The Arrangement Bolsters the Company’s Proposed Network of Six Clinics in the United States
VANCOUVER, British Columbia, Sept. 08, 2021 (GLOBE NEWSWIRE) -- KetamineOne Capital Limited (“Ketamine One” or the “Company”) (NEO: MEDI) (OTC: KONEF) (Frankfurt: MY0), a company focused on consolidating medical clinics and becoming a North American leader in mental health treatments, is pleased to announce that it has recently entered into a non-binding letter of intent (“LOI”) to enter into an arranged partnership (“Arrangement”) with Illumma LLC, (“Illumma”).
With clinics located in Austin and Bee Cave, Texas, Illumma is a leading ketamine infusion practice treating individuals with mental health issues, mood disorders and chronic pain issues. Under the contemplated Arrangement, Illumma’s two locations would be jointly supported alongside the Company’s existing network of clinics across North America, thereby raising the profile of Ketamine One’s innovative mental health platform and approach to patient care in the United States.
Pursuant to the terms of the LOI, the consideration contemplated for the Arrangement is estimated to be $980,000. The consideration is proposed to be payable as $490,000 in common shares of Ketamine One and $490,000 in cash, of which $350,000 is to be allocated by Illumma toward the construction of future clinics, among other terms and conditions. The final amount shall be determined by multiplying the total amount of 2021 audited gross revenues from treatments performed at Illumma’s existing clinics by a factor of two, and then netting that amount by a minority percentage to arrive at the consideration due by Ketamine One to Illumma.
“The Illumma team is excited to join forces with Ketamine One as we usher in this new paradigm shift in mental health treatment and care. Through this partnership, we will not only be able to help more people heal their mental health issues like depression, anxiety and post-traumatic stress disorder, but we will also work to setting a new standard for how ketamine therapy is provided,” said Dr. Ken Adolph, Founder of Illumma. “As the African proverb says, ‘if you want to go fast, go alone; if you want to go far, go together,’ and we believe this is just the first step in the long journey of our shared mission to help heal humanity,” added Dr. Adolph.
“We look forward to completing this Arrangement with Illumma and significantly growing our offering of clinics to prospective patients in the United States. Illumma’s ketamine infusion therapies provide important relief and offer hope to Texans who feel lost or are struggling with chronic illness and pain,” said Adam Deffett, Interim CEO of Ketamine One. “Through Dr. Ken Adolph’s leadership, Illumma’s two existing clinics have already contributed to the improved mental health of their patients by applying innovative ketamine infusion therapies like those offered in Ketamine One’s clinical network. We expect that this arrangement will attract other partnerships or even acquisition targets, and yield further expansion opportunities across the United States,” added Mr. Deffett.
ABOUT KETAMINE ONE
KetamineOne Capital Limited (formerly Myconic Capital Corp.) (NEO: MEDI) is a company focused on consolidating medical clinics and becoming a North American leader in mental health treatments. It is working to provide the critical infrastructure needed to develop and deliver breakthrough mental health treatments. Currently, Ketamine One has a network of 16 clinics across North America, with plans to further consolidate the highly fragmented industry. The recent addition of KGK Science Inc. as the Company’s contract research division also places the company at the forefront of premium clinical research based on its 24-year history and extensive experience in pharmaceuticals, cannabis, and the emerging psychedelic medicine industries. As a collective enterprise, Ketamine One is dedicated to helping solve the growing need for safe and accessible mental health therapy.
On behalf of:
Adam Deffett, Interim CEO
For further information, please contact:
Nick Kuzyk, Investor Relations
Tel: 1-844-PHONE-K1 (1-844-746-6351)
Notice Regarding Forward-Looking Information:
This news release contains forward-looking statements including but not limited to statements regarding the Company’s business, assets or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and future prospects of the Company.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.