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Empower Clinics to roll out U.S. health care network

2022-12-07 13:50 ET - News Release

Mr. Steven McAuley reports

EMPOWER CLINICS ANNOUNCES PARTNERSHIP WITH SPECIALTY NETWORKS OF NORTH AMERICA TO SERVE UNDERSERVED COMMUNITIES ACROSS U.S.

Empower Clinics Inc. has signed a letter of intent (LOI) with Specialty Network of North America Inc. (SNNA) to launch a health care network whose mission is to bring access to quality and affordable specialty health care to underserved communities across the United States.

Tens of millions of people are living in areas of the United States with insufficient basic health care. Sixty-five million people live in regions without adequate primary care designated by the United States federal government. According to the U.S. Census Bureau in 2021, 8.3 per cent of people, or 27.2 million, did not have health insurance at any point during the year. Surveys also show that more than two of five, or 43 per cent, of working-age U.S. adults are inadequately insured. Almost 70 million Americans are either uninsured or underinsured.

Alexis Wukich, chief executive officer of SNNA, stated: "The partnership between SNNA and Empower Clinics will enable us to provide quality, specialty care services to underserved communities throughout the United States. Our model will enable us to scale our processes and protocols so that we can expand our programs quickly, from both a geographic and services perspective." Ms. Wukich further states: "We recognize Empower is a leader in integrated health care and diagnostic solutions in the United States and Canada and we expect to leverage the brand and assets of Empower to accelerate our business and growth model."

SNNA intends to:

  • Launch an initial pilot to offer specialty cardiology screening services to underserved communities anticipated to be located in Pittsburgh, Penn., for Q1 2023;
  • Utilize Empower's diagnostics division, Medisure Laboratory, to complete diagnostic screening services and processing of laboratory panels and tests;
  • Launch a second pilot of specialty cardiology screening services to underserved communities anticipated to be located in Dallas, Tex., for first half of 2023;
  • Explore the addition of other specialty screening services for its pilots such as dermatology screening utilizing state-of-the-art dermatology scanners, virtual care and telemedicine services.

"High-quality and affordable health care is one of the biggest challenges facing the U.S. and it's also an area where Empower Clinics' integrated health care solutions can make a huge difference," stated Steven McAuley, chairman and chief executive officer of Empower Clinics. "Combining our clinic, diagnostics and at-home testing experience with SNNA's experience and talent in the U.S. will create exciting solutions for underserved patients across the U.S. Working together, Empower and SSNA can help make health care services more accessible and cost efficient while improving patient care. Improving the quality of health care through innovative collaboration is a core goal of Empower Clinics. We will continue to create such partnerships that are both transformative for patients and immediately accretive to our business."

The details of the partnership and its investment structure will be finalized in a definitive agreement to be completed in early 2023. It is anticipated that up to two other strategic investors may participate in the investment of this initiative.

The company also announces that is has issued an aggregate of 1.45 million stock options to directors, officers and consultants. Each option is exercisable to acquire one common share of the company at a price of four cents for a period of five years from grant. Certain options are fully vested on issuance with other options subject to vesting periods over the course of the term of the options.

About Empower Clinics Inc.

Empower is an integrated health care company that provides body and mind wellness for patients through its clinics, with digital and telemedicine care, a medical device company, and world-class medical diagnostics laboratories. Supported by an experienced leadership team, Empower is aggressively growing its clinical and digital presence across North America. Its health and wellness and diagnostics and technology business units are positioned to positively impact the integrated health of its patients, while simultaneously providing long-term value for its shareholders.

We seek Safe Harbor.

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