SASKATOON, Saskatchewan, April 03, 2025 (GLOBE NEWSWIRE) — PHARMACORP RX INC. (“PharmaCorp” or the “Corporation”) (TSXV: PCRX) is pleased to announce that it has entered into a definitive share purchase agreement with an arm’s length vendor (the “Vendor”) dated April 1, 2025 to acquire a 100% interest in a pre-1954 charter company (the “Charter Company”) in Ontario, Canada (the “Acquisition”). The Corporation has agreed to purchase the Charter Company for $2,090,000, which will be paid using cash on hand (the “Purchase Price”). The Acquisition is expected to close on or about April 30, 2025, subject to satisfaction of customary closing conditions. No finder’s fee is payable in respect of the Acquisition.
This strategic acquisition marks a significant milestone for PharmaCorp. Due to ownership restrictions under the Drug and Pharmacies Regulations Act (Ontario), a corporation that is not owned by pharmacists – including a public company – may not own or operate a pharmacy in Ontario unless it operates through a company that was operating as a pharmacy on May 14, 1954 (a “Pre-1954 Charter”) and has maintained its status as a Pre-1954 Charter company. The Acquisition will enable PharmaCorp to acquire, own and operate pharmacies across Ontario through the acquired Charter Company.
“We are pleased to announce the acquisition of the Charter Company, which creates a clear pathway for PharmaCorp to pursue strategic growth through acquisitions in the Ontario market,” said Al Simpson, Executive Chairperson of PharmaCorp.
About PharmaCorp Rx Inc.
PharmaCorp currently operates three PharmaChoice bannered pharmacies in Canada and will continue to acquire PharmaChoice Canada branded pharmacies as they come to market in conjunction with its strategic alliance agreement with PharmaChoice Canada. The Corporation will also acquire independently owned non-PharmaChoice Canada bannered pharmacies in Canada, and thereafter, continue to operate such acquired pharmacies under a PharmaChoice Canada banner. PharmaCorp shares trade on the TSX Venture Exchange under the symbol: PCRX.
For further information, contact:
Mr. Alan Simpson
Suite #203, 303 Wellman Lane, Saskatoon, SK S7T 0J1
Tel: (306) 536-3771
Neither the 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 this release.
Forward-Looking Information: This news release contains “forward-looking information” regarding the Corporation within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation to: the potential Acquisition, including the potential closing of the Acquisition, the potential closing date for the Acquisition and the funds for the Acquisition, the ability of PharmaCorp to acquire, own and operate pharmacies across Ontario as a result of the Acquisition, and the pathway for PharmaCorp to pursue strategic growth through acquisitions in the Ontario market as a result of the Acquisition; and the business of PharmaCorp, including the operation and acquisition of pharmacies, including the acquisition of independently owned PharmaChoice Canada branded, and non-PharmaChoice Canada branded, pharmacies. This forward-looking information reflects current beliefs and is based on information currently available to the management of the Corporation and on assumptions the Corporation believes are reasonable. These assumptions include, but are not limited to: the receipt of all required approvals and consents for the closing of the Acquisition; the satisfaction or waiver of all conditions in relation to the Acquisition; and the continued supply of pharmacies for purchase by PharmaCorp at prices satisfactory to PharmaCorp. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; competition; changes in legislation, including environmental legislation, affecting the Corporation; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although the Corporation has attempted to identify important risks and factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of the Corporation as of the date of this news release and, accordingly, is subject to change after such date. However, the Corporation expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
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