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Shell Summary for Nov. 5, 2019

2019-11-05 20:40 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange lost 3.04 points to close at 538.66 Tuesday. Jean-Robert Pronovost's first capital pool shell, Physinorth Acquisition Corp. Inc. (PSN: halted), has filed an information circular for its shareholders meeting, which will be held on Nov. 19 in Montreal. At the meeting, the shell will seek approval for its qualifying transaction and an associated name change. For its QT, the shell is acquiring four related companies, which altogether do business as Groupe Premier Soin. Three of those related companies are numbered entities, while the fourth has a name, Excel Health Inc. To acquire Groupe Premier Soin, the shell, which has 4.6 million shares issued, will issue 28 million shares (lowered from 32 million) to its targets' shareholders.

Groupe Premier Soin is a health care staffing agency in Montreal. It has more 1,500 health care professionals in its network. It has about 480 customers, including hospitals, rehabilitation centres, pharmacies and private residences (those in need of caregivers, for example). Groupe Premier Soin also provides administrative services such as billing, scheduling and database management, through its platform called PSweb. In its fiscal year ended Sept. 30, 2018, the group earned $336,090 on revenue of $8.38-million. In the nine months ended June 30, 2019, the group earned less: $159,672 on revenue of $8.3-million. At the end of that period, Groupe Premier Soin had a working capital deficit of $172,034.

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