Skylight Health Group Inc. (formerly CB2 Insights)
(CSE:SHG; OTCQB: CBIIF) (“
Skylight
Health” or the “
Company”), one of
the largest multi-specialty healthcare services in the United
States, today announces its rebranding and corporate plan to
address massive gaps and opportunities in the US trillion-dollar
healthcare market. To view the new brand and learn more, visit the
new website www.skylighthealthgroup.com.
Prad Sekar, Chief Executive Officer of Skylight Health Group
stated “For the past 25 years, my co-founder Kash Qureshi and I
have built successful and profitable healthcare operations. We are
now on a path to becoming one of the largest multi-specialty
healthcare system in the US. By providing a broad range of services
that are not traditionally found under one clinic group, we are
able to provide services both physically and virtually and we do so
at a substantially lower cost to the patient. We bring the focus
back to the patient. Whether it is providing insurable services to
patients with insurance or subscription services for the uninsured
or underinsured, patients are able to have greater accessibility
and greater affordability in an otherwise fragmented and complex
industry.”
The US healthcare market represents a multi-trillion-dollar
opportunity ripe for disruption. Skylight has a hybrid approach to
healthcare delivery. In-clinic services to support patient needs
where standards of care require the physical presence of a health
care provider; and virtual telemedicine to support patients who may
not need to travel or further expose themselves by receiving the
same quality of care from the comfort of their home. With a
multi-disciplinary approach, the Company brings primary care,
sub-specialty, allied health & wellness and
laboratory/diagnostic services under one roof.
Skylight operates both an organic growth strategy, implementing
new services to broaden the offerings available within each clinic.
The Company’s clinic network will offer primary care services.
Additional services will be based on each population set in each
region and will complement the healthcare needs of patients.
The Company also employs a growth-by-acquisition strategy.
Acquisitions are attractively priced between 3 to 7 times EBITDA or
in some cases, less than 1 times revenue. The Company has already
demonstrated its ability to target, qualify and acquire with its
two most recent transactions in October and November 2020 and a
third deal already announced and set to close early 2021. On an
aggregate basis, the three transactions will add an incremental
expected $5 million to the current run rate. The Company is on
track to achieve a $20 million run rate by the end of 2020. At any
given time, there are more than 200 potential acquisition
opportunities in the market throughout the US that are seen as an
ideal addition to Skylight Health. The Company believes this
pathway to growth will continue to result in growth opportunities
that are accretive to its core clinical offerings and add immediate
revenue and positive EBITDA.
The Company looks forward to providing further updates about its
strategy and outlook for 2021 during its scheduled Q3 2020 earnings
call on Tuesday, December 1, 2020. For dial in details, click
here.
Under its existing stock option plan, the company has granted
certain consultants 2,050,000 stock options. The Company has
engaged Winning Media (“ WM ”) to provide strategic digital media
services, marketing, and data analytics services (the “ Services
”).The Company has agreed to pay WM $250,000 USD in consideration
for the Services to be provided for a 6-month term. WM will not
receive any securities of the Company as compensation for the
Services. The Company has signed an agreement with Octagon Media
Corp./Wall Street Reporter (“ Octagon ”) for an investor marketing
program, which includes digital media and investor awareness. The
Company has agreed to pay Octagon $125,000 USD in consideration for
providing the marketing program for a 6-month term. Octagon will
receive options within the existing stock option plan of the
Company of 500,000 options at $0.60 for a 1-year period.
About Skylight Health
Group
Skylight Health Group (CSE:SHG OTCQB:CBIIF) is a
healthcare services and technology company, working to positively
impact patient health outcomes. The Company operates a US
multi-state health network that comprises of physical
multi-disciplinary medical clinics providing a range of services
from primary care, sub-specialty, allied health and
laboratory/diagnostic testing. The Company owns and operates a
proprietary electronic health record system that supports the
delivery of care to patients via telemedicine and other remote
monitoring system integrations. healthcare services. With a patient
roster of over 120,000 patients, the Company’s operations spread
across 14 states and continues to expand in services and locations
both organically and by way of strategic acquisitions.
The Company primarily operates a traditional
insurable fee-for-service model contracting with Medicare, Medicaid
and other Commercial Payors. The Company also offers a disruptive
subscription-based telemedicine service for the un/under-insured
population who have limited access to urgent care due to cost.
For more information, please visit www.skylighthealthgroup.com
or contact:
Investor RelationsJonathan L. Robinson CFAOak
Hill Financialjrobinson@oakhillfinancial.ca416-669-1001
Forward Looking Statements
Statements in this news release that are forward-looking
statements are subject to various risks and uncertainties
concerning the specific factors disclosed here and elsewhere in
Skylight Health’s filings with Canadian securities regulators. When
used in this news release, words such as "will, could, plan,
estimate, expect, intend, may, potential, believe, should," and
similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation,
statements regarding the Company’s unaudited financial results and
projected growth.
Although Skylight Health as attempted to identify important
factors that could cause actual results, performance or
achievements to differ materially from those contained in the
forward-looking statements, there can be other factors that cause
results, performance or achievements not to be as anticipated,
estimated or intended, including, but not limited to: dependence on
obtaining regulatory approvals; investing in target companies or
projects which have limited or no operating history and are subject
to inconsistent legislation and regulation; change in laws;
reliance on management; requirements for additional financing;
competition; hindering market growth and state adoption due to
inconsistent public opinion and perception of the medical-use and
recreational-use marijuana industry and; regulatory or political
change.
There can be no assurance that such information will prove to be
accurate or that management's expectations or estimates of future
developments, circumstances or results will materialize. As a
result of these risks and uncertainties, the results or events
predicted in these forward-looking statements may differ materially
from actual results or events.
Accordingly, readers should not place undue reliance on
forward-looking statements. The forward-looking statements in this
news release are made as of the date of this release. Skylight
Health disclaims any intention or obligation to update or revise
such information, except as required by applicable law, and
Skylight Health does not assume any liability for disclosure
relating to any other company mentioned herein.
No securities regulator or exchange has reviewed,
approved, disapproved, or accepts responsibility for the content of
this news release.
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