TORONTO, ON / ACCESSWIRE / March 5, 2021 / NEXGENRX INC. (TSXV:NXG) ("NexgenRx" or the "Company") is pleased to announce that it has completed payment of all deferred consideration in connection with its previous acquisitions of Canadian Benefit Administrators Ltd. ("CBA") and MyBenetech Inc. ("MYB") (see the Company's press release dated July 24, 2018 for details). NexgenRx previously acquired all of the issued and outstanding shares of each of CBA and MYB for an aggregate purchase price of $4,000,000, with $2,800,000 having been paid upon closing and a further $1,200,000 being deferred, $1,100,000 of which has been paid in cash and $100,000 of which has been paid via the issuance to the former shareholders of CBA and MYB of an aggregate of 416,667 common shares in the capital of NexgenRx at a price of $0.24 per share. In accordance with applicable securities laws, a four (4) month hold period applies to the foregoing shares, which will expire on July 6, 2021.
"Having fully integrated both companies into The NexgenRx Group, we are extremely pleased to have completed delivery of all outstanding consideration in connection with the acquisitions, making NexgenRx a full service, fully integrated TPA" stated Ron Loucks, President & CEO. "In addition, this transaction was self-financed and completed without any conventional bank financing."
The Company also announces the grant to key employees and consultants of NexgenRx of an aggregate of 1,100,000 options to acquire common shares in the capital of NexgenRx at a price of $0.25 for a period of 10 years. Each of the foregoing options shall vest as to 33.3% each year for three years, beginning on the first anniversary of the grant date. All of the options granted today (and the common shares issuable upon exercise) will be subject to applicable securities law hold periods.
About NexgenRx
NexgenRx is Canada's only independent full service technology solutions provider and Third Party Administrator, offering proprietary full front end enrolment, hour bank and mobile access capabilities, combined with state of the art claims adjudication and full provider network coverage. These combined capabilities allow NexgenRx to provide complete proprietary solutions to plan sponsors that need sophisticated front-end administration and health benefit technology applications, all in a cost effective SaaS (Software-as-a-Service) model. NexgenRx is committed to building partnerships with organizations looking to exceed the expectations of their clients and plan members and deliver superior administration and claims processing solutions at a competitive cost. More information on NexgenRx can be found at www.nexgenrx.com.
Caution Regarding Forward-Looking Statements
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for existing and new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; continued development and enhancement of the Company's proprietary software technology; cyber security risks and the other risks and uncertainties disclosed in our annual Management's Discussion and Analysis, as filed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Ronald C. Loucks
NexgenRx Inc.
President and CEO
416.695.3393 x801
Kelly Ehler CPA, CA
NexgenRx Inc.
Chief Financial Officer
416-695-3393x803
SOURCE: NexgenRx Inc.