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Empower Clinics Inc
Symbol EPW
Shares Issued 395,358,658
Close 2023-01-10 C$ 0.035
Market Cap C$ 13,837,553
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Empower to consolidate 3 The Medi-Collective clinics

2023-01-11 10:13 ET - News Release

Mr. Steven McAuley reports

EMPOWER CLINICS TO CONSOLIDATE OPERATIONS AT THE MEDI-COLLECTIVE

Empower Clinics Inc. is consolidating three of its The Medi-Collective (TMC) medical clinics, with resources to be focused into its flagship Etobicoke (3590 Lakeshore Blvd. W) integrated medical clinic.

The three affected clinics are in London and Kitchener, Ont., as well as 440 Brown's Line in Etobicoke, Ont. These clinics will cease operations under the TMC brand in the company's first quarter of 2023.

Integrated health care services at the flagship Etobicoke medical clinic includes the following multidisciplinary care:

  • Family medicine;
  • Internal medicine;
  • Dermatology;
  • Cardiology;
  • Allied health services.

"This is an important strategic decision to consolidate three underperforming clinics into our flagship Etobicoke clinic. This move will not only generate significant cost savings, but it frankly allows us -- in face of the economic headwinds - -to reset the revenue, operational, cash flow and talent plan for 2023 and beyond for The Medi-Collective," stated Steven McAuley, chairman and chief executive officer of Empower Clinics. "The recruitment and retention of physicians remains a challenge across Canada. Nevertheless, our flagship TMC clinic in Etobicoke has an impressive core team of medical professionals and will continue to offer high-quality and convenient integrated health care to patients."

As part of the restructuring of TMC, Dr. Aviv Tsimerman assumes the role of general manager of TMC. Carolyn Shields is no longer serving as senior vice-president, operations, and has moved on from TMC. Empower thanks her for her contributions and wishes her well for her future endeavours. Head count reductions plus a reduction in facility carrying costs have taken place and the company is already experiencing significant improvements in cash flow as a result.

About Empower Clinics Inc.

Empower is an integrated health care company with multidisciplinary clinics, an at-home medical testing device company and state-of-the-art medical diagnostics laboratories. With a growing presence in the United States and Canada, Empower is a leader in integrated health care and diagnostics solutions and is reshaping the model for patient-first wellness.

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