SKYLIGHT HEALTH TO ACQUIRE US CLINIC GROUP with over $20 million in Revenue

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SKYLIGHT HEALTH TO ACQUIRE US CLINIC GROUP with over $20 million in Revenue - RICH TV LIVE - January 7, 2020 - SKYLIGHT HEALTH TO ACQUIRE US CLINIC GROUP WITH OVER 6 LOCATIONS, $20 MILLION IN REVENUE AND $3 MILLION EBITDA

Skylight Health to acquire US-based Healthcare Group which operates a network of over 6 primary and urgent care centers.
2020 unaudited revenue of over $20 million and $3 million EBITDA.
Immediately accretive deal strengthens organizational team with a robust, centralized corporate infrastructure for national network.
Skylight Health forecasted annual revenue run rate now over $45 million and EBITDA run rate of $ million after closing of the transaction.
Transaction expected to close Q1 2021.

Skylight Health Group Inc (TSXV:SHG; OTCQX: SHGFF) (“Skylight Health”, “SHG” or the “Company”), one of the largest multi-specialty healthcare systems in the United States, is pleased to announce that it has entered into a Binding Letter of Intent (LOI) (the “Transaction), signed on January 6, 2021 to purchase 100% of the shares of a US Primary and Urgent Care clinic group (the “Clinic”) in an arms-length acquisition. For confidentiality reasons, the name and location of the group will remain undisclosed until the closing of the Transaction before the end of Q1 2021. The planned acquisition of the Clinic expands the Company’s bricks and mortar and telemedicine services within one of the existing Skylight Health states.

The Clinic has been operating an established and fast-growing network of primary care clinics. The group is actively credentialed with major insurance carriers. Aligned with SHG’s multi-disciplinary strategy, the Clinic employs a multi-disciplinary approach to patient care management. The Clinic has been successful in servicing Regional Health Systems with pre & post acute care, reducing emergency room visits and readmissions within the communities it serves. The Clinic’s clinical staff mix includes physicians, nurse practitioners, and physician assistants.

The Clinic adds immediate incremental revenue to SHG as it strengthens its market share within an existing state, as well as builds upon the infrastructure to support SHG’s national network of clinics and further growth. The Clinic has built a sustainable and scalable corporate infrastructure including in-house revenue cycle management, credentialing, centralized scheduling, compliance, and medical leadership. SHG expects continuity of its leadership team and clinical staff post-acquisition.

Prad Sekar, CEO, Skylight Health said, “This is an exciting acquisition for SHG. Not only does this further strengthen our position in the US market to bring a one-stop shop approach to care for patients, but significantly reinforces our corporate infrastructure to further scale across other US markets. We have highlighted several transactions of material size throughout 2020 and we are glad to begin executing against this pipeline. With each acquisition, we enhance and strengthen our team to continue to build value for patients and drive fundamental business growth.”

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