Knoxville, Tennessee, Feb. 16, 2024 (GLOBE NEWSWIRE) -- Healthcare Integrated Technologies, Inc. (“HiTC”), a leading innovator of healthcare technology solutions, has announced today the signing of a non-binding letter of intent to acquire Glass 8 Holdings, LLC, a Tennessee limited liability company, marking a significant step forward in its history.
The proposed acquisition includes Glass 8 Holdings, LLC's highly specialized interior glass applications business, Glass 8 Inc. (https://glass8.ca), as well as Accurate Dorwin (https://www.accuratedorwin.com), a prominent Fiberglass window and door business, Allsco (https://allsco.com), a renowned manufacturer of windows and doors known for their durability in harsh climates, and ALweather (https://awwd.ca), a trusted provider of doors, windows, garage doors, and customized exterior siding. The parties are expected to enter into a binding agreement pending the conclusion of HiTC’s due diligence process.
Scott Boruff, CEO of HiTC, expressed his enthusiasm about the potential of this strategic move, stating, “this is the first step in our plan to diversify HiTC into a diversified acquisition corporation. The acquisition is expected to be accretive to earnings immediately. Additionally, I’m excited to announce that HiTC’s existing business will be reporting revenue for the first time during the second quarter of our fiscal year ending July 31, 2024.”
Under the terms of the Letter of Intent, subject to negotiation and the signing of a definitive agreement, HiTC will issue 8 million common shares and assume a bridge loan of $1 million in exchange for 100% of the membership interest of Glass 8 Holdings, LLC.
The combined group to be acquired reported revenues of approximately $30 million USD for the year ending December 31, 2023. Glass 8 Holdings, LLC recently acquired the operations out of a bankruptcy proceeding. Following completion of the proposed transaction, the company is expected to have approximately 200 employees and will have 9 locations in Canada.
Completion of the transaction remains contingent upon various factors, including the successful completion of due diligence, negotiation of a definitive agreement, regulatory approvals, and the approval of the transaction by the respective boards and stockholders of both companies. Further details will be provided upon the execution of a definitive agreement.
About Healthcare Integrated Technologies, Inc.
Healthcare Integrated Technologies, Inc. (OTCMKTS: HITC) is an innovative company with a vision to evolve into a diversified acquisition corporation. Headquartered in Knoxville, Tennessee, HiTC is at the forefront of advancing AI-based healthcare technology solutions. For more information, visit www.getHITC.com.
Forward-Looking Statements
Certain statements contained herein are forward-looking statements, reflecting predictions or indications of future events, trends, plans, or objectives. Such statements involve inherent risks and uncertainties that could cause actual results to differ materially from those anticipated. Readers are cautioned not to place undue reliance on forward-looking statements, as they are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from those contemplated in forward-looking statements are discussed in the Company’s periodic reports filed with the U.S. Securities and Exchange Commission.
Contact:
Mr. Scott M. Boruff, CEO
Phone: (865) 237-4448
Email: contact@getHITC.com
