LONDON, GREAT BRITAIN / ACCESSWIRE / December 27, 2024 / Physitrack PLC (STO:PTRK) ("the Company") is pleased to announce that it has reached an agreement with the Founders of Champion Health Ltd, Harry Bliss and Ricky Bailey, to terminate the Share Purchase Agreement ("SPA").
As part of the settlement, the parties have agreed to a settlement sum of GBP 350,000, which will be repaid over a nine-month period commencing on 31 August 2025. This settlement resolves all obligations under the SPA, including the release of the deferred contingent consideration, which is currently recognised as a contingent liability by the Company at a value of EUR 2.1m. The Company is not anticipating any further contingent consideration payments, thereby significantly de-risking the Company from future financial outflows.
The Company anticipates that the release of the deferred contingent consideration will be recognised as adjusting items. These actions mark a significant step in simplifying the Company's financial structure and enhancing its focus on profitability and future growth opportunities.
"This settlement represents a pivotal moment for Physitrack PLC, allowing us to streamline our financial obligations and focus fully on achieving profitability," said Henrik Molin, CEO and Co-founder of Physitrack PLC. "By resolving this agreement, we are significantly reducing future financial risks and positioning the Company for sustainable growth and long-term success."
Enquiries regarding this announcement should be addressed to:
Henrik Molin, CEO, Physitrack.
+44 208 133 9325
ir@physitrack.com
media@physitrack.com
About Physitrack
Physitrack PLC, founded in 2012, is a global digital healthcare provider, focused on the B2B wellness and virtual-first care markets. With staff with 16 nationalities on four continents, customers in 17 time zones, and end users in 187 countries, Physitrack is a truly global company.
The company has two business lines:
1. Lifecare - SaaS platform tailored mainly to physiotherapy and musculoskeletal care, enabling practitioners to deliver clinical home exercises, education prescription, outcomes tracking, triaging and Telehealth.
2. Wellness / Champion Health - SaaS platform for Employee Wellness and care powered by a combination of world-leading technology and wellness professionals based in the United Kingdom, Germany and the Nordics.
Physitrack PLC is headquartered in London, United Kingdom, and listed on Nasdaq First North Premier Growth Market (PTRK).
Visit us at https://www.physitrackgroup.com/
Disclaimer: This press release contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those expressed or implied in these statements. Readers are advised to consult the Company's official filings and reports for further details.
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Physitrack PLC announces settlement over Champion Health Share Purchase Agreement
SOURCE: Physitrack PLC
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