Business News • MarketWire • Quantum International Income Corp. Announces Sale of Anesthesia Business; Management Changes |
Quantum International Income Corp. Announces Sale of Anesthesia Business; Management Changes |
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Quantum International Income Corp. Announces Sale of Anesthesia Business; Management Changes
TORONTO, ONTARIO--(Marketwired - January 19, 2016) - Quantum International Income Corp. (the "Corporation") (TSX VENTURE:QIC)(TSX VENTURE:QIC.U) announces today that it has entered into a definitive agreement with DGAT Partners, LLC ("DGAT") and certain other affiliates, pursuant to which the Corporation will sell, and affiliates of DGAT will acquire, the entirety of the Corporation's 100% indirect interest in DA Management NJ Inc., the subsidiary through which the Corporation indirectly administered anesthesia services at its Centers for Special Surgery, LLC ("CSS") subsidiary and other locations. Through its wholly-owned subsidiary Quantum Anesthesia Management Corp., the Corporation will receive, in consideration for the sale, a cash payment of US$600,000 and the irrevocable option to cancel, for no additional consideration payable, 9,000,000 common shares of the Corporation which had been previously issued to affiliates of DGAT. The Corporation and the purchasers have further agreed to reduce the cash portion payable to the Corporation by US$362,000, which reduction reflects an aggregate amount the purchasers have agreed to pay to satisfy certain expenses of CSS that would otherwise have been ultimately funded by the Corporation. Affiliates of the purchasers are members of the Board of Directors of CSS and as such are considered Non-Arm's Length Parties of the Corporation under TSX Venture Exchange ("TSXV") rules. The completion of the transaction is subject to receipt by the Corporation of final approval by the TSX Venture Exchange.
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