{"id":408381,"date":"2021-01-05T08:03:31","date_gmt":"2021-01-05T13:03:31","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=408381"},"modified":"2021-01-05T08:03:31","modified_gmt":"2021-01-05T13:03:31","slug":"protech-announces-execution-of-loi-to-acquire-a-profitable-leading-supplier-of-respiratory-therapy-products-and-services-in-the-southeastern-u-s-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/protech-announces-execution-of-loi-to-acquire-a-profitable-leading-supplier-of-respiratory-therapy-products-and-services-in-the-southeastern-u-s-2\/","title":{"rendered":"Protech Announces Execution of LOI to Acquire a Profitable Leading Supplier of Respiratory Therapy Products and Services in the Southeastern U.S."},"content":{"rendered":"
\n

\n Target Has $7 Million in Annualized Revenues and Would Add Over 10,000 Active Patients<\/strong>\n <\/p>\n

\n Over 5,000 Patients Would Enter Protech\u2019s Existing Subscription Based Resupply Model\u00a0 <\/strong>\n <\/p>\n

CINCINNATI, Jan. 05, 2021 (GLOBE NEWSWIRE) — Protech Home Medical Corp. (\u201cProtech<\/strong>\u201d or the \u201cCompany<\/strong>\u201d) (TSXV: PTQ), (OTCQX: PTQQF), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, today announced it has executed a non-binding letter of intent (the \u201cLOI<\/strong>\u201d) to acquire a private respiratory care company in the Southern United States reporting unaudited trailing 12-month annual revenues of approximately $7 million, positive adjusted EBITDA, and positive net income.<\/p>\n

\n Acquisition Details<\/strong>\n <\/p>\n

The target company has been a leader in the respiratory home care services industry within the area it operates in the Southern United States for over 20 years. The target company would serve as an entry for Protech into the new Southern State, adding over 10,000 active patients and a location within 10 minutes of a major metropolitan hub. Protech would begin to build its presence in this new geography by organically leveraging its existing infrastructure and looking for additional bolt-on opportunities. The target company has a heavily weighted respiratory product mix at over 85%, possessing a large selection of respiratory and home medical equipment to meet the needs of today’s patients at home. The staff delivers on a high touch service model, aligned with Protech\u2019s existing model, and is continually educating their patient base to ensure strong compliance of equipment. Moreover, the target company has a stable and diverse payor mix with no more than 50% coming from a particular payor source. In addition, the target company would give Protech the opportunity to add over 5,000 patients from its patient base to Protech\u2019s existing subscription-based resupply program and Protech expects it would derive strong revenue synergies from this initiative.<\/p>\n

The acquisition is expected to increase Protech\u2019s annual revenues by approximately $7 million. Leveraging existing infrastructure, Protech expects to achieve additional revenue and EBITDA generated from organic growth, cross selling and corporate synergies.<\/p>\n

According to the LOI, Protech expects to close the acquisition for cash at a reasonable multiple that would immediately be accretive to EBITDA and net income. Closing of the acquisition is subject to final due diligence, final negotiation and execution of a definitive purchase agreement and all necessary approvals. Closing is anticipated to be within the next 30 days.<\/p>\n

\u201cWe are extremely excited to have executed an LOI that would expand our geographical footprint further into the Southern portion of the United States,\u201d said Greg Crawford, Chairman and CEO of Protech. \u201cThe acquisition would give us a foundation to build from in the new State with over 10,000 active patients, and a location near a major metropolitan hub, which we would plan to grow both organically and inorganically over time. Post-closing, we would plan to seize on a significant opportunity by adding over 5,000 patients to our existing robust subscription-based resupply model. This acquisition would be immediately accretive to Protech\u2019s EBITDA, overall profitability and adds $7 million dollars to the top-line which would bring us to over $130 million in run-rate revenue. We remain focused on strategically layering on complimentary respiratory focused businesses to our strong infrastructure where we can quickly deploy our technology driven model to enhance sales, margins, and patient count over time. At this time, our acquisition pipeline remains robust and we expect 2021 to be a very busy year for Protech as we scale our organization by further penetrating existing markets as well as entering new markets.\u201d<\/p>\n

