Mill City to Acquire Florida Pharmacy Solutions, Inc.
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 08/04/15 -- MILL CITY GOLD CORP. ("Mill City" and/or the "Company") (TSX VENTURE: MC)(FRANKFURT: NJ6) is pleased to announce it is has signed a Letter of Agreement to acquire 100% of the issued and outstanding shares of Florida Pharmacy Solutions, Inc. ("FPS"), a pharmaceutical compounding company located in Zephyrhills, FL, a suburb of metropolitan Tampa Bay.
FPS is a full service, state of the art, compounding pharmacy with over 60 years of clinical experience specializing in providing effective compounds for patients and prescribers. FPS specializes in non-narcotic pain creams as well as creams for wound management, scar management, neurology management, nausea management, dermatology and bio-identical hormones.
FPS was incorporated in Florida in August 2012. For the year ended December 31, 2013, FPS had total revenue of US$4.34 million with a net income of US$903,064. For the year ended December 31, 2014, FPS had total revenue of US$20.60 million with a net income of US$7.52 million. Total revenue for 2015 Q1 was US$12.6 million with a net income of US$956,052. Working capital at June 30, 2015 was $9.86 million. All financial information quoted for the year ended December 31, 2013 and December 31, 2014 respectively has been taken from FPS audited financial statements. All financial information quoted for 2015 Q1 and at June 30, 2015 is unaudited and has been provided by a CPA who is independent of FPS.
Pharmaceutical compounding ("Compounding") is a branch of pharmacy that continues to play a crucial role of drug development. Compounding is the creation of a particular pharmaceutical product to fit the unique need of a patient. To do this, compounding pharmacists combine or process appropriate ingredients using various tools.
To acquire FPS, the Company will issue 25 million common shares at a deemed value of US$0.50 per share for a total consideration of US$12.5 million.
Mill City has been a resource issuer since incorporation. The completion of this transaction will result in a Change of Business. The Company will be changing its name to FPS Pharma Inc.
The closing of this transaction is subject to shareholder and regulatory approval.
ON BEHALF OF THE BOARD OF DIRECTORS
James R. Brown
Chairman, President & CEO
The TSX Venture 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.
Contacts:
Mill City Gold Corp.
James R. Brown
403-640-0110
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Datum: 04.08.2015 - 13:00 Uhr
Sprache: Deutsch
News-ID 411244
Anzahl Zeichen: 5494
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Mining & Metals
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