- ScreenPro Security (SCRN) has entered into an LOI to acquire the assets of Centred Ventures, LLC
- Centred is a US-based travel wellness medical technology company that connects travellers to leading wellness brands in over 200 cities worldwide
- ScreenPro sees tremendous opportunities to cross-sell its covid tests and services to the over 200 cities that Centred has relationships with
- The Definitive Agreement is expected to be signed on or before June 31st, 2021
- ScreenPro Security provides turnkey coronavirus screening solutions to the private sector
- ScreenPro (SCRN) opened trading at $0.06 per share
ScreenPro Security (SCRN) has entered into a Letter of Intent to acquire the assets of Centred Ventures, LLC.
Centred is a US-based travel wellness medical technology company that connects travellers to leading wellness brands in over 200 cities worldwide. Centred offers an app, website, physical locations, e-commerce, health and wellness, and loyalty programs.
Centred has established relationships with the airport authorities in the UAE where all travellers to the region will be sent the Centred App to upload their proof of a negative Covid-19 test before boarding the flight.
ScreenPro sees tremendous opportunities to cross-sell its covid tests and services to the over 200 cities that Centred has relationships with.
Subject to the completion of satisfactory mutual due diligence within 30 days from the date of the LOI, ScreenPro and the Centred will enter into the Definitive Agreement.
“As businesses and countries continue to open and global travel expands, we believe that adding this travel wellness technology component to our existing medical security business will drive significant value for all shareholders. Brian and his team have built a great integrated technology that is easy to use for travelers with an added bonus of the loyalty component with some very big value add brands,” said Andrew Ryu, CEO of the Company.
ScreenPro will acquire all of the assets of Centred. The Definitive Agreement is expected to be signed on or before June 31st, 2021.
ScreenPro will acquire all Centred assets for an aggregate purchase price of C$13 million. The purchase will be satisfied through the issuance of common shares at a deemed price of CAD $0.10.
The shares shall be issued in stages based on defined milestones. One of the most significant being $3,000,000 that will be issued if fiscal 2022 net revenue is at least US$10,000,000.
Issuance of the shares and their underlying securities shall be subject to the receipt of regulatory approvals including the CSE. Once the transaction has closed, Centred assets will be placed in a wholly-owned subsidiary of ScreenPro.
Brian Chappon shall be appointed president of the subsidiary.
Through Centred’s partnerships with global credit cards, brands, and aggregators, they have access to over 57 million affluent members worldwide.
ScreenPro Security provides turnkey coronavirus screening solutions to the private sector.
ScreenPro (SCRN) opened trading at $0.06 per share.