Chief Financial Officer, Hardik Mehta added, \u201cWe are delighted to have executed on yet another LOI for a profitable respiratory focused company, which would help us strategically scale our business into a new State. Our focus continues to be on profitable $5 to $20+ million-dollar top-line companies, and we have a very deep pipeline of targets at various stages of due-diligence. Post-closing, our balance sheet would remain in exceptional condition and we will continue to be aggressive in our acquisition plan. We look forward to a potential closing on this exciting respiratory care company and will work diligently to integrate the business onto the Protech platform.\u201d<\/p>\n

Additional information will be released by the Company as it occurs. There can be no assurance that any acquisitions (including the particular acquisition contemplated herein) will be completed or the timing of any acquisitions.<\/p>\n

\n ABOUT PROTECH HOME MEDICAL CORP.<\/strong>\n <\/p>\n

The Company provides in-home monitoring and disease management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company\u2019s organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient\u2019s services and making life easier for the patient.<\/p>\n

\n
\n Forward-Looking Statements<\/em>
\n <\/strong>\n <\/p>\n

\n Certain statements contained in this press release constitute “forward-looking information” as such term is \u200e\u200e\u200edefined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, \u200e\u200e\u200e\u200e”will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate \u200e\u200e\u200eto the Company, including: the Company closing the acquisition and the anticipated financial impact (revenue, EBITDA, net income) of the acquisition on Protech\u2019s financial results;<\/em>
\n the acquisition resulting in cross selling and corporate synergies<\/em>
\n ; closing of the acquisition within the next 30 days; the acquisition expected to increase Protech\u2019s \u200eannual revenues by approximately $7 million; <\/em>
\n Protech expecting to close the acquisition for cash at a reasonable multiple that would immediately be accretive to EBITDA and net income; Protech expecting 2021 to be a very busy year for Protech through penetrating existing markets and entering new markets;<\/em>
\n and the Company closing additional acquisitions; are intended to identify \u200eforward-looking information. All statements other than \u200estatements of \u200ehistorical fact may be forward-looking \u200einformation. Such statements reflect the Company’s current \u200eviews and \u200eintentions with respect to future events, and \u200ecurrent information available to the Company, and are \u200esubject to \u200ecertain risks, uncertainties and assumptions, including: receipt of all necessary approvals for the \u200eacquisition; the Company successfully completing the negotiation of a definitive purchase agreement and all closing conditions being \u200ewaived or satisfied in a timely manner; the definitive purchase agreement being executed; and the Company successfully identified, negotiating and completing additional acquisitions, including accretive acquisitions.<\/em>
\n Many factors \u200ecould \u200ecause the actual results, performance or achievements that may be expressed or \u200eimplied by such forward-\u200elooking \u200einformation to vary from those described herein should one or more of these risks \u200eor uncertainties \u200ematerialize. \u200eExamples of such risk factors include, without limitation: credit; market (including \u200eequity, commodity, \u200eforeign \u200eexchange and interest rate); liquidity; operational (including technology and \u200einfrastructure); \u200ereputational; \u200einsurance; strategic; regulatory; legal; environmental; capital adequacy; the \u200egeneral business and \u200eeconomic \u200econditions in the regions in which the Company operates; the ability of the \u200eCompany to execute on key \u200epriorities, \u200eincluding the successful completion of acquisitions, business retention, and \u200estrategic plans and to \u200eattract, develop \u200eand retain key executives; difficulty integrating newly acquired businesses; \u200ethe ability to \u200eimplement business \u200estrategies and pursue business opportunities; low profit market segments; \u200edisruptions in or \u200eattacks (including \u200ecyber-attacks) on the Company’s information technology, internet, network \u200eaccess or other \u200evoice or data \u200ecommunications systems or services; the evolution of various types of fraud or other \u200ecriminal \u200ebehavior to which \u200ethe Company is exposed; the failure of third parties to comply with their obligations to \u200ethe \u200eCompany or its \u200eaffiliates; the impact of new and changes to, or application of, current laws and regulations; \u200e\u200edecline of \u200ereimbursement rates; dependence on few payors; possible new drug discoveries; a novel business model; \u200e\u200e\u200edependence on key suppliers; granting of permits and licenses in a highly regulated business; the overall difficult \u200e\u200e\u200elitigation environment, including in the U.S.; increased competition; changes in foreign currency rates; increased \u200e\u200e\u200efunding costs and market volatility due to market illiquidity and competition for funding; the availability of funds \u200e\u200e\u200eand resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, \u200e\u200e\u200eand methods used by the Company; the occurrence of natural and unnatural catastrophic events \u200eand claims \u200e\u200e\u200eresulting from such events; and risks related to COVID-19 including various recommendations, orders \u200eand \u200e\u200emeasures of governmental \u200eauthorities \u200eto try to limit the pandemic, including travel restrictions, border closures, \u200e\u200e\u200enon-essential business \u200eclosures, \u200equarantines, self-isolations, shelters-in-place and social distancing, disruptions \u200e\u200eto \u200emarkets, economic \u200eactivity, \u200efinancing, supply chains and sales channels, and a deterioration of general \u200e\u200eeconomic \u200econditions \u200eincluding a \u200epossible national or global recession\u200e; as well as those risk factors discussed or \u200e\u200ereferred to in \u200ethe Company\u2019s disclosure \u200edocuments filed with the securities regulatory authorities in certain \u200e\u200eprovinces of Canada \u200eand available at \u200ewww.sedar.com. Should any factor affect the Company in an unexpected \u200e\u200emanner, or should \u200eassumptions \u200eunderlying the forward-looking information prove incorrect, the actual results or \u200e\u200eevents may differ \u200ematerially \u200efrom the results or events predicted. Any such forward-looking information is \u200e\u200eexpressly qualified in its \u200eentirety by \u200ethis cautionary statement. Moreover, the Company does not assume \u200e\u200eresponsibility for the accuracy or \u200e\u200ecompleteness of such forward-looking information. The forward-looking \u200e\u200einformation included in this press release \u200eis \u200emade as of the date of this press release and the Company undertakes \u200e\u200eno obligation to publicly update or revise \u200eany \u200eforward-looking information, other than as required by applicable \u200e\u200elaw.\u200e \u200e<\/em>\n <\/p>\n

