Puget Technologies Continues Expansion into Healthcare Industry
Boca Raton, Florida--(Newsfile Corp. - September 10, 2021) - Puget Technologies, Inc. (OTC Pink: PUGE) ("Puget"), a publicly held 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 it has entered into two additional letters of intent to acquire companies in the healthcare industry.
- The first, Florida Behavioral Center, Inc. (dba "Florida Healthcare System" and referred to as "FHS"), organized in 2015 and based in Doral, Florida, is a healthcare organization that provides mental health services through an experienced team of psychiatrists, mental health counselors, case managers, and administrative staff. Common mental health concerns treated include anxiety, substance abuse, depression, suicide risk, trauma, bipolar disorder, and attention deficit disorder; and targeted case management services are offered for mental illness in patients of all ages.
- The second, Glades Medical Centers of Florida LLC ("GMC of Florida"), a Florida limited liability company, is the successor in interest to Glades Medical Centers LLC, a Florida limited liability company organized on May 28, 2014 after its entry into a joint venture with Primary Medical Physicians, LLC, also a Florida limited liability company (all collectively referred to as "GMC of Florida"). Its services focus on preventive primary care as well as diagnosis and treatment of illnesses and minor injuries. Additional services include an in-house lab along with specialists including podiatry, allergy, and gynecology.
In each case, the companies have granted Puget a 90-day exclusive right to negotiate specific terms after it conducts required due diligence and the parties determine the most appropriate valuations and form of acquisition. In both cases, the acquired companies would become consolidated subsidiaries of Puget and would be incorporated into Puget's healthcare division, along with Behavioral Centers of South Florida, LLC and D & D Rehab Center Inc., in order to generate synergies and attain significant operational savings. FHS's total revenues for the calendar years ended December 31, 2019 and 2020 were approximately $3.9 million and $4.1 million, respectively, and revenues for GMC of Florida for the calendar years ended December 31, 2019 and 2020 were $700,000 and $500,000, respectively. While it is anticipated that the FHS transaction will involve a traditional acquisition, GMC of Florida is expected to become part of Puget's incubator program for companies that are interested in potential future spinouts as independent public companies. In both cases, Puget intends to conclude related negotiations on or before November 30, 2021, with closings occurring by December 31, 2021.
Karen Fordham, President and CEO of Puget, explains, "The addition of Florida Healthcare System and GMC of Florida to our healthcare portfolio will enable us to expand our behavioral health and primary care capabilities, thus advancing our aspirations of creating a holistic healthcare service delivery system." Ms. Fordham elaborates, "With the ability to offer a broader array of services to their patients under the same roof, both Florida Healthcare Systems and GMC of Florida have the potential for significant revenue growth. We look forward to working with both executive teams to deliver high quality patient service in Florida and beyond."
About Puget Technologies, Inc.
Puget (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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