Premier Diversified Holdings Inc. Announces Amended Loan Agreement
February 05 2020 - 7:08PM
Amended Loan Agreement with MyCare MedTech Inc.
Premier Diversified Holdings Inc.
("Premier" or the "Company")
(TSXV: PDH) entered into an amended and restated loan agreement
with MyCare MedTech Inc. ("MMI") on January 29,
2020. The agreement amended the previous secured loan made to MMI
by increasing the principal amount which may be loaned by Premier
to MMI from $400,000 to up to $450,000 (the "MMI
Loan"). The MMI Loan matures 12 months from the
date of the amended agreement and bears interest at a rate of 9%
per annum. The MMI Loan is secured with all of the present and
after-acquired property of MMI.
MMI is not issuing any securities, or paying any
bonus, commission or finder's fees on the Loan to Premier.
The MMI Loan is repayable by MMI at any time without penalty.
MMI has recently entered into an agreement with
a large Canadian brokerage which provides extended health benefits.
Pursuant to this agreement, MMI will charge the brokerage a flat
rate fee for each beneficiary that uses MMI's SmartExam platform
for virtual medical care. MMI anticipates that it will have
recurring monthly revenue from this agreement and intends to use
the proceeds to, among other things, repay the loan to Premier at
the respective maturity date.
Premier is a control person of MMI, and the MMI
Loan constitutes a "related party transaction" within the meaning
of Multilateral Instrument 61-101. The MMI Loan has been determined
to be exempt from the requirements to obtain a formal valuation or
minority shareholder approval on the basis of sections 5.5(b) and
5.7(1)(a) of Multilateral Instrument 61-101 as the fair market
value of the transaction is not more than 25% of the Company's
market capitalization.
The MMI Loan is subject to review and acceptance
by the TSX Venture Exchange.
About Premier Diversified Holdings
Inc.
Premier Diversified Holdings Inc. participates
in diversified industries through its acquisitions of securities
and/or assets of public and private entities which it believes have
potential for significant returns. It may act as a holding company
(either directly or through a subsidiary) and may participate in
management of subsidiary entities to varying degrees.
On behalf of the Board of Directors
"Sanjeev Parsad"
Sanjeev Parsad President, CEO and Director
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 this release.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of the securities in any jurisdictions in which such
offer, solicitation or sale would be unlawful. Any offering made
will be pursuant to available prospectus exemptions and restricted
to persons to whom the securities may be sold in accordance with
the laws of such jurisdictions, and by persons permitted to sell
the securities in accordance with the laws of such
jurisdictions.
Further information regarding the Company can be
found on SEDAR at www.sedar.com.
Not for dissemination in the United States of
America.
Legal Notice Regarding Forward Looking
Statements: This news release contains "forward-looking statements"
within the meaning of applicable Canadian securities legislation.
Forward-looking statements are indicated expectations or
intentions. Forward-looking statements in this news release include
that MMI will have revenue as disclosed in the news release, and
that it will use that revenue to repay the MMI Loan. Factors that
could cause actual results to be materially different include but
are not limited to the following: that the revenue which MMI earns
will be insufficient to repay the MMI Loan or that the management
or board of MMI may use the funds for other purposes. Investors are
cautioned against placing undue reliance on forward-looking
statements. It is not our policy to update forward looking
statements.
For further information, contact:
Sanjeev Parsad, President and CEO
Phone: (604) 678.9115
Fax: (604) 678.9279
E-mail: sparsad@pdh-inc.com
Web: www.pdh-inc.com
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