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Hydreight Technologies Signs Definitive Agreement to Acquire 5% Equity Stake in Perfect Scripts, LLC, with Option to Increase to 40%, and Establish Strategic Partnership
Globenewswire· 2025-09-02 12:24
Core Viewpoint - Hydreight Technologies Inc. has entered into a strategic partnership with Perfect Scripts LLC, which includes acquiring a 5% membership interest in Perfect Scripts and establishing a 503B pharmacy in the U.S. [1][2] Company Overview - Hydreight Technologies Inc. operates a fully integrated mobile clinical network in North America, comprising over 2,500 nurses and 100 doctors, along with a pharmacy network across all 50 states [13][14]. - Perfect Scripts LLC is the parent company of PerfectRx LLC and PerfectionRx LLC, which operate pharmacies and provide pharmaceutical services [6][9]. Transaction Details - Hydreight will acquire a 5% membership interest in Perfect Scripts for 2,250,000 common shares, with a deemed price of CAD$2.30 per share or the lowest price permitted by the TSX Venture Exchange [2]. - The partnership will allow Hydreight to receive the lowest pricing for products sold by Perfect Scripts and grants the right to maintain and increase its membership interest up to 40% [2][3]. Financial Aspects - A cash finder's fee of $258,750 will be paid to a finder in connection with the transaction, representing 5% of the deemed value [3]. - The Hydreight Compensation Shares will vest in increments and are subject to a four-month statutory hold period under Canadian securities laws [4][5]. Strategic Implications - The partnership is expected to enhance Hydreight's pharmacy margins, secure a consistent supply chain, and provide vertical integration, which will strengthen its market position [6][8]. - The U.S. compounding pharmacy sector is projected to grow from $6.31 billion in 2024 to $10.76 billion by 2033, indicating significant market potential for Hydreight and Perfect Scripts [8]. Operational Capabilities - PerfectRx LLC operates a 30,000 sq ft licensed pharmacy and distribution center in Florida and can process over 150,000 prescriptions per day [7][10]. - The proprietary technology, PerfectOS, enables efficient digital prescription intake and real-time inventory management, enhancing operational efficiency [10][11]. Future Outlook - The partnership is viewed as a critical step in transforming access to modern healthcare and expanding Hydreight's product lineup [8]. - The VSDHOne platform, developed in partnership with Victory Square Technologies, aims to simplify the entry for companies into the online healthcare space, further supporting Hydreight's growth strategy [15].
Hydreight Technologies Signs Binding Letter of Intent to Acquire 5% Equity Stake in Perfect Scripts, LLC, with Option to Increase to 40%, and Establish Strategic Partnership
Globenewswire· 2025-07-14 12:00
Core Viewpoint - Hydreight Technologies Inc. has entered into a strategic partnership with Perfect Scripts LLC, which includes acquiring a 5% interest in Perfect Scripts and establishing a 503B pharmacy in the U.S. This partnership aims to enhance Hydreight's growth by improving pharmacy margins and expanding its healthcare service offerings [2][3]. Company Overview - Hydreight Technologies Inc. operates a mobile clinical network across North America, integrating nurses, doctors, and pharmacy distribution to provide healthcare services directly to patients [14]. - Perfect Scripts LLC is the parent company of several pharmacies and holds proprietary technology, including PerfectOS, which facilitates efficient pharmacy operations [4][5]. Transaction Details - The binding letter of intent (LOI) outlines that Hydreight will acquire 5% of Perfect Scripts in exchange for 2,250,000 common shares, with a minimum deemed price of CAD$2.30 per share [2]. - The transaction includes provisions for Hydreight to maintain its pro rata interest and potentially acquire up to 40% of Perfect Scripts [2]. - A definitive agreement is expected to be finalized by August 25, 2025, subject to due diligence and regulatory approvals [9]. Strategic Implications - The partnership is expected to enhance Hydreight's control over production, distribution, and pricing of key pharmaceuticals, thereby increasing pharmacy margins and securing a consistent supply chain [3]. - The establishment of a 503B pharmacy will allow Hydreight to serve a broader market, including hospitals, clinics, and direct-to-consumer brands [3]. Operational Capacity - PerfectRx, a subsidiary of Perfect Scripts, operates as a HIPAA-compliant mail-order pharmacy capable of processing over 150,000 prescriptions daily, with plans to expand its capacity with a new location in the Dallas-Fort Worth area [5][6][7]. - The proprietary PerfectOS platform enhances operational efficiency through digital prescription intake and real-time inventory management [5][7]. Market Positioning - The partnership positions Hydreight to leverage a comprehensive legal and technology framework, enhancing its competitive edge in the healthcare market [3]. - The VSDHOne platform, developed in collaboration with Victory Square Technologies, aims to simplify the entry for businesses into the online healthcare space, offering compliant solutions for various healthcare products [15].