- Formerly CB2 Insights, the Company enters a new chapter as it completes its rebranding to Skylight Health Group effective Monday, November 30, 2020.
- Skylight Health is a national US provider of multi-disciplinary services with 30+ physical clinics across 14 states and a proprietary virtual telehealth and electronic medical record platform.
- The Company uses a hybrid approach of in-clinic and virtual services to deliver quality primary care, sub-specialty and allied health services to patients covered by most US health insurance plans.
- The Company is focused on robust expansion throughout the US adding new states by way of strategic acquisitions and organic growth of services to existing patients.
- The company has a strong base of operation with positive cash flow with no long-term debt and cash balance of $10.3MM.
- Led by management with 50+ years of collective practice management expertise
TORONTO, Nov. 30, 2020 (GLOBE NEWSWIRE) -- 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 Relations
Jonathan L. Robinson CFA
Oak Hill Financial
jrobinson@oakhillfinancial.ca
416-669-1001
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.