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HALIFAX, Nova Scotia, March 11, 2021 (GLOBE NEWSWIRE) — NOVA LEAP HEALTH CORP. (TSXV: NLH) (“Nova Leap” or “the Firm”), a house well being care group ranked #2 on the 2020 Report on Enterprise rating of Canada’s Prime Rising Firms, is happy to announce the discharge of economic outcomes for the 12 months ended December 31, 2020. All quantities are in United States {dollars} until in any other case specified.
Nova Leap Fourth Quarter and 12 months Finish Monetary Outcomes
Monetary outcomes for the three and twelve months ended December 31, 2020 embrace the next:
Subsequent occasions to This autumn 2020
- On February 1, 2021, the Firm introduced that it had supplied discover to the holders of the Firm’s 8.0% unsecured subordinated convertible debentures with a principal quantity of CAD$2,151,000 and a maturity date of December 30, 2024 that it could be exercising its choice to convert the complete principal quantity of Debentures excellent into widespread shares of the Firm at a conversion value of CAD$0.52 (the “Pressured Conversion”). In January 2021, CAD$187,000 of the Debentures due December 30, 2024 have been voluntarily transformed at a conversion value of CAD$0.52. The Pressured Conversion was accomplished on March 3, 2021 with any accrued and unpaid curiosity beneath the Debentures to the conversion date paid to the holders in accordance with the Debentures.
- Because of the compelled conversion, insider possession has elevated to 38.9%;
- $1,403,900 of the whole $1,975,600 PPP Loans have been forgiven with one forgiveness software nonetheless open.
President & CEO’s Feedback
Writing these feedback gives a kind of uncommon alternatives to mirror on all that has been completed over the previous three and a half years whereas additionally recognizing simply how important of a chance lies forward of us.
Let me begin by saying how appreciative I’m of the people which are a part of the group. The care professionals offering such essential service, the native and regional working groups working throughout two international locations and head workplace personnel supporting such essential work. That appreciation extends to the households which have invited us into their properties in addition to to our numerous companions. This previous 12 months has been difficult on many ranges and I really feel lucky to work with such distinctive individuals.
Since we started our acquisition program in September 2017, we now have accomplished 13 acquisitions with a further one pending state licensure. That represents roughly one closed transaction every quarter. What’s placing to me is that we now have twice paused our acquisition program for 3 months. The primary time was on the finish 2018 after we had closed seven acquisitions in fourteen months. The second time was most not too long ago throughout Q2 because of the pandemic. There have been loads of alternatives and we now have executed job of choosing the right ones for the group.
Nova Leap has grown considerably because the authentic $500,000 seed spherical in 2016. At the moment, I used to be asking individuals to purchase right into a imaginative and prescient of an organization that would consolidate a fragmented house care trade whereas offering the absolute best care throughout the house, significantly serving people dwelling with dementia. The imaginative and prescient I had again then stays the identical at this time. The distinction, after all, is that we now have attracted exceptionally proficient individuals to the group, we now have a observe document of success, and a platform of house care companies on which to construct. We are going to proceed to construct. We have now invested in our M&A staff and for the primary time in our brief historical past have a devoted full-time staff. Whereas we now have not too long ago begun to look at bigger alternatives as they’ve offered themselves, I anticipate the tempo of acquisitions to speed up.
I imagine that the returns on invested capital dedicated to buying house care companies is compelling. Dwelling care companies are typically constructed on a recurring income mannequin, are pretty secure and have common consumer retention of some years. On their very own, they lack scale, simply as Nova Leap has because it has grown from the idea stage to the place we’re at this time. Whereas the pandemic might have set us again a 12 months, I imagine an inflection level is quick approaching. If you mix excessive return potential acquisitions, a platform on which to proceed enlargement, a rise in operational leverage and what seems to be an countless provide of alternatives in an unlimited addressable world market, we begin to paint the image of a a lot bigger enterprise. One which we imagine will proceed to develop considerably within the coming years.
To our shareholders who share my enthusiasm for the outlook of the Firm, I imagine the very best is but to return.
About Nova Leap
Nova Leap is an acquisitive house well being care companies firm working in one of many fastest-growing industries within the U.S. & Canada. The Firm performs a significant function throughout the continuum of care with a person and household centered focus, significantly these requiring dementia care. Nova Leap achieved the #2 rating on the 2020 Report on Enterprise rating of Canada’s Prime Rising Firms and the #10 Rating within the 2019 TSX Enterprise 50™ within the Clear Know-how & Life Sciences sector. The Firm is geographically diversified with operations in 7 completely different U.S. states throughout the New England, South- Central and Midwest areas in addition to Nova Scotia, Canada.
NON-GAAP MEASURES:
Earnings earlier than curiosity, taxes, depreciation and amortization (“EBITDA”), is calculated as revenue (loss) from working actions plus amortization and depreciation and inventory primarily based compensation.
Adjusted web revenue is web revenue adjusted for stock-based compensation expense, acquisition bills, overseas alternate features/losses, restructure fees, and severance and different prices.
FORWARD LOOKING INFORMATION:
Sure info on this press launch might comprise forward-looking statements, equivalent to statements relating to future expansions and value financial savings, anticipated forgiveness of PPP loans, and plans relating to future acquisitions and enterprise development. This info is predicated on present expectations and assumptions, together with assumptions regarding normal financial and market situations, availability of working capital essential for conducting Nova Leap’s operations, availability of fascinating acquisition targets and financing to fund such acquisitions, and Nova Leap’s means to combine its acquired companies and keep beforehand achieved service hour and income ranges, which are topic to important dangers and uncertainties which are tough to foretell. Precise outcomes may differ materially from outcomes recommended in any forward-looking statements. Dangers that would trigger outcomes to vary from these said within the forward-looking statements on this launch embrace the affect of the COVID-19 pandemic or any recurrence, together with authorities rules or voluntary measures limiting the Firm’s means to supply care to purchasers (equivalent to shelter-in-place orders, isolation or quarantine orders, distancing necessities, or closures or restricted entry procedures at amenities the place purchasers reside), elevated prices related to private protecting tools and sanitization provides, employees and provide shortages, regulatory modifications affecting the house care trade, different surprising will increase in working prices and competitors from different service suppliers. All forward-looking statements, together with any monetary outlook or future-oriented monetary info, contained on this press launch are made as of the date of this launch and included for the aim of offering details about administration’s present expectations and plans regarding the longer term. The Firm assumes no obligation to replace the forward-looking statements, or to replace the explanation why precise outcomes may differ from these mirrored within the forward-looking statements until and till required by securities legal guidelines relevant to the Firm. Further info figuring out dangers and uncertainties is contained within the Firm’s filings with the Canadian securities regulators, which filings can be found at www.sedar.com.
CAUTIONARY STATEMENT:
Neither TSX Enterprise Alternate nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts duty for the adequacy or accuracy of this launch.
For additional info: Christopher Dobbin, CPA, CA, Director, President and CEO Nova Leap Well being Corp., T: 902 401 9480 F: 902 482 5177 E: cdobbin@novaleaphealth.com
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