TORONTO, ONTARIO -- (Marketwired) -- 07/30/15 -- Prism Medical Ltd. (Prism) (TSX VENTURE: PM) is proud to announce the five-year renewal of an improved sales distribution agreement with Shoppers Home Health Care for safe patient handling and transfer products and services.
This agreement allows the exclusive distribution of products and services for hospital and long term care facilities in Alberta, Saskatchewan and Ontario, comprising approximately 50 per cent of the Canadian market. It will also extend the exclusive license to market certain homecare lift and transfer products under the Waverley Glen brand across Canada (excluding Quebec).
The renewal of this agreement confirms the positive relationship between Prism Medical and Shoppers Home Health Care. Over the past ten years, their partnership has been an example of success in Canadian product design, manufacturing, project management, sales and service.
"Shoppers Home Health Care was our first significant Canadian dealer. Together with our Waverley Glen business, we introduced ceiling lifts and leading edge teams to move and handle devices in our exclusive territories," said Andy McIntyre, Chairman and Chief Executive Officer of Prism. "Their outstanding service philosophy demonstrates cost savings to healthcare providers and our continued partnership will allow consistent service to our customers. We are very proud to not only renew, but extend this agreement with Shoppers Home Health Care."
"This agreement is a strong confirmation of our dedication to our customers, who will continue to be well served by our outstanding team," added Scott Wilks, Vice President of Shoppers Home Health Care. "Prism has been an excellent partner with a well established Canadian operation. We are looking forward to coordinating our strategies and operations in the home care, hospital, and long term sectors."
In addition to the new sales agreement, Prism will also acquire the assets of the Institutional Lifts business in the Greater Vancouver Area. This will be integrated into Angel Accessibility Inc.'s existing British Columbia business, which is a wholly owned subsidiary of Prism. The purchase price for Institutional Lifts was based on the value of assets directly associated with the ongoing support of the business, plus the pledge of certain performance payments during the following three fiscal years.
About Prism Medical Ltd.
Prism is a vertically integrated manufacturer and leading provider of equipment and services used to move and handle mobility challenged individuals in a safe and dignified manner. Prism's products are marketed under the brand names of Prism Medical, ErgoSafe, Waverly Glen and Nightingale in the homecare, acute care and long-term care markets throughout North America. The Company offers solutions that encourage improved care, quality of life and mobility, while seeking to lower the overall cost of the care giving function in a number of ways, including reducing the incidence of handling-related injuries among caregivers. In addition, the Company through its network of Nightingale dealers provides an integrated suite of products and services that make home care a viable option for many people. For further information visit Prism's website at www.prismmedicalltd.com or www.sedar.com.
About Shoppers Drug Mart
Shoppers Drug Mart is one of the most recognized and trusted names in Canadian retailing. The Company is the licensor of full-service retail drug stores operating under the name Shoppers Drug Mart (Pharmaprix in Quebec). With over 1,250 Shoppers Drug Mart and Pharmaprix stores operating in prime locations in each province and two territories, the Company is one of the most convenient retailers in Canada. The Company also licenses or owns 59 medical clinic pharmacies operating under the name Shoppers Simply Pharmacy (Pharmaprix Simplement Sante in Quebec) and six luxury beauty destinations operating as Murale. As well, the Company owns and operates 62 Shoppers Home Health Care stores, making it the largest Canadian retailer of home health care products and services. In addition to its retail store network, the Company owns Shoppers Drug Mart Specialty Health Network Inc., a provider of specialty drug distribution, pharmacy and comprehensive patient support services; and MediSystem Technologies Inc., a provider of pharmaceutical products and services to long-term care facilities. Shoppers Drug Mart is a unique and independent operating division of Loblaw Companies Limited. For more information, visit www.shoppersdrugmart.ca.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-looking statements
This announcement may contain "forward-looking statements" within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Prism to be materially different from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Contacts:
Prism Medical Ltd.
Andrew McIntyre
416-260-2145 ext. 235
amcintyre@prismmedicalinc.com
www.prismmedicalltd.com
Shoppers Drug Mart
Lana Gogas
416.493.1220, ext. 5141
lgogas@shoppersdrugmart.ca
www.shoppersdrugmart.ca
