Puget Technologies Finalizes Acquisition Terms with Primary Care Health Provider
Boca Raton, Florida--(Newsfile Corp. - October 29, 2021) - Puget Technologies, Inc. (OTC Pink: PUGE) ("Puget"), a Nevada corporation subject to reporting obligations pursuant to Sections 13 and 15(d) of the Securities Exchange Act of 1934, as amended, announces today that on October 28, 2021, it signed a merger agreement and plan of reorganization with a joint venture formed by Primary Medical Physicians, LLC, a Florida limited liability ("PMP"), Personal Care Medical Group, LLC, a Florida limited liability company ("PCMG"), and, Glades Medical Centers LLC, a Florida limited liability company using Glades Medical Centers of Florida, LLC, a Florida Limited Liability company ("GMCF") as the joint venture vehicle, all four entities being collectively referred to as Glades. Under the terms of the agreement and pursuant to the successful completion of due diligence investigations, the Glades entities will merge into the Puget Health division, with all securities of the four entities comprising Glades converting into 200,000 shares of Puget's Class B Convertible Preferred Stock at the agreed-upon value of $5.00 per share, with the opportunity, based on performance over a three-year period, to acquire up to an additional 40,000 shares. Puget will also make available to Glades a $1,000,000 line of credit dependent on the final closing of Puget's limited offering. Glades services focus on preventative primary care as well as diagnosis and treatment of illnesses and minor injuries.
"I'm looking forward to working with the Glades team as we put together the pieces of our complex and game-changing strategy. Glades will become a centerpiece in the rollout of our synergistic healthcare ecosystem," says Karen Fordham, Puget President & CEO. "Adding primary care to our holdings will complement the mental health business we are generating with our (proposed) acquisitions in that sector. Our ability to cross-pollinate both talent and customer base from other Puget companies will enable GMC of Florida to exponentially increase revenue."
Dr. Ray Berenguer, M.D., Medical Director for Glades, further adds, "I'm so glad that we have decided to go forward with this transaction. Our collaboration with Puget to create an integrated healthcare delivery system will greatly improve the quality of patient care in the State of Florida and beyond."
About Puget Technologies, Inc.
Puget Technologies, Inc. (pugettechnologies.com) aspires to evolve into an innovation-focused holding company operating through a group of subsidiaries and business units that work together to empower ground-breaking companies to reach their next stage of growth. With a strategy that combines acquisitions, strategic investment strategies, and operational support, Puget intends to provide a one-stop shop for growing companies who need access to both capital and growth resources, while enabling Puget and its stockholders to generate synergies and derive profit through pooled resources and shared goals. Puget's proposed investment focus ranges from traditional industries like health care that are ripe for business model innovation to new markets that strive to solve big societal problems such as climate change. Puget is publicly traded on the Pink Open Market under the ticker symbol "PUGE" and is headquartered in Boca Raton, Florida.
Any statements made in this press release that are not statements of historical fact, including statements about Puget's beliefs and expectations, are forward-looking statements within the meaning of the federal securities laws, and should be evaluated as such. Forward-looking statements can be identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "objective," "plan," "potential," "predict," "projection," "should," "will" or, in each case, their negative, or other variations or comparable terminology. Puget bases these forward-looking statements or projections on its current expectations, plans and assumptions that it has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances and at such time. As you read and consider this press release, you should understand that these statements are not guarantees of future performance or results. The forward-looking statements and projections are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or projections. Although Puget believes that these forward-looking statements and projections are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect Puget's actual results to differ materially from those expressed in the forward-looking statements and projections. Puget undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. If Puget does update one or more forward-looking statements, there should be no inference that it will make additional updates with respect to those or other forward-looking statements.
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