CareRx Receives Clearance Under the Competition Act for Acquisition of Long-Term Care Pharmacy Division of Medical Pharmacies
TORONTO, Aug. 5, 2021 /CNW/ - CareRx Corporation ("CareRx" or the "Company") (TSX: CRRX), Canada's leading provider of pharmacy services to seniors living and other congregate care communities, announced today that the Competition Bureau has issued a "no action letter" in connection with CareRx's proposed acquisition of the Long-Term Care Pharmacy Division (the "MPGL LTC Pharmacy Division") of Medical Pharmacies Group Limited (the "Acquisition"). The issuance of the no action letter, which provides that the Competition Bureau does not intend to challenge the Acquisition under the Competition Act, satisfies one of the closing conditions of the Acquisition.
The MPGL LTC Pharmacy Division is comprised of 18 fulfillment centres serving approximately 36,000 residents of long-term care, assisted living and other congregate care settings across Ontario, Alberta and British Columbia. Upon closing, CareRx expects to service over 92,000 residents through a significantly strengthened national fulfillment network.
The Acquisition remains subject to the satisfaction of a number of customary closing conditions. CareRx currently expects to close the Acquisition by mid-September.
CareRx is Canada's leading provider of pharmacy services to seniors communities. We serve over 56,000 residents in over 1,000 seniors and other congregate care communities (long-term care homes, retirement homes, assisted living facilities, and group homes). We are a national organization with a large network of pharmacy fulfillment centres strategically located across the country. This allows us to deliver medications in a timely and cost-effective manner and quickly respond to routine changes in medication management. We use best-in-class technology that automates the preparation and verification of multi-dose compliance packaging of medication, providing the highest levels of safety and adherence for individuals with complex medication regimes. We take an active role in working with our home operator partners to promote resident health, staff education, and medication system quality and efficiency.
This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding the Company's business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events, including in respect of the Acquisition. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.
Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include the Company's exposure to and reliance on government regulation and funding, the Company's liquidity and capital requirements, exposure to epidemic or pandemic outbreak, the highly competitive nature of the Company's industry, reliance on contracts with key customers and other risk factors described from time to time in the reports and disclosure documents filed by the Company with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such future results, levels of activity or achievements and neither the Company nor any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. The factors underlying current expectations are dynamic and subject to change.
SOURCE CareRx Corporation
For further information: visit www.carerx.ca or contact: David Murphy, President & Chief Executive Officer, CareRx Corporation, 416-927-8400; Lawrence Chamberlain, Investor Relations, LodeRock Advisors, 416-519-4196, firstname.lastname@example.org