Signed addendum to Master Service Agreement
with Walmart adds significant growth potential for Jack Nathan
Health in Mexico
Jack Nathan Medical Corp. (TSXV:JNH) (“Jack Nathan
Health” “JNH” or the “Company”) announced today
that its subsidiary JNH Medico Mexico S.A. DE C.V., a provider of
primary care medical clinics located in Walmart® Supercentres and
other Walmart Mexico formats under the Jack Nathan Health® brand,
has signed an addendum to its ongoing Master Service Agreement
(“MSA”), which now specifies and directs Jack Nathan to construct
50 new locations throughout the country. This plan for rapid
expansion begins immediately with the first 8 locations scheduled
to open by the end of December 2020.
The clinics provide much needed healthcare services in Mexican
communities where many chronic diseases go undiagnosed and
untreated due to a shortage of affordable options for quality
healthcare services. Jack Nathan Health clinics are now sending out
home COVID-19 tests authorized by the Mexican Health Authority to
patients nationally. The costs of these tests are prepaid and
include a telemedicine appointment with one of Jack Nathan Health’s
physicians. Jack Nathan Health’s facilities will swiftly and
dramatically increase access to professional and convenient care in
the communities where they operate.
“We are pleased to now begin a phase of significant growth in
Mexico within Walmart. Preventative healthcare has always been a
necessity in Mexico and taking a holistic approach to health comes
with many benefits,” said Laura Camacho, Country Manager of Jack
Nathan Health Mexico. “The new clinics, coupled with our existing
telemedicine offering, bring innovative solutions and a better
overall health experience throughout the country.”
With the addition of 50 new clinics, Jack Nathan Health will
have 56 total clinics in Mexico, all corporately owned and
operated. Rapid expansion in Walmart Mexico is fueled by modular,
cost-effective construction, that only takes days and requires no
capital expenditure from Jack Nathan Health, resulting in immediate
revenue growth and a short timeframe to achieve accretive clinic
operations.
This is also an important step toward fulfilling on Jack Nathan
Health’s vision to be one of the leading integrated primary
healthcare provider in the world, as well as generating better
health outcomes for citizens globally. Jack Nathan Health is well
positioned in Canada and now Mexico to assist in the distribution
and immunization of potential COVID-19 vaccines.
“Applying our Jack Nathan healthcare expertise to communities
that are in need is a truly gratifying moment in our Company’s
history,” said George Barakat CEO & Co-Founder of Jack Nathan
Health. “We’ve flipped the healthcare model by creating a
patient-first experience. Now, with accelerated growth in Mexico,
in a manner that reduces upfront costs and the administrative
burden on doctors, Jack Nathan Health clinics clearly demonstrate
the value of our offering. More importantly, families in these
communities will now have access to a more consistent, quality, and
affordable healthcare experience. It gives the citizens of Mexico
the opportunity to begin their Circle of Health Care™ journeys.
These new clinics, with telemedicine support, will be an integral
part of our next phase of expansion with Walmart Mexico.”
Jack Nathan Health clinics in Mexico, are enhanced with our new
telemedicine platform which increases access for patients
throughout the country. Adding 50 new clinics significantly
improves digital access to Jack Nathan Health Mexico locations with
a growing group of medical professionals in our network.
About Jack Nathan Medical Corp.
Jack Nathan Medical Corp., operating as Jack Nathan Health®, is
one of Canada’s largest health care networks. Jack Nathan Health®
is an innovative health care company that is improving access for
millions of patients by co-locating physician and ancillary medical
services conveniently located inside Walmart® stores.
Jack Nathan Health® provides an exceptional level of patient
care, made possible through patient-centric physicians, a variety
of medical services, technology and programs, designed to put
patients first. Our mission is to provide everyone access to the
finest quality retail medical centres, with both in-clinic
physicians and digital telemedicine, so you and your loved ones can
“Live Your Best Life”.
Jack Nathan Health® was established in 2006 and continues to
expand its international footprint, delivering exceptional,
state-of-the-art, turn-key medical centres in 76 Walmart locations
across Canada including British Columbia, Alberta, Saskatchewan,
Manitoba, Ontario and Quebec, as well as six locations in
Mexico.
For more information, visit www.jacknathanhealth.com or
www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Certain statements contained in this press release constitute
"forward-looking information" as such term is defined in applicable
Canadian securities legislation. The words "may", "would", "could",
"should", "potential", "will", "seek", "intend", "plan",
"anticipate", "believe", "estimate", "expect" and similar
expressions as they relate to Jack Nathan are intended to identify
forward-looking information. All statements other than statements
of historical fact may be forward-looking information. Such
statements reflect the Company's current views and intentions with
respect to future events, and current information available to
them, and are subject to certain risks, uncertainties and
assumptions Many factors could cause the actual results,
performance or achievements that may be expressed or implied by
such forward-looking information to vary from those described
herein should one or more of these risks or uncertainties
materialize. Such factors include but are not limited to: changes
in economic conditions or financial markets; increases in costs;
litigation; legislative and other judicial, regulatory, political
and competitive developments; the economic and business impact of
Covid19 and operational difficulties. This list is not exhaustive
of the factors that may affect forward-looking information. These
and other factors should be considered carefully, and readers
should not place undue reliance on such forward-looking
information. Should any factor affect the Company in an unexpected
manner, or should assumptions underlying the forward-looking
information prove incorrect, the actual results or events may
differ materially from the results or events predicted. Any such
forward-looking information is expressly qualified in its entirety
by this cautionary statement. Moreover, the Company does not assume
responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release and the Company undertakes no obligation to publicly update
or revise any forward-looking information, other than as required
by applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201119005307/en/
IR: David Berman, CFO, david.berman@jacknathanhealth.com
or Mark Kuindersma, LodeRock Advisors,
mark.kuindersma@loderockadvisors.com
PR & Marketing: Jennifer Usher, Director Marketing
& Communications, jennifer@jacknathanhealth.com
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