klee himself, we could tell that their hearts were in the right place for this space and that they had a solid strategic plan in place to maximize everyone's success. We are motivated by two drivers: to bring these life changing treatments to those in need, and to do so with the understanding that maintaining a successful and profitable business plan will allow us to reach a greater population and broader demographic. These life-changing and life-saving treatments should not be restricted to geographical location or socioeconomic status. In combining with Irwin Naturals, we become a part of a much larger, eventually national, footprint."
Dr. Brandon Grinage, Co-Founder of Invictus, added, "The immediate brand equity we gain, the economies of scale that can be achieved, and the philosophy of ensuring treatments will be accessible also for people of lower income, were key reasons for us to enter into this transaction. We look forward to working with the Emergence by Irwin Naturals team, and to making a significant and positive difference in a growing number of people's lives."
Irwin has reached agreements to add a total of nine clinics in four different states in less than three months during this national rollup. Irwin previously completed the acquisition of five clinics in Florida and one in Iowa. Irwin also has an agreement to acquire New England Ketamine, which is located in New Hampshire. The addition of the two Invictus clinics will make Georgia the fourth state to become part of Emergence by Irwin Naturals, a rapidly growing chain of psychedelic health clinics.
For more information on this and the Preventive transactions, announced on June 17, 2022, please view this interview with CEO Klee Irwin.
Irwin became a household name because of its best-in-class nutraceutical products. Irwin products are available in more than 100,000 stores in North America and Irwin Naturals is a brand known by 80 percent of U.S. households**. Irwin's expansion into the psychedelic space will provide consumers with a trusted name in an emerging area of care.
Klee Irwin concluded, "We believe the strength of our brand will reduce the mental barrier for many people when they engage with this type of therapy."
The Agreement is subject to certain customary closing conditions and regulatory approvals.
Transaction terms
The transaction is back-end loaded, aligning the sellers' interest with the Company and its shareholders. The total consideration is to be paid in a combination of cash and stock, with the maximum payable contingent on a number of milestones related to profitability and operational goals. Further detail will be provided upon closing.
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my posts are always theory and not financial advice
