Calgary-based FPS Pharma said on Tuesday that it will close on its acquisition of Florida Pharmacy Solutions (FPS) -- a full service, state-of-the-art compounding pharmacy based in Zephyr Hills, Florida -- on Thursday.
At the end of Wednesday's trading day, the common shares of FPS (formerly Mill City Gold Corp.) will be de-listed from the TSX Venture Exchange. Pharma anticipates that its shares will commence trading on the Canadian Securities Exchange (CSE) under the symbol FPS.U-C with the start of trading on Thursday.
Pharma issued 25 million common shares at a deemed value of 50 cents per share to acquire 100 percent of the issued and outstanding shares of FPS. All 25 million shares are subject to a four-year escrow agreement, with 10 percent of them being released 12 months from the listing date on the CSE and 15 percent being released every six months thereafter. As of Tuesday, Pharma has 79,431,030 common shares issued and outstanding.
With over 60 years of clinical experience specializing in providing effective compounds for patients and prescribers, FPS specializes in non-narcotic pain creams, as well as creams for wound, scar, neurology and nausea management; dermatology; and bio-identical hormones.
FPS was incorporated in Florida in August 2012. For the year ended December 31, 2013, it had $4.34 million in total revenue, with $903,064 in net income, and for the year ended December 31, 2014, it had $20.60 million in total revenue, with $7.52 million in net income. These figures are from FPS' audited financial statements.
For 2015, FPS' first-quarter total revenue was $12.6 million, with $956,052 in net income. Working capital as of June 30 was $9.86 million. This information was provided by a CPA who is independent of FPS.