Purchase terms include implementation of Franchise Plan across all markets
WEST CALDWELL, NJ and TORONTO, March 13, 2017 (MarketNewswire/-) EastGate Biotech Corp. (PinkSheets: ETBI), an emerging pharmaceutical company that produces and distributes innovative and healthy nutraceuticals based on natural therapies has announced that it has entered into a Purchase and Sale Agreement to acquire OMNI Surgery and Anti-Aging Centre. This investment will complement EastGate’s product development initiatives, potential clinical development, bolster revenues positively and increase the company’s asset base. The private fully-accredited multi-specialty facility will serve as a vehicle for merger and acquisition activities of new product lines and medical groups and other existing health care clinics to optimize surgical procedures to improve treatment outcomes for patients.
OMNI Surgery and Anti-Aging Centre (www.omnisurgery.ca) is an upscale facility serving an underserved market in Regina, Saskatchewan, Canada with great growth potential. OMNI is the only clinic in Saskatchewan to provide both Surgical and Anti-Aging treatments under one roof. With approximately $2 million USD in assets that include innovative treatment equipment; the clinic’s board certified physicians provide fee-for-service surgeries, including WSIB (Workman’s Compensation Board) procedures and unique signature treatments such as PRP rejuvenation treatments, Venus Concept treatments and most importantly stem cell injections for a wide range of treatments. The OMNI difference is the quality of care, results, and satisfaction that OMNI patients receive. It is estimated that the implementation of an equivalent newly established facility would require a capital investment of approximately $5 million USD.
According to the Purchase and Sale Agreement executed on March 9th, 2017 a share swap between EastGate and the principal owner of OMNI, Bill Abajian transpired. The shares will be exchanged for cash as per an agreed upon schedule mutually agreed upon by both parties. OMNI will operate as a wholly-owned subsidiary of EastGate and OMNI’s full team of experienced management and personnel will remain on board. Mr. Abajian, an experienced Global Licensing and Business Development Adviser at EastGate will continue his role counseling the corporation’s mergers and acquisitions, while strengthening the strategic business development of OMNI. Abajian will engage his 38 years of experience in the medical industry to participate in EastGate’s business and collaborative expansion.
“This acquisition is consistent with EastGate's strategy to pursue innovation around the world that can be replicated in different markets to increase revenue opportunities for the corporation," said Anna Gluskin, CEO of EastGate. “OMNI's expansive portfolio and commitment to excellence complements EastGate's exploration of implementing science and technologies in real clinical environments across varying treatment disciplines.”
About OMNI Surgery + Anti-Aging Centre
OMNI is a fee-for-service, Surgery + Anti-Aging Centre offering plastic, orthopaedic, along with general surgical procedures. Alongside the surgical procedures, the Anti-Aging Centre is equipped with State-of-the-Art technology that work to contour, tone, and remove blemishes in order to reverse the aging process. As a Centre of Excellence in Saskatchewan, OMNI’s board-certified surgeons work to deliver high quality care mindful of patients’ needs, while helping them achieve the results they want.
About EastGate Pharmaceuticals
EastGate Biotech produces and distributes innovative and healthy nutraceuticals that are based on natural therapies and absorbed naturally by the body. We utilize advanced nanotechnologies to deliver healthy alternatives to conventional pharmaceuticals that all-too-often create dangerous side-effects and unexpected consequences for those trying to attain and maintain healthy lives.
Our research and development scientists have more than 60-years of combined experience and are dedicated to providing the best nutraceutical products for your natural comfort, health, and well-being. We invite you to explore the naturally healthy benefits of EastGate Biotech.
Cautionary statement on forward-looking information
All statements, other than statements of historical fact, contained or incorporated by reference in this news release constitute "forward-looking information" or "forward-looking statements" within the meaning of certain securities laws, including the provisions for "safe harbour" under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release.
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CONTACT: Rose Perri 1-647-692-0652