Puget Technologies signed a merger agreement with a joint venture formed by Primary Medical Physicians, Personal Care Medical Group, and Glades Medical Centers, all based in Florida. The company will use Glades Medical Centers of Florida as the joint venture vehicle, with all four entities being collectively referred to as Glades.
Terms call for the Glades entities to merge into the Puget Health division, with all securities of the four entities comprising Glades converting into 200,000 shares of Puget’s Class B Convertible Preferred Stock at $5 per share, with the opportunity, based on performance over a three-year period, to acquire up to an additional 40,000 shares. Puget will also make available to Glades a $1 million line of credit. Glades services focus on preventative primary care as well as diagnosis and treatment of illnesses and minor injuries.
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