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 provide a corporate
update.
“We have had a very busy and exciting month of
May at Quipt. We continue to strategically position the Company for
continued robust growth and are working hard to garner awareness
across both sides of the border at this important stage in the
Company’s lifecycle,” commented Greg Crawford, CEO and Chairman of
Quipt. “There continues to be extraordinary tailwinds for our
business, and with our deep acquisition pipeline, highly-scalable
infrastructure, pristine balance sheet, and continued operating
momentum, we are ready to capitalize on the overarching opportunity
and aggressively grow into a national provider of respiratory
equipment in the United States. We look forward to sharing our
second quarter fiscal 2021 results on June 1st and working towards
being NASDAQ listed by end of June.”
The Company concluded an extensive review on its
complete rebranding initiative and has become Quipt Home Medical.
Quipt carries on the patient centric model implored by the Company
historically to meet the one-of-a-kind needs of every patient in
its ecosystem. Supported by the reach and the reputation of our
local brands, we strive to enrich the lives of our patients by
providing full-service home respiratory solutions to suit every
kind of need, for every kind of patient. The Company anticipates
leveraging Quipt as a brand into local markets, to further
compliment the Company’s ongoing organic growth initiatives. Quipt
operates out of 51 locations in 11 states with over 17,000
referring physicians and approximately 120,000 current active
patients.
Effective May 13, 2021, all of Quipt’s 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). The share consolidation represented 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. There are now 30,708,698 Common Shares issued and
outstanding.
Quipt’s common shares will continue to trade on
the OTCQX under the ticker symbol “PTQQD” for an additional two
weeks denoting the share consolidation, prior to reverting back to
“PTQQF”. Quipt plans to change its OTCQX ticker symbol to “QIPT”
upon its initial listing on Nasdaq.
On May 14, 2021, the Company filed its Form 40-F
Registration Statement (“Form 40-F”) with the
United States Securities and Exchange Commission (the
“SEC”), fulfilling a significant milestone in the
process for the Company to list its Common Shares on Nasdaq. Quipt
will become a reporting issuer in the United States following
effectiveness of the Form 40-F, in addition to being a reporting
issuer in Canada. A copy of the Form 40-F is available on EDGAR and
the Company's website located at www.quipthomemedical.com.
Listing of the Common Shares on Nasdaq remains
subject to the approval of Nasdaq and the satisfaction of all
applicable listing and regulatory requirements, including the
effectiveness of the Form 40-F by the SEC. Following receipt of all
required approvals, the Company will issue a press release
announcing its first anticipated trading date on Nasdaq.
In addition, the board of directors of the
Company has approved the grant of 1,346,250 stock options and
953,750 restricted stock units under its 2021 Equity Incentive Plan
to eligible officers, directors and employees and consultants of
the Company. The options are exercisable at CAD$8.48 per share vest
over three years and expire in ten years. The restricted stock
units vest over two years and will be settled in Common Shares.
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: the acceptance of the Form 40-F filing with the SEC; the
timing and completion of the proposed listing on Nasdaq; Quipt’s
plans to change its OTCQX ticker symbol; and plan to aggressively
grow into a national provider of respiratory equipment in the
United States, 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: Nasdaq approving the Company for listing; the SEC
declaring the Form 40-F effective; and 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.quipthomemedical.com, or contact:
Cole StevensVP of Corporate Development Quipt
Home Medical Corp.859-300-6455cole.stevens@myquipt.com
Gregory CrawfordChief Executive OfficerQuipt
Home Medical Corp.859-300-6455investorinfo@myquipt.com
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