Company” or “
Assure”) (TSXV: IOM; OTCQB: ARHH), a provider of intraoperative neuromonitoring services (“
IONM”), is pleased to announce that upon paying US$3,171,540 on December 24, 2020, it has made the final payment in connection with the previously announced acquisition (the “
Acquisition”) of all of the assets of Neuro-Pro Monitoring (“
Neuro-Pro”). The early payment of the balance of the purchase price resulted in a reduced cost to Assure of US$170,000. Accordingly, the total purchase price paid in connection with the Acquisition was US$7,529,231.
“As anticipated, Neuro-Pro has strengthened and diversified our revenue stream, substantially increased our scale in terms of number of procedures and was immediately accretive to Assure’s earnings and cash flow in 2020,” said John A. Farlinger, Assure’s executive chairman and CEO. “In addition, we further developed important relationships that Neuro-Pro originated with some of the most prestigious spine surgeons in the Dallas Ft. Worth area. These introductions have accelerated our expansion in Texas and drove the initiation of clinical research projects that will highlight the value Assure provides for IONM-related efficacy, safety, cost saving and improving patient outcomes. We believe our enhanced scale and data-driven studies will help accelerate the negotiation of new in-network contracts with insurance companies.”