Unless otherwise specified, all dollar amounts in this press release are expressed in Canadian dollars.\u200e<\/p>\n

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of \u200ethe \u200eTSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.\u200e<\/p>\n

For further information please visit our website at www.protechhomemedical.com<\/u><\/a>,<\/a>\u00a0or contact:<\/p>\n

Cole Stevens
VP of Corporate Development
Protech Home Medical Corp.
859-300-6455
cole.stevens@myphm.com<\/p>\n

Gregory Crawford
Chief Executive Officer
Protech Home Medical Corp.
859-300-6455
investorinfo@myphm.com<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Target Has $7 Million in Annualized Revenues and Would Add Over 10,000 Active Patients Over 5,000 Patients Would Enter Protech\u2019s Existing Subscription Based Resupply Model\u00a0 CINCINNATI, Jan. 05, 2021 (GLOBE NEWSWIRE) — Protech Home Medical Corp. (\u201cProtech\u201d or the \u201cCompany\u201d) (TSXV: PTQ), (OTCQX: PTQQF), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, today announced it has executed a non-binding letter of intent (the \u201cLOI\u201d) to acquire a private respiratory care company in the Southern United States reporting unaudited trailing 12-month annual revenues of approximately $7 million, positive adjusted EBITDA, and positive net income. Acquisition Details The target company has been a leader in the respiratory home care services industry within the area it … <\/p>\n

