Levitee Labs Acquires Five Addiction Clinics in Alberta

Levitee Labs Acquires Five Addiction Clinics in Alberta

  • Levitee acquires the majority of the operating assets of ACT Medical Centres Inc.
  • Five acquired addiction clinics have conducted 35,000+ patient visits over last 12 months
  • Clinics will be integrated with Levitee’s growing portfolio of healthcare assets

VANCOUVER, British Columbia, July 29, 2021 (GLOBE NEWSWIRE) — Levitee Labs Inc. (CSE: LVT) (the “Company” or “Levitee”), an integrative wellness company with a diversified portfolio of healthcare and wellness assets, today announces the completion of the acquisition of the majority of the operating assets of ACT Medical Centres Inc. (“ACT Medical”) as of July 28, 2021. These assets include 5 addiction treatment clinics across the province of Alberta that have conducted over 35,000 patient visits during the past 12 months.

ACT Medical is a community-based organization providing in-depth assessment, customized treatment and counselling to patients suffering from opioid use disorder, chronic pain, and mental health conditions. Each clinic employs a highly educated and specialized team of dedicated physicians, nurses and therapists working in unison with patients to ensure treatment goals are achieved. ACT Medical’s clinics are located throughout the province of Alberta, including Calgary, Medicine Hat, Red Deer, Grande Prairie and Lethbridge.

In consideration for the acquisition, Levitee paid $350,000 in cash on the closing date.

Pouya Farmand, CEO of Levitee, states: “We are thrilled to have acquired these five addiction clinics, which directly interface with patients that need alternative medicines and therapies the most. Unfortunately, substance abuse and addiction in Canada is far too prevalent, and current service options do very little to improve the health and wellness of these patients. With innovation and our patient-centric approach, we expect to make a meaningful impact and improve services to the Alberta communities where these clinics are located.”

“These assets give us a great start in building our platform for addiction treatment services, with over 20,000 individual patient records and a name brand in the Alberta market,” added Ken Osborne, Head of M&A at Levitee. “We are currently evaluating additional accretive opportunities to grow our footprint across Canada.”

Levitee intends to integrate these clinics with its current assets in mental health and addiction treatment, as well as assets that are acquired by Levitee in the future.

“Over the past 5 years, ACT Medical has become a leader for the provision of evidence-based treatment programs for people suffering from addictions and chronic pain in Alberta”, said Carrie Wylie, Executive Director, ACT Medical. “We are delighted to join the Levitee team on its journey to become a leader in the area of mental health and wellness nationally.”

Levitee is also pleased to announce the acquisition of a 5,400 square foot building in Grande Prairie, Alberta. In the future, Levitee intends to use the building to host business operations that are complementary to the Company’s mental health and addiction services which are also currently operating in the building.

About ACT Medical Centres Inc.

ACT Medical provides a bridge to recovery. In the continuum of care, it plays a significant role in preparing individuals for recovery. ACT Medical is a community-based organization focused on treating people with opioid use disorder, chronic pain, and mental health issues. ACT Medical has established Care Teams at each of its locations to serve patients. The Care Teams are comprised of a medical director, physicians, nurses, and medical office assistants (MOA’s). They provide specialized treatment services as well as provide patients access to recovery programs/beds; access to AISH programs; access to case workers; access to other social supports such as housing support, food services, and dental care, and more. Recovery is the focus of ACT Medical’s policies and practices.

About Levitee Labs

Levitee Labs is establishing itself as a leader in the integrative wellness space. Through leveraging an M&A regimen that focuses on the centralization of complementary integrative wellness assets, Levitee Labs aims to transform mental health and addiction treatments through the integration of psychedelic medicines and therapies.  

Further information about the Company is available on its website at www.leviteelabs.com.   

Forward-Looking Statements

This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance, or achievements that Levitee anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, statements respecting the Company’s planned acquisitions, the closing of same and the expected benefits of same, Levitee’s business plans and proposed products. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of Levitee to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. These risks and uncertainties include, but are not limited to, those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that any such statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement.       

The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.