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Good2Go2 provides QT update; QT target Canadian Teleradiology Services, Inc.
provides unaudited third quarter results
TORONTO, ON, September 23, 2020 –- Good2Go2 Corp. (TSXV: GOAL.P) (the "Company")
and Canadian Teleradiology Services, Inc. ("CTS") are pleased to provide an update to the
previously announced intended Qualifying Transaction (as that term is described under the
policies of the TSX Venture Exchange) (the "QT") as well as an update on CTS' unaudited third
quarter business activities and results as of August 31, 2020.
The QT for the acquisition of CTS by Good2Go2 Corp. continues to make progress with both the TSXV and through a concurrent minimum of $4.0 million and up to a maximum of $5.0 million subscription receipts financing (the "Offering") led by Mackie Research Capital Corporation, Canaccord Genuity Corp. and Industrial Alliance Securities Inc. The Company and CTS are working on finalizing a Filing Statement with TSXV and anticipate completing the process in the near future.
Mackie Research Capital Corporation, Canaccord Genuity Corp. and Industrial Alliance Securities Inc., are actively working on and are making significant progress in completing the Offering. All interested advisors should contact their syndication desk for more information on CTS and the Offering. Any accredited investors interested in the Offering should contact their financial advisors for more information.
CTS is a leading Canadian telehealth supplier and solution for small urban and rural hospitals and helps to ensure hospital and clinics can provide quality service to their communities and patients. CTS provides remote access for 28 facilities around Ontario enabling hospital's emergency rooms and diagnostic imaging departments to offer their communities and patients emergency care on a 24-hour 7 day a week cycle.
CTS reports that unaudited July and August 2020 revenues are just under $500,000 each month and that CTS is now on track for calendar year 2020 annual revenues of $6 million with anticipated EBITDA of $600,000. CTS is actively upgrading its third-party technology and adding additional radiologists to read CT, MRI and ultrasound images in order to facilitate its continued expansion in Ontario and across Canada.
Mitch Geisler, CEO of CTS, stated, "CTS now has enhanced infrastructure in place to meet its objectives of $10 million in revenues and $1.35 million in EBITDA in 2021." CTS has had growth of approximately 19% per year from 2017 to 2019 (based on audited results) and key CTS management feels that it can now accelerate that growth. "Growth can be even further accelerated with the closing of the QT and Offering which allocates $2 to $3 million towards CTS expansion efforts and acquisitions", added Geisler.
About Canadian Teleradiology Services, Inc.
Canadian Teleradiology Services, Inc. is a leading provider of teleradiology and telehealth services to patients and client hospitals in Canada. We are focused on teleradiology and medical imaging businesses, assisting hospitals imaging and emergency departments provide timely and effective patient care. For more information, please contact CTS at email@example.com or visit www.ctsrad.com.
About Good2Go2 Corp.:
Good2Go2 Corp. ("G2G") was incorporated under the Business Corporations Act (Ontario) on March 19, 2019 and is a capital pool company listed on the TSX Venture Exchange (the "Exchange"). G2G has no commercial operations and has no assets other than cash. No representation is made that a QT will be consummated by the Company within the timelines of the relevant policies of the Exchange or if at all.
This news release contains "forward-looking information" within the meaning of applicable securities laws, which involves known and unknown risks, uncertainties and other factors relating to the proposal to complete the Qualifying Transaction and associated transactions that may cause actual events to differ materially from current expectations. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the Qualifying Transaction and associated transactions, that the ultimate terms of the Qualifying Transaction, and associated transactions will differ from those that currently are contemplated, and that the Qualifying Transaction and associated transactions will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities).
Completion of the Qualifying Transaction is subject to a number of conditions including, but not limited to, Exchange acceptance, the availability of funds, the results of financing efforts, the parties' due diligence reviews, and general market conditions. There can be no assurance that the transaction will be completed as proposed or at all. Other conditions that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
For additional information, please contact:
James Cassina, President & Chief Executive Officer
Canadian Teleradiology Services, Inc.
Mitchell Geisler, Chief Executive Officer
Mackie Research Capital Corporation
David Keating, Managing Director
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