NVMDF - Novamind to acquire mental health practice Foundations for Change

Novamind (OTCPK:NVMDF) will acquire Arizona-based mental health practice Foundations for Change from its sole shareholder Jeff Edelman. The firm will fund the acquisition, expected to close in January, with a combination of cash, shares and assumed debt. Within 30 days of closing the deal, Novamind will pay Edelman $100K in cash. Subject to his continued employment by the firm, NVMDF will pay Edelman additional 3 cash payments of $50K  and will issue shares worth $150K.  Novamind will issue shares worth approx. $158K and pay around $345K in cash to certain debt holders of Foundations. Foundations will temporarily operate as 'Foundations for Change by Novamind' until NVMDF completes its rebrand.

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Novamind to acquire mental health practice Foundations for Change