Not for dissemination in the United States of America.
VANCOUVER, B.C., Dec. 01, 2017 (GLOBE NEWSWIRE) -- Premier Diversified Holdings Inc. (" Premier " or the " Company ") (CSE:PDH) is pleased to announce the closing of its non-brokered private placement offering (the " Offering ") of common shares of the Company (" Shares ") of 4,000,000 Shares at $0.075 per Share for aggregate gross proceeds of $300,000. The Shares will be subject to a hold period expiring on April 2, 2018. No finder's fees or commissions were paid in connection with the Offering.
Premier intends to use the net proceeds of the Offering to fund the acquisition of an interest in MyCare MedTech Inc. (an Alberta tele-medicine company) (" MMI "), for general working capital, and potentially to fund other acquisitions in either existing or new entities.
MyCare MedTech Inc.
Premier intends to acquire units (" Units ") of MMI, which uses communication technology to deliver virtual medical consultations with licensed healthcare providers for non-emergency conditions through its app GOeVisit. The purchase price of the Units is $0.35 per Unit. Premier intends to acquire up to $130,000 worth of Units. The purchase price will be paid in cash.
Each Unit is comprised of one Class A Common share (" MMI Share ") and one half of a share purchase warrant (" MMI Warrant ") of MMI. Each whole MMI Warrant will be exercisable to purchase an additional MMI Share at $0.50 until December 31, 2018. In October 2017, Premier loaned MMI $70,000 pursuant to a convertible secured promissory note. This loan matured on November 30, 2017, and Premier elected to convert the entire principal amount of the loan into Units at $0.35. After acquiring the Units pursuant to the financing and the loan conversion, Premier will hold approximately 5,142,857 MMI Shares. Sanjeev Parsad, Premier President and CEO, is a director of MMI.
MMI is a private company incorporated under the laws of Alberta and is a Canadian telemedicine company which provides virtual medical consultations with licensed healthcare providers through computers, tablets and mobile devices. The GOeVisit medical team can provide diagnosis, alternate remedies and/or prescriptions for over 30 non-emergency conditions and uncomplicated medical concerns such as a sore throat, stomach virus, upper respiratory infection (e.g. bronchitis), strain or sprain, sinus infection, urinary tract infection, rash, allergy, headache, pink eye, burn or laceration. GOeVisit is available 24/7 and its certified healthcare professionals include licenses nurse practitioners and doctors.
About Premier Diversified Holdings Inc.
Premier Diversified Holdings Inc. participates in diversified industries through its acquisitions of securities and/or assets of public and private entities which it believes have potential for significant returns. It may act as a holding company (either directly or through a subsidiary) and may participate in management of subsidiary entities to varying degrees. Its current holdings include interests in a B.C. medical diagnostic clinic, in a reinsurance business located in Bermuda, in several Vancouver-based real estate development projects and in an online medical consulting company.
On behalf of the Board of Directors
"Sanjeev Parsad"
Sanjeev Parsad President, CEO and Director
For further information, contact: Sanjeev Parsad, President and CEO
Phone: (604) 678.9115 Cell: (604) 612.3965 Fax: (604) 678.9279 E-mail: sparsad@pdh-inc.com Web: www.pdh-inc.com
The Canadian Securities Exchange (CSE) has not reviewed the adequacy or the accuracy of the contents of this document. Company information can be viewed here: www.thecse.com . Further information regarding the Company can be found on SEDAR at www.sedar.com.
Not for dissemination in the United States of America.
Legal Notice Regarding Forward Looking Statements: This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements are indicated expectations or intentions. Forward-looking statements in this news release include that the net proceeds of the Offering will be used to acquire a certain interest in MyCare MedTech Inc. at a certain price, that Premier will pay the purchase price in a certain way, that MMI will operate its business as described and will generate income. Factors that could cause actual results to be materially different include but are not limited to the following: that the funds may be reallocated by Premier for sound business reasons, that the number or price of securities acquired by Premier may change, that the method of payment may change, that Premier decides not to proceed with the acquisition of MMI Units, that the nature of Premier's acquisition will change, that the reason for the purchase may change or MMI will operate its business differently than described. Investors are cautioned against placing undue reliance on forward-looking statements. It is not our policy to update forward looking statements.
