ARCPOINT CLOSES SALE OF OWNERSHIP STAKE IN NON-CORE ASSET
Greenville, South Carolina , Jan. 03, 2025 (GLOBE NEWSWIRE) — ARCpoint Inc. (TSXV: ARC) (the “Company” or “ARCpoint”) reports that it has now completed the sale of its 68% share ownership interest in Achieve Behavioral Health Greenville LLC, (“Achieve”) as originally announced December 30, 2024. In exchange for its ownership interest in Achieve, the Company received cash of US$360,000, plus the settlement of US$120,000 in amounts owing between ARCpoint and the buyers of the Achieve interest, for total consideration of US$480,000.
The Transaction was a Non-Arm’s Length Transaction in accordance with the policies of the TSXV. The Transaction also constituted a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Notwithstanding the foregoing, the directors of the Company determined that the Transaction was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(a) and 5.7(1)(b) of MI 61-101.
About ARCpoint Inc.
ARCpoint is an innovative US-based health care company that leverages technology along with brick-and-mortar locations to give businesses and individual consumers access to convenient, cost-effective healthcare information and solutions with transparent, up-front pricing, so that they can be proactive and preventative with their health and well-being.
For more information, please contact:
ARCpoint Inc.
Jason Tong, Chief Financial Officer
Phone : (604) 889-7827
E-mail : invest@arcpointlabs.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
