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HS GovTech Announces Acquisition Agreement Valuing the Company at $33.3 Million

Posted by Brittany McNabb at 9:11 AM on Monday, September 18th, 2023

HS GovTech Solutions Inc. (CSE: HS), a prominent SaaS provider for government agencies, has signed a definitive arrangement agreement with Banneker Partners LLC, a US private equity fund. This agreement marks a significant milestone in the company’s growth trajectory.

Key Transaction Highlights

  • All-Cash Deal: The arrangement agreement stipulates that Banneker Partners will acquire all outstanding common shares of HS GovTech for an all-cash consideration of $0.54 per share. This deal values HS GovTech at approximately $33.3 million.
  • Substantial Premium: Shareholders are set to receive $0.54 per share in cash, representing a remarkable 151.2% premium over the closing price of $0.215 and a substantial 174.1% premium over the 20-day volume-weighted price of $0.197 per share on September 15, 2023.
  • Unanimous Recommendations: Both the Special Committee and the Company’s Board unanimously recommend that HS GovTech securityholders vote in favor of the Transaction.

Words from Leadership

  • Ali Hakimzadeh, Chair of the Company’s Board, expressed his satisfaction with the transaction, highlighting that it offers securityholders a significant premium to recent trading prices. The Special Committee and the Company’s Board have both endorsed the Transaction as fair and beneficial to securityholders.
  • Kenneth Frank, Partner at Banneker Partners, praised HS GovTech’s robust technology platform and innovative product portfolio. Hugh Kirkpatrick, Principal at Banneker, expressed excitement about partnering with HS GovTech’s management team to drive continued growth and bring new solutions to the market.
  • Silas Garrison, Chief Executive Officer of HS GovTech, conveyed his excitement about the partnership with Banneker Partners. He emphasized that this partnership will allow the company to invest more in new features and products, advancing their mission of helping government agencies operate more efficiently.

Transaction Summary

  • Pursuant to the Arrangement Agreement, the Purchaser will acquire all issued and outstanding shares for $0.54 in cash per share, representing a premium to recent market prices.
  • The Arrangement Agreement also includes a non-convertible, unsecured, 10% interest-bearing loan of US$500,000 to cover expenses related to the Transaction.
  • The deal is subject to court approval, customary closing conditions, and regulatory approvals. It is expected to close in late November 2023.

Read Release:

CLIENT FEATURE: CardioComm Solutions $ – The heartbeat of Cardiovascular Medicine and Telemedicine

Posted by AGORACOM-JC at 3:54 PM on Wednesday, February 6th, 2019
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The heartbeat of cardiovascular medicine and telemedicine

  • Specializing in the software engineering of computer based electrocardiogram (heart monitoring) management and reporting software
  • Software permits physician interpretations of ECGs and supports private and public payer fee-for-service billings
  • ECGs are electrical recordings of the heart and performing an ECG is one of the most common diagnostic tests performed
  • Successfully launched technologies that enable the use of new medical devices and communication portals utilizing internet and cellular based technologies for the recording, transmission and viewing of ECGs

Recent Highlights

CardioComm Solutions’ HeartCheck(TM) Device Enters Final FDA Review Phase Read More

  • Completed a request for additional information from the US Food and Drug Administration (“FDA”) for the Company’s premarket notification 510(k), Class II medical device clearance application for the HeartCheck™ CardiBeat and GEMS™ Mobile Application.
  • Company had submitted a letter of revocation of their supplementary information submission on December 26, 2018 in compliance with the FDA’s directive

CardioComm Solutions’ HeartCheck(TM) CardiBeat and Smart Phone App Enter Final Stage of FDA 510(k) Review Read More

  • Market Release of HeartCheck(TM) CardiBeat and GEMS(TM) Mobile Application Set For Early 2019
  • Completed its response to the USA Food and Drug Administration for additional information following the Company’s filing of its premarket notification 510(k)
    • Class II medical device clearance application for the HeartCheck™ CardiBeat and GEMS™ Mobile Application
  • HeartCheck™ CardiBeat is the second of several planned Bluetooth-enabled ECG recording devices to be marketed by the Company

Launched 12-Lead ECG Smart Wearable Garment Monitoring Solution Read More

  • Announced joint partnership sales plans for the commercial launch of its newest software release designed to support an innovative and easy to use wireless, 12 lead ECG, vital signs, arrhythmia and ischemia monitoring wearable smart garment manufactured by Israel-based HealthWatch Technologies Ltd.

Company to Receive Royalty Payments from Biotricity Read More

  • Confirmed progress on a royalty licencing agreement with Biotricty Inc.
  • Royalty payment phase became active following confirmation that all necessary clearance and software development pre-conditions have been achieved
  • Royalty fees are due from the use of the ECG software Cardiocomm developed, or any derivative products, on a per patient monitored basis

First Company to Receive Approval for ECG Product Sales Direct to Consumers Read More

  • CardioComm was the first company to be approved to sell an ECG product directly to consumers in North America as evidenced by OTC Class II medical device clearances by both the United States Food and Drug Adminstration and Health Canada in 2012
  • HeartCheck ECG PEN is currently available for OTC sales on the shelves of Canadian pharmacy chain Shoppers Drug Mart.

Completed HeartCheck(TM) Clinical Validation for Long-Term, Self-Managed, Remote Monitoring of Atrial Fibrillation Patients Post-Ablation Read More

  • Moved into routine clinical use following completion of a long-term, remote arrhythmia monitoring pilot in high risk patients.
  • PACE cardiologists have been prescribing use of the HeartCheck™ ECG PEN and ECG Handheld Monitor to their patients to provide up to one year of enhanced remote patient monitoring for arrhythmias in addition to use of conventional but term-limited Holter and event monitoring.


HeartCheck™ Pen

The HeartCheck™ PEN handheld ECG device is the only device of its kind cleared by the FDA for consumer use.

✓ Monitor For Arrhythmias Anywhere
✓ Web Access to a Qualified Physician
✓ No Prescription Required

The pocket-sized PEN allows you to take heart readings from anywhere, the moment symptoms appear.

The HeartCheck™ ECG Device

The FDA-cleared HeartCheck™ ECG device is portable, easy to use and can store up to 200 thirty second ECG readings.

Whether at home, the gym or at the office, the HeartCheck™ ECG Device with SMART Monitoring can help detect and monitor arrhythmias from wherever you are.  

  Features & Benefits
✓ SMART Monitoring ECG Interpretations
✓ Cleared by the Food and Drug Administration (FDA)
✓ Easy to use
✓ Accurate heart readings in only 30 seconds
✓ Store up to 200 ECGs

Company Accolades

FULL DISCLOSURE: CardioComm Solutions Inc. is an advertising client of AGORA Internet Relations Corp.