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Shell Summary for March 3, 2020

2020-03-03 20:49 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange closed up 3.87 points to 517.15 Tuesday. Jean-Robert Pronovost's first capital pool shell, Physinorth Acquisition Corporation Inc., has closed its qualifying transaction, which is the acquisition of Groupe Premier Soin, a health care staffing agency in Montreal. Premier Soin comprised four related companies, including Excel Health Inc., 8961760 Canada Inc. and two other numbered entities. The shell, which had 4.6 million issued shares, issued another 28 million shares to the owners of Premier Soin. Today, the resulting issuer listed as Premier Health of America Inc. (PHA) but did not trade. There is a 25-cent bid and no ask.

Premier Soin, now Premier Health, provides employee placement services. It has more than 1,500 health care professionals available in its roster. It places them with its 480 customers, including hospitals, rehabilitation centres, pharmacies and private residences (those in need of caregivers). In the nine months ended June 30, 2019, the company earned a modest $159,672 on revenue of $8.3-million. At the end of that period, it had a working capital deficit of $172,034. To help Premier Health with its payroll and its general and administrative expenses for the next 12 months, the shell last week raised $1.31-million at 22.5 cents.

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