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23 July, 2021
Levitee Labs Signs Definitive Agreements to Acquire Clinics, Pharmacies, and a Telemedicine Company in Alberta
VANCOUVER, BC, July 22, 2021 /CNW/ – Levitee Labs Inc. (CSE: LVT) (“Levitee” or the “Company“), an integrative wellness company, is pleased to announce that it has executed the following definitive agreements (collectively, the “Agreements“):
The Agreements provide that upon completion of the Transactions, current owner Alex Wylie, will stay on in a consulting basis and the businesses’ principal operator, Carrie Wylie, will be engaged full-time as General Manager of Levitee’s Alberta operations.
Pouya Farmand, Chief Executive Officer of Levitee, commented, “the Agreements we have entered today are integral to our growth strategy and goal of building a platform that will set a new standard for substance abuse and mental health treatment in Canada. Through these acquisitions, we expect Levitee will become the largest non-government provider of addiction treatment services in Alberta”.
“These acquisitions are not only a milestone in our mission to build the substance abuse and addiction treatment platform of tomorrow, but are also immediately accretive to our top and bottom lines,” added Ken Osborne, Head of M&A at Levitee. “The assets we will be acquiring have been growing aggressively, even through the pandemic, and we are excited to add our team’s expertise and strong balance sheet to support this momentum. Levitee has a well capitalized balance sheet with the working capital needed to execute on additional future acquisitions as well as ongoing business initiatives” added Mr. Osborne.
The acquisition of these traditional healthcare assets is intended to serve as the initial platform from which Levitee aims to implement psychedelic therapies such as ketamine treatment for mental health, pain, and addiction patients. Levitee also aims to include psilocybin- and ibogaine-based treatment options as soon as it is legally possible to do so.
“All of our physicians and medical professionals are excited to join Levitee due to Levitee’s dedication to positively impacting outcomes in the area of mental health and addictions treatment”, said Mr. Wylie. “The ACT group of companies has been focused on delivering evidence-based treatment to our patient base through the use of telehealth. The breadth of expertise of the Levitee team will allow the ACT group of companies to significantly expand and enhance our program.”
Completion of the Transactions is subject to customary conditions precedent, which are expected to be met in the coming weeks. Completion of each Transaction is not dependent on the completion of the other Transactions.
About Levitee Labs
Levitee Labs is establishing itself as a leader in the integrative wellness space. Through leveraging an M&A regimen that focuses on the centralization of complementary integrative wellness assets, Levitee Labs aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies.
Further information about the Company is available on its website at www.leviteelabs.com.
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance, or achievements that Levitee anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, statements respecting the Company’s planned acquisitions, the closing of same and the expected benefits of same, Levitee’s business plans and proposed products, Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Levitee to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. These risks and uncertainties include, but are not limited to, those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that any such statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement.
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
For further information about Levitee, please contact:
Levitee Media Contact
Levitee Investor and Corporate Communications
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