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HALIFAX, Nova Scotia, May 01, 2026 (GLOBE NEWSWIRE) -- NOVA LEAP HEALTH CORP. (TSXV: NLH) ("Nova Leap" or "the Company"), a growing provider of home-based and community care services in North America, is pleased to announce that its Canadian subsidiary, Earth Angels Home Care, has completed the acquisition of the shares of Parkwood Home Care Limited ("Parkwood"), an arm's length company with operations in Nova Scotia ("the Transaction"). Parkwood reported unaudited revenues of approximately $3.8 million and adjusted EBITDA of approximately $785,000 for its 2025 fiscal year. All amounts are in Canadian Dollars ("CAD") unless otherwise specified.
Under the terms of the definitive agreement executed on May 1, 2026, the Transaction, which closed on May 1, 2026, was made for total consideration of $3,500,000, subject to closing adjustments, of which $3,200,000 was paid with cash on closing and $300,000 by way of a promissory note repayable over a three-year period. The cash on closing was funded by way of a $2,200,000 draw on the Company's acquisition debt facility with its lender and by $1,000,000 of cash on hand. The new debt is repayable over a five-year term. Following the draw on the acquisition debt facility, the Company has access to up to USD$3,050,000 in remaining available credit to support its long-term growth strategy. No finder fees were paid in relation to the acquisition.
"Our Nova Scotia operations were Nova Leap's fastest growing geography and delivered record results in 2025", said Chris Dobbin, President & CEO of Nova Leap. "The acquisition of Parkwood by Earth Angels represents a logical next step in building further density in a market we know well. It enhances our ability to scale efficiently, deepens our presence in the province and expands our role across the continuum of care, positioning our Nova Scotia platform for sustained growth. We're very much looking forward to working with the Parkwood team."
About Nova Leap
Nova Leap is a North American healthcare services company providing home-based and community-based care. Through its network of local agencies, the Company delivers personal care, dementia care, companion services, care management and palliative care, enabling individuals to remain safely and independently in their homes.
Nova Leap operates an integrated platform across the continuum of care, with a focus on scale, operational excellence, and high-quality outcomes for clients and communities.
NON-IFRS MEASURES:
This release contains references to certain measures that do not have a standardized meaning under IFRS as prescribed by the International Accounting Standards Board ("IASB") and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing a further understanding of operations from management's perspective. Accordingly, non-IFRS financial measures should not be considered in isolation or as a substitute for analysis of financial information reported under IFRS. The Company presents non-IFRS financial measures, specifically Adjusted EBITDA (as such term is hereinafter defined), as well as supplementary financial measures such as annualized revenue and annualized adjusted EBITDA. The Company believes these non-IFRS financial measures are frequently used by lenders, securities analysts, investors and other interested parties as a measure of financial performance, and it is therefore helpful to provide supplemental measures of operating performance and thus highlight trends that may not otherwise be apparent when relying solely on IFRS financial measures.
Adjusted Earnings before interest, taxes, amortization and depreciation ("Adjusted EBITDA"), is calculated as income from operating activities plus amortization and depreciation and stock-based compensation expense. The most directly comparable IFRS measure is income from operating activities.
FORWARD LOOKING INFORMATION:
Certain information in this press release may contain forward-looking statements. This information is based on current expectations and assumptions, including assumptions described elsewhere in this release and those concerning general economic and market conditions, availability of working capital necessary for conducting Nova Leap's operations, availability of desirable acquisition targets and financing to fund such acquisitions, and Nova Leap's ability to integrate its acquired businesses and maintain previously achieved service hour and revenue levels, that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Risks that could cause results to differ from those stated in the forward-looking statements in this release include staff and supply shortages, regulatory changes affecting the home care industry or government programs utilized by the Company, other unexpected increases in operating costs and competition from other service providers. All forward-looking statements, including any financial outlook or future-oriented financial information, contained in this press release are made as of the date of this release and included for the purpose of providing information about management's current expectations and plans relating to the future, and these statements may not be appropriate for other purposes. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedarplus.com-
CAUTIONARY STATEMENT:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
