MONTREAL, CANADA–(Marketwired – Jun 26, 2015) – Knight Therapeutics Inc. (TSX:GUD) (“Knight” or the “Company”), a leading Canadian specialty pharmaceutical company, announced today that it has extended a secured loan of $800,000 to Extenway Solutions Inc. (TSX:EY) (“Extenway”), an innovative provider of technology solutions for the healthcare industry.
The secured loan of $800,000, which matures on June 25, 2021, will bear interest at 15% per annum plus other additional considerations. The interest rate will decrease to 13.5% if Extenway meets certain equity-fundraising targets. The loan proceeds will be used exclusively toward the purchase of approximately 900 new bedside terminals for rapid installation in Ontario and Quebec hospitals. This installation by Extenway is a partial fulfillment of one of many winning tenders which provide, among other things, exclusive 10 year service agreements. The loan will be senior secured against the projected 10 year revenue streams from the 18.5″ touchscreen terminals which provide entertainment to patients and deliver medical staff with access to critical patient information at their bedside.
Concurrent with Knight’s secured loan, Extenway’s major shareholders, including Caisse de dépôt et placement du Québec and Extenway management, have subscribed for $800,000 of convertible debt which will also be used toward the fulfillment of Extenway’s existing hospital contracts in Ontario and Quebec.
“With Knight’s support, we can now accelerate the deployment of our bedside terminals, solidify our Canadian market leadership position and continue toward our goal of reshaping the healthcare experience in hospitals across Canada and the U.S.,” said John McAllister, President and CEO of Extenway.
“We believe Extenway Solutions’ interactive bedside terminals offer a meaningful solution to simultaneously entertain patients and improve the quality and safety of patient care,” said Jonathan Ross Goodman, President and CEO of Knight. “Looking ahead, we are confident that Knight will extend additional low risk, secured loans to help Extenway fulfill other hospital contracts that have already been won.”
About Extenway Solutions Inc.
Extenway Solutions is a supplier of client-focused solutions for the healthcare industry. Services offered by Extenway include interactive television, healthcare integrated bedside terminals for patients, internet, entertainment, content integration, advertising, education and the most promising and attractive function, the medical integrated solutions. Extenway allows organizations to optimize management and coordination of human interactions as well as communications, information and coordination. For further information, please visit www.extenway.com.
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight’s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the Company’s web site at www.gud-knight.com or www.sedar.com.
This document contains forward-looking statements for the Company and its subsidiaries. These forward looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions the reader that these assumptions regarding future events, many of which are beyond the control of the Company and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in the Company’s Annual Report and in the Company’s Annual Information Form for the year ended December 31, 2014. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by law.