Quipt Home Medical Commences Trading on Consolidated Basis
May 13 2021 - 2:49PM
Quipt Home Medical Corp. (“
Quipt” or the
“
Company”) (TSXV:QIPT; OTCQX:PTQQD), a U.S. based
leader in the home medical equipment industry, focused on
end-to-end respiratory care, is pleased to announce that that
further to its press release dated May 11, 2021, effective May
13, 2021, all of its issued and outstanding common shares
(“
Common Shares”) began trading on the TSX Venture
Exchange ("
TSXV") on a post-consolidation basis
and under its new name and new TSXV symbol (QIPT).
On May 11, 2021, the Company announced that the
Common Shares would be consolidated on the basis of one (1)
post-consolidation Common Share for each four (4) pre-consolidation
Common Shares (the “Share Consolidation”). The
Share Consolidation represents another step towards the proposed
listing of the Common Shares on The Nasdaq Capital Market
(“Nasdaq”) by meeting the minimum share price
requirement set by Nasdaq for an initial listing of shares.
The Share Consolidation has reduced the number
of existing Common Shares from 122,575,285 Common Shares to
30,643,823 Common Shares. A letter of transmittal was sent by mail
to registered shareholders advising that the Share Consolidation
has taken effect. The letter of transmittal contains instructions
on how registered shareholders can exchange their share
certificates or Direct Registration System (“DRS”)
statements evidencing their pre-consolidation Common Shares for new
share certificates or new DRS statements representing the number of
post-consolidation Common Shares to which they are entitled.
Quipt’s common shares will continue to trade on
the OTCQX under the ticker symbol “PTQQD” for the next 20 business
days denoting the Share Consolidation, prior to reverting back to
“PTQQF”. Quipt plans to change its OTCQX ticker symbol to “QIPT”
upon a Nasdaq up listing.
The Company also wishes to note the amended
conversion price of its 8.0% unsecured convertible debentures due
on March 7, 2024. The amended conversion price is $5.20 per share
reflecting the Share Consolidation and will continue trading on the
TSXV under the new symbol “QIPT.DB.A”.
ABOUT QUIPT HOME MEDICAL
CORP.
The Company provides in-home monitoring and
disease management services including end-to-end respiratory
solutions for patients in the United States healthcare market. It
seeks to continue to expand its offerings to include the management
of several chronic disease states focusing on patients with heart
or pulmonary disease, sleep disorders, reduced mobility and other
chronic health conditions. The primary business objective of the
Company is to create shareholder value by offering a broader range
of services to patients in need of in-home monitoring and chronic
disease management. The Company’s organic growth strategy is to
increase annual revenue per patient by offering multiple services
to the same patient, consolidating the patient’s services and
making life easier for the patient.
Forward-Looking Statements
Certain statements contained in this press
release constitute "forward-looking information" as such term is
defined in applicable Canadian securities legislation. The
words "may", "would", "could", "should", "potential", "will",
"seek", "intend", "plan", "anticipate", "believe", "estimate",
"expect" and similar expressions as they relate to the Company,
including: and the timing and completion of the proposed listing
on Nasdaq; are intended to identify forward-looking information.
All statements other than statements of historical fact may be
forward-looking information. Such statements reflect the
Company's current views and intentions with respect to future
events, and current information available to the Company, and are
subject to certain risks, uncertainties and assumptions ,
including: the Company successfully identified, negotiating and
completing additional acquisitions, including accretive
acquisitions. Many factors could cause the actual results,
performance or achievements that may be expressed or implied by
such forward-looking information to vary from those described
herein should one or more of these risks or uncertainties
materialize. Examples of such risk factors include, without
limitation: credit; market (including equity, commodity, foreign
exchange and interest rate); liquidity; operational (including
technology and infrastructure); reputational; insurance;
strategic; regulatory; legal; environmental; capital adequacy; the
general business and economic conditions in the regions in
which the Company operates; the ability of the Company to execute
on key priorities, including the successful completion of
acquisitions, business retention, and strategic plans and to
attract, develop and retain key executives; difficulty
integrating newly acquired businesses; the ability to implement
business strategies and pursue business opportunities; low profit
market segments; disruptions in or attacks (including
cyber-attacks) on the Company's information technology, internet,
network access or other voice or data communications systems or
services; the evolution of various types of fraud or other
criminal behavior to which the Company is exposed; the failure
of third parties to comply with their obligations to the Company
or its affiliates; the impact of new and changes to, or
application of, current laws and regulations; decline of
reimbursement rates; dependence on few payors; possible new drug
discoveries; a novel business model; dependence on key
suppliers; granting of permits and licenses in a highly regulated
business; the overall difficult litigation environment,
including in the U.S.; increased competition; changes in foreign
currency rates; increased funding costs and market volatility
due to market illiquidity and competition for funding; the
availability of funds and resources to pursue operations;
critical accounting estimates and changes to accounting standards,
policies, and methods used by the Company; the occurrence of
natural and unnatural catastrophic events and claims resulting
from such events; and risks related to COVID-19 including various
recommendations, orders and measures of governmental
authorities to try to limit the pandemic, including travel
restrictions, border closures, non-essential business
closures, quarantines, self-isolations, shelters-in-place and
social distancing, disruptions to markets, economic activity,
financing, supply chains and sales channels, and a deterioration
of general economic conditions including a possible national
or global recession; as well as those risk factors discussed or
referred to in the Company’s disclosure documents filed with
the securities regulatory authorities in certain provinces of
Canada and available at www.sedar.com. Should any factor affect
the Company in an unexpected manner, or should assumptions
underlying the forward-looking information prove incorrect, the
actual results or events may differ materially from the
results or events predicted. Any such forward-looking information
is expressly qualified in its entirety by this cautionary
statement. Moreover, the Company does not assume responsibility
for the accuracy or completeness of such forward-looking
information. The forward-looking information included in this
press release is made as of the date of this press release and
the Company undertakes no obligation to publicly update or
revise any forward-looking information, other than as required by
applicable law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For further information please visit our website
at www.protechhomemedical.com, or contact:
Cole StevensVP of Corporate Development Quipt
Home Medical Corp.859-300-6455cole.stevens@myphm.com
Gregory CrawfordChief Executive OfficerQuipt
Home Medical Corp.859-300-6455investorinfo@myphm.com
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