TORRANCE, Aug. 04, 2022 (GLOBE NEWSWIRE) -- IL2M International Corp. (OTC: ILIM) a Healthcare Technology holding company, today announced the closing of merger with Aamani Healthcare Group, a Houston, Texas based healthcare group specializing in Transitional Care Homes, Home Care Support Services, Home Health Care and Hospice Care. www.aamanihealthcare.com
ILIM merger closes this week, on or before August 5, 2022. All due diligence items have been completed and the final acquisition documents have been signed. All acquisition formalities bookkeeping items associated with the transfer of shares have been completed and our CEO’s holding has been finalized on the company's official shareholder records. Two classes of shares were used for the transaction: (a) the 2022 Series A Preferred (non-participatory and non-convertible), and (b) Five (5) billion shares of the Company’s common stock which are under LOCK-UP for two years. The shares used would not increase the float for a minimum of two years. After the expiration of the two year lock-up, traditional control-restriction would apply to the five (5) billion shares. The consolidated firm could run as a “holdco” or as a “joint-venture” wherein portfolio/acquired business operations go into the vehicle best suited for it based on management’s best judgment. All conditions precedent has been met and no material item is outstanding.
The deal is valued at $51.8 million based Aamani Healthcare Group has 2021 annual net income of $2.25 million, on Revenue of $6.08 million, leveraging as assets base of $11.96 million. The transaction multiple was based on industry 23, which in this particular industry was conservative considering the ILIM planned rollup and acquisitions.
About Aamani Healthcare Group
Aamani Healthcare Group serves an array of patients with different medical support needs and with age variations. By providing Transitional Care Homes, Home Care Support Services, Home Health Care and Hospice Care, we provide patient focus care plans to support the complexity of health care needs for their care continuum. The company was founded in 2013 by owner Kristin Oloso Esq. Who began her career in the legal department of an acute care hospital located in Gordo, AL. Her experience in the company includes providing guardianship, fiduciary, and specialized care management assistance to seniors and their families who face difficult life decisions.
About IL2M International Corp
A Healthcare Technology holding company
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SOURCE IL2M International Corp