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Wednesday, 11/09/2022 9:15:31 AM

Wednesday, November 09, 2022 9:15:31 AM

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“7:30a ET 11/9/2022 - Globe Newswire
Irwin Naturals Looks to Add Pacific Northwest Ketamine Clinic to Its National Footprint

Planned addition of Washington facility would mark 17th Prospective clinic signed to join fast-growing network for psychedelic mental healthcareGlobeNewswireNovember 09, 2022
LOS ANGELES, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) (FRA: 97X) ("Irwin" or the "Company") has reached a binding, arm's length agreement to acquire the assets of Tri-Cities Infusion & Wellness Clinic, PLLC on November 5, 2022 which is located in Kennewick, Washington.

This will be the first facility in Washington for Irwin Naturals Emergence, a fast-growing national chain of psychedelic mental-health clinics. This will be the 17th facility the chain has signed on or acquired across eight different states.

Klee Irwin, CEO of Irwin Naturals said, "We believe this type of treatment has the capacity to change the way we care for mental health in this country. We've sought to move to the front of this market by moving fast while also being incredibly selective. Ben and Tyler have built a practice that epitomizes what we're looking for both in terms of top-notch care as well as sound business fundamentals."

Tyler Thornock and Ben Clark are the co-owners of the clinic, which opened in April 2019. They combine to offer more than 20 years of experience in the field. Both are certified registered nurses with special training for anesthesia.

The clinic offers ketamine infusion, which has been used to treat a variety of mood disorders. It also offers nutrient IV infusions, aesthetic procedures and regenerative treatments such as platelet-rich plasma (PRP) injections.

Ben Clark, CRNA, APRN, owner of Tri-Cities Wellness, said, "We noticed a void in our area when it came to ketamine treatment, and built our practice to bring these life-changing treatments to our community. Becoming part of Irwin Naturals Emergence gives us a chance to join something bigger that will create change on a truly national scale."

Irwin Naturals began in 1994, providing best-in-class nutraceutical products. Today, Irwin Naturals products are stocked on the shelves of more than 100,000 storefronts in North America and its brand name is recognized in 80 percent of U.S. homes.1

The Company moved into psychedelic mental healthcare earlier this year, announcing its plan to build a national chain of clinics under the umbrella of Irwin Naturals Emergence. It has vetted the more than 600 independent ketamine clinics currently operating in the United States, seeking to identify profitable clinics whose level of customer care meets the exacting standards embodied by the Irwin Naturals brand. The Company has sought to add those clinics that meet these criteria to Irwin Naturals Emergence, which is a wholly owned subsidiary of Irwin Naturals.

Irwin Naturals Emergence previously announced agreements with a total of 16 clinics located in seven different states. Last month, it announced an acquisition agreement with a clinic in Idaho.

Operating at a national scale will offer some increased efficiencies such as the ability to purchase services in bulk. Implementing economies of scale will also help drive down operating costs, a savings that can be passed on to customers by providing sliding-scale discounts and even pro bono treatment for those in need.

Klee Irwin, Irwin Naturals CEO, "We are a nationally known brand that our customers know and trust. This helps us not only provide security and assurance to our customers, essentially vouching for the quality of these treatments and services. It also gives us confidence as we apply our proven business approach to this exciting new area of care."

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 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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