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by Stockwatch Business Reporter
The TSX Venture Exchange fell 11.38 points to 885.33 Monday.
Geoff Balderson's Dynamo Capital Corp. (DDD: suspended) plans to acquire
a U.S. teleheath company, CareSpan Holdings Inc.,
for the shell's qualifying transaction. The shell will roll back 1 for 4.67, leaving it with 963,597 shares issued, then issue 27,142,873
shares to its target's shareholders.
CareSpan was founded in 2010. It now has "over 50" doctors using its telehealth platform, Clinic-in-the-Cloud. In the nine months to Sept. 30, 2020, the company had revenue of $1.58-million (U.S.). We should find out whether it is profitable when the shell submits a QT filing statement. Before the QT can close, CareSpan must raise $4-million to $6.5-million at 70 cents. The resulting issuer will use the proceeds for acquisitions and product development.
CareSpan's founder and chief medical officer is Dr. Terry Knapp of Colorado. He practised as a plastic surgeon in California for 17 years. In 1992, he co-founded and was the chief executive officer of LipoMatrix Inc., a maker of breast implants. LipoMatrix was acquired in 1998 by a California company, Sierra Medical Technologies Inc., for an undisclosed amount. In 1999, the European approval (CE mark) for LipoMatrix's implant product was suspended, and Sierra stopped selling it in all jurisdictions. Patients reported complications such as swelling, and hundreds of lawsuits arose in Europe and the United States. The company won some cases and settled others, paying out millions.
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