Continue reading “Protech Announces Execution of LOI to Acquire a Profitable Leading Supplier of Respiratory Therapy Products and Services in the Southeastern U.S.”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-408381","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nProtech Announces Execution of LOI to Acquire a Profitable Leading Supplier of Respiratory Therapy Products and Services in the Southeastern U.S. - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/protech-announces-execution-of-loi-to-acquire-a-profitable-leading-supplier-of-respiratory-therapy-products-and-services-in-the-southeastern-u-s-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Protech Announces Execution of LOI to Acquire a Profitable Leading Supplier of Respiratory Therapy Products and Services in the Southeastern U.S. - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Target Has $7 Million in Annualized Revenues and Would Add Over 10,000 Active Patients Over 5,000 Patients Would Enter Protech\u2019s Existing Subscription Based Resupply Model\u00a0 CINCINNATI, Jan. 05, 2021 (GLOBE NEWSWIRE) — Protech Home Medical Corp. (\u201cProtech\u201d or the \u201cCompany\u201d) (TSXV: PTQ), (OTCQX: PTQQF), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, today announced it has executed a non-binding letter of intent (the \u201cLOI\u201d) to acquire a private respiratory care company in the Southern United States reporting unaudited trailing 12-month annual revenues of approximately $7 million, positive adjusted EBITDA, and positive net income. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/protech-announces-execution-of-loi-to-acquire-a-profitable-leading-supplier-of-respiratory-therapy-products-and-services-in-the-southeastern-u-s-2\/","og_locale":"en_US","og_type":"article","og_title":"Protech Announces Execution of LOI to Acquire a Profitable Leading Supplier of Respiratory Therapy Products and Services in the Southeastern U.S. - Market Newsdesk","og_description":"Target Has $7 Million in Annualized Revenues and Would Add Over 10,000 Active Patients Over 5,000 Patients Would Enter Protech\u2019s Existing Subscription Based Resupply Model\u00a0 CINCINNATI, Jan. 05, 2021 (GLOBE NEWSWIRE) — Protech Home Medical Corp. (\u201cProtech\u201d or the \u201cCompany\u201d) (TSXV: PTQ), (OTCQX: PTQQF), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, today announced it has executed a non-binding letter of intent (the \u201cLOI\u201d) to acquire a private respiratory care company in the Southern United States reporting unaudited trailing 12-month annual revenues of approximately $7 million, positive adjusted EBITDA, and positive net income. Acquisition Details The target company has been a leader in the respiratory home care services industry within the area it … Continue reading \"Protech Announces Execution of LOI to Acquire a Profitable Leading Supplier of Respiratory Therapy Products and Services in the Southeastern U.S.\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/protech-announces-execution-of-loi-to-acquire-a-profitable-leading-supplier-of-respiratory-therapy-products-and-services-in-the-southeastern-u-s-2\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-05T13:03:31+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEyMDI2NSMzOTAzNzI2IzIwODgwMDI=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/protech-announces-execution-of-loi-to-acquire-a-profitable-leading-supplier-of-respiratory-therapy-products-and-services-in-the-southeastern-u-s-2\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/protech-announces-execution-of-loi-to-acquire-a-profitable-leading-supplier-of-respiratory-therapy-products-and-services-in-the-southeastern-u-s-2\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Protech Announces Execution of LOI to Acquire a Profitable Leading Supplier of Respiratory Therapy Products and Services in the Southeastern U.S.","datePublished":"2021-01-05T13:03:31+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/protech-announces-execution-of-loi-to-acquire-a-profitable-leading-supplier-of-respiratory-therapy-products-and-services-in-the-southeastern-u-s-2\/"},"wordCount":1681,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/protech-announces-execution-of-loi-to-acquire-a-profitable-leading-supplier-of-respiratory-therapy-products-and-services-in-the-southeastern-u-s-2\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEyMDI2NSMzOTAzNzI2IzIwODgwMDI=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/protech-announces-execution-of-loi-to-acquire-a-profitable-leading-supplier-of-respiratory-therapy-products-and-services-in-the-southeastern-u-s-2\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/protech-announces-execution-of-loi-to-acquire-a-profitable-leading-supplier-of-respiratory-therapy-products-and-services-in-the-southeastern-u-s-2\/","name":"Protech Announces Execution of LOI to Acquire a Profitable Leading Supplier of Respiratory Therapy Products and Services in the Southeastern U.S. - 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