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Shell Summary for June 24, 2019

2019-06-24 21:20 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 3.45 points to close at 589.12 Monday. David Antony's first capital pool shell, Rider Investment Capital Corp. (RDR: halted), plans to acquire U.S. Cryotherapy Holdings Ltd. for the shell's qualifying transaction. The shell will roll back 1 for 2, leaving it with 2.25 million shares issued, then issue 50,716,652 shares to its target's shareholders as well as a creditor.

U.S. Cryotherapy operates a franchise of 22 cryotherapy centres in nine states. Three more centres are on the way, including one in what will be the company's 10th state. Cryotherapy is the use of extreme cold in a medical treatment, for instance to destroy warts by freezing them. U.S. Cryotherapy offers whole-body "cold shock" in which its customers go into cryotherapy chambers for two to 3.5 minutes. It also offers localized treatments for specific muscle areas or joints. It explains that cryotherapy is good for treating things like inflammation, chronic pain and poor circulation. U.S. Cryotherapy boasts of having performed more than one million treatments without any adverse events, since the company opened its first centre in 2011. Unlike most cryotherapy treatments available, U.S. Cryotherapy's treatments do not use liquid nitrogen, which sometimes causes injuries such as frostbite and nerve damage.

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