Skylight Health Group Enters New State Acquiring Pennsylvania Clinic Group Aspire Health Concepts
September 15 2021 - 7:00AM
Skylight Health Group Inc. (NASDAQ:SLHG; TSXV:SLHG) (“Skylight
Health”, “Skylight” or the “Company”), a multi-state primary care
management group in the United States, today announces execution of
definitive agreements to acquire a controlling interest in Aspire
Health Concepts, Inc. (“Aspire”), a primary care group in
Pennsylvania with 2 locations. The acquisition expands the
Company’s primary care services into a new state and grows its
patient base by over 10,000 per year.
Aspire has been operating a multi-disciplinary network of
clinics for over 12 years in Harrisburg, PA. Skylight will
immediately take over the primary and urgent care components of the
business. The acquisition is immediately accretive to the Company
as it expands its market share into a new state with an established
patient base. Skylight expects full continuity of the Aspire
leadership and clinical teams post-acquisition.
Prad Sekar, CEO, Skylight said “This is a very exciting
acquisition for us. Skylight enters a new market with a clinic
group that is well established and well regarded, at a time when
growth in the primary care sector is strong and patients are
seeking a higher level of care. As we continue to integrate our
growing number of clinics across the US, the Aspire acquisition is
certainly an excellent fit to the Skylight family.”
“We’ve spent the last 12 years building strong relationships
with our patients in eastern Pennsylvania, and we’re proud and
excited to align ourselves with Skylight as we now transition our
patients to an even more comprehensive healthcare model,” said Dr.
David A. White, MD. and Dr. Richard Rayner, MD., Founders of
Aspire. “We fully support the Skylight executive and leadership
team, and believe that with their centralized services and
technology, they have the tools and vision for us to take this
business to the next level.”
The Company has acquired a controlling interest of 70% of
Aspire. The remaining 30% of Aspire will be retained by the two
Founding physicians subject to Skylight’s call option that matures
on the five-year anniversary of the closing. Skylight expects this
structure will enhance alignment between Skylight and the Founding
physicians. The Company expects to close this transaction no later
than September 17th.
ABOUT SKYLIGHT HEALTH GROUP
INC.
Skylight Health Group (NAQSAQ:SLHG; TSXV:SLHG)
is a healthcare services and technology company, working to
positively impact patient health outcomes. The Company operates a
US multi-state primary care health network comprised of physical
practices providing a range of services from primary care,
sub-specialty, allied health, and laboratory/diagnostic testing.
The Company is focused on helping small and independent practices
shift from a traditional fee-for-service (FFS) model to value-based
care (VBC) through tools including proprietary technology, data
analytics and infrastructure. In a FFS model, payors (commercial
and government insurers) reimburse on an encounter-based approach.
This puts a focus on volume of patients per day. In a VBC model,
payors reimburse typically on a capitation (fixed fee per member
per month) basis. This places an emphasis on quality over volume.
VBC will lead to improved patient outcomes, reduced cost of
delivery and drive stronger financial performance from existing
practices.
For more information, please visit
www.skylighthealthgroup.com or contact:
Investor Relations:
Canadian Investors
Jackie
Kelly investors@skylighthealthgroup.com 416-301-2949
U.S. Investors
John EvansJohn.evans@skylighthealthgroup.com415-309-0230
Currency Usage, Cautionary and Forward-Looking
Statements
All currency contained in this Press Release represent Canadian
Dollars unless otherwise stated.
Statements in this news release that are
forward-looking statements are subject to various risks and
uncertainties concerning the specific factors disclosed here and
elsewhere in Skylight Health's filings with Canadian and United
States securities regulators. When used in this news release, words
such as "will, could, plan, estimate, expect, intend, may,
potential, believe, should," and similar expressions, are
forward-looking statements.
Although Skylight Health has attempted to
identify important factors that could cause actual results,
performance or achievements to differ materially from those
contained in the forward-looking statements, there can be other
factors that cause results, performance or achievements not to be
as anticipated, estimated or intended, including, but not limited
to: the ability of Skylight Health to execute on its business
strategy, continued revenue growth in accordance with management’s
expectations, operating expenses continuing in accordance with
management expectations, dependence on obtaining regulatory
approvals; Skylight Health being able to find, complete and
effectively integrate target acquisitions; change in laws relating
to health care regulation; reliance on management; requirements for
additional financing; competition; hindering market growth or other
factors that may not currently be known by the Company.
There can be no assurance that such information
will prove to be accurate or that management's expectations or
estimates of future developments, circumstances or results will
materialize. As a result of these risks and uncertainties, the
results or events predicted in these forward-looking statements may
differ materially from actual results or events.
Accordingly, readers should not place undue
reliance on forward-looking statements. The forward-looking
statements in this news release are made as of the date of this
release. Skylight Health disclaims any intention or obligation to
update or revise such information, except as required by applicable
law, and Skylight Health does not assume any liability for
disclosure relating to any other company mentioned herein.
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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.
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