NEW YORK (360Dx) – VANC Pharmaceutical today announced a shared purchase agreement to acquire all outstanding common shares of HealthTab, a point-of-care platform for Canadian pharmacists for cholesterol, triglyceride, and other testing and monitoring.
Under the terms of the deal, VANC will pay C$200,000 (US$157,471) in cash to HealthTab's vendors, including C$100,000 at closing. The balance will be subsequently paid in six equal installments.
VANC also has agreed to issue the vendors an aggregate of 2.67 million common shares of its stock in three equal tranches, 125 days, 245 days, and 365 days following the deal's closing. Additional share consideration will be payable to the vendors, depending on VANC's 2018 and 2019 net sales, in common shares equal to $100,000.
HealthTab, based in Vancouver, Canada, leverages the Piccolo Xpress analyzer from Abaxis and allows pharmacists to provide point-of-care testing in their stores. In addition to cholesterol and triglyceride tests, HealthTab can be used for blood sugar, liver, kidney function, and electrolyte testing.