CHICAGO and TORONTO, Sept. 1, 2022 (GLOBE NEWSWIRE) — Wesana Health Holdings Inc. (“Wesana” or the “Company”) WESAWSNAF, a data-driven life sciences company focused on developing tomorrow’s novel therapies, today announced that it has successfully completed a transaction (the “Dealing Transaction”) to acquire the assets of the Management Services Organization (“MSO”) as Portion of the Company’s Healthcare segment for sale for aggregate consideration of $2,100,000.
“The sale of MSO is an important step in our transition to a more focused and streamlined company,” commented Daniel Carcillo, Wesana’s Chairman and Chief Executive Officer. “After a thorough evaluation of Wesana’s strategy and assets, the Board concluded that a sale of the MSO would position Wesana to continue ongoing initiatives with a strengthened balance sheet. We assume that the transition for the patients in the clinics will be seamless. employees and interested parties.”
Sale of the Clinic Management Services organization
Pursuant to the terms of the sale transaction, completed on September 1, 2022, Wesana has entered into an equity purchase agreement (the “Agreement of Sale”) with APS Innovations LLC (“APSI”), one of Dr. the sale of Advanced Psychiatric Management LLC, an indirect wholly owned subsidiary of Wesana Health Holdings , which contains the company’s clinical management facilities in the greater Chicago area. Pursuant to the purchase agreement, Wesana received an aggregate of $2,100,000 consisting of $750,000 in cash, a $126,011 assumption of debt, working capital adjustments and a $1,223,989 promissory note. The sale transaction was completed on September 1, 2022.
The promissory note bears an annual interest rate of 14% provided that if APSI has made a cash payment of $250,000 by December 1, 2022, the interest rate will be reduced to 10% per annum. The promissory note has a term until August 31, 2023…
