Justera Health Ltd. (CSE: VTAL) (OTCQB: SCRSF), formerly ScreenPro Security Inc., has successfully acquired Juillet Wellness Centre in Burnaby, British Columbia. The acquisition, completed on July 24, 2023, involved a purchase price of $650,000, including common shares of the Company and the assumption of certain lease liabilities. Lisa Lim, a key employee of Juillet Wellness, has joined Justera Health under a 3-year employment agreement. This strategic move positions the Company to tap into the growing global professional spa services market, expected to be worth $114.88 billion USD in 2023, with North America leading the way.
Justera Health Ltd. (CSE: VTAL) (OTCQB: SCRSF) (formerly ScreenPro Security Inc.) (“Justera” or the “Company”) is pleased to announce it has completed the acquisition of Juillet Wellness Centre (“Juillet Wellness”), a wellness center located in Burnaby, British Columbia, as of July 24, 2023.
The Company acquired all or substantially all of the assets of the business pursuant to an asset purchase agreement made on July 13, 2023, as amended on July 21, 2023. The purchase price of $650,000, subject to adjustments, is as follows:
- $200,000 through the issuance of an aggregate of 4,000,000 common shares of the Company issued at a deemed price of Cdn $0.05 per share which are subject to both a statutory hold period of 4 months plus a day and an up to 1 year hold back to address possible post-closing adjustments; and
- The assumption by the Company of certain lease liabilities in respect of the business, up to $450,000.
A key employee of the Juillet Wellness business, Lisa Lim, has entered into a 3-year employment agreement with the Company. Lisa Lim will play a key role in the operations of the business, ensuring the continuity of growth, sales, and leadership of Juillet Wellness.
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The addition of Juillet Wellness positions the Company’s current business portfolio to achieve greater success in the health and wellness industry. According to new market research, the surge of interest in self-pampering, as well as spa services has increased and is expected to expand globally. The global professional spa services market is expected to be worth $114.88 billion USD this 2023 and is expected to grow at a 5.4% CAGR rate, reaching $194.39 billion by 2033. Additionally, North America is the leading region in the professional spa service market, holding a 24% rate in the market for professional spa services in the US and Canada.
“The completion of this acquisition marks an exciting milestone for the Company as it enters the professional spa and wellness center market. The Company is now exposed to a fully operational and turnkey business that positions Justera towards a cash flow model that supports stable growth and provides a secondary source for our other offerings and services in the wellness market,” said Edward Park, Chief Executive Officer of the Company.
Source: BioSpace