Vertex Resource Group Ltd. Reports Second Quarter 2025 Results
Vertex operates within a dynamic North American landscape, marked by trade fluctuations and tariff uncertainties that have created challenges for several of the industries we operate in. Throughout the quarter, extensive forest fires and evacuations affected the execution of maintenance projects. Nevertheless, Vertex has demonstrated strategic resilience, as Environmental Consulting exceeded expectations and helped offset the impact on sectors within Environmental Services that are more susceptible to global volatility.
Key financial results for the three and six months June 30, 2025, and 2024 are as follows:
(1) See "Non-IFRS Financial Measures"
HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2025
Environmental Consulting net revenue increased by 13% compared to 2024.
Environmental Consulting adjusted EBITDA (1) increased by 57% compared to 2024.
G&A expenses were reduced by 10% compared to Q2 2024.
Finance costs were reduced by 28% year-over-year due to reduced debt levels.
Reduced loans and borrowings and lease liabilities by $2.9 million during the quarter.
HIGHLIGHTS FOR THE SIX MONTHS ENDED JUNE 30, 2025
Environmental Consulting net revenue increased by 5% compared to H1 2024.
Environmental Consulting adjusted EBITDA (1) increased by 37% compared to 2024.
G&A expenses were reduced by 12% compared to H1 2024.
Finance costs were reduced by 23% year-over-year due to reduced debt levels.
Reduced loans and borrowings and lease liabilities by $5.9 million during H1 2025.
OUTLOOK
The first half of 2025 has presented macroeconomic challenges that continue to pressure commodity prices, capital investment, and broader market sentiment. These factors have contributed to increased customer uncertainty, resulting in deferred investment decisions, subdued activity levels across key regions, and a shift in focus toward cash flow preservation and operational efficiency. While these factors have impacted Vertex, we remain resilient with a focused view of the evolving landscape.
We remain committed to core objectives and have proactively adjusted our execution strategy to navigate current conditions. Cost management remains a top priority, and we are actively pursuing strategic adjustments to enhance our efficiency and strengthen our corporate framework. By reducing capital expenditures for the remainder of 2025, we are preserving liquidity and maintaining the flexibility needed to respond to emerging opportunities while continuing to reduce debt levels.
When market conditions stabilize, Vertex is well-positioned to capitalize on new opportunities and deliver long-term value. Our cautious optimism reflects both the realities of the current environment and our confidence in the company's ability to thrive through disciplined execution and strategic agility.
ABOUT VERTEX
Since 1962, Vertex has been a leading North American provider of environmental services. Headquartered in Sherwood Park, Alberta, Vertex employs a staff of approximately 1,000 employees and lease operators that provide services to help clients achieve their developmental and operational goals. From initial site selection, consultation and regulatory approval, through construction, operation and maintenance, to conclusion and environmental cleanup, Vertex provides a wide array of services to customers operating in industries such as energy, mining, utilities, private development, public infrastructure, construction, telecommunications, forestry, agriculture and government.
Vertex principally operates in Canada with select locations in the United States.
Neither 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.
NON-IFRS FINANCIAL MEASURES
This release includes certain terms or performance measures that are not defined under International Financial Reporting Standards ("IFRS"), including "Adjusted EBITDA". The data presented is intended to provide additional information that should not be considered in isolation or as a substitute measure of performance prepared in accordance with IFRS. The non-IFRS measures should be read in conjunction with the Company's financial statements and accompanying notes.
A) "Adjusted EBITDA" is a non-IFRS financial measure which is calculated by adjusting net income (loss) for the sum of income taxes, finance costs including interest accretion on lease liabilities, depreciation of property and equipment and right of use assets, amortization of intangible assets, share-based compensation, restructuring costs and impairment. The Company uses Adjusted EBITDA as an indicator of its principal business activities operational performance prior to consideration of how its activities are financed and the impact of taxation, non-cash depreciation and amortization, restructuring costs and other non-cash expenses such as impairments required under IFRS. Adjusted EBITDA does not have a standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures provided by other companies. Adjusted EBITDA is used by many analysts as an important analytical tool and the management of Vertex believes it is useful for providing readers with additional clarity on Vertex's operational performance. This measure is also considered important by the Company's lenders in determining compliance by the Company with the financial covenants under its lending arrangements.
B) "Free cash flow" is a non-IFRS financial measure. The most directly comparable GAAP measure for free cash flow is cash flow from operating activities. A summary of the reconciliation of cash flow from operating activities to free cash flow is set forth in the table below. Management uses the term "free cash flow" for its own performance measure and to provide shareholders and potential investors with a measurement of the Company's efficiency and its ability to generate the cash necessary to fund its future growth expenditures, to repay debt and provide shareholder returns.
C) " Adjusted Working Capital" is a non-IFRS financial measure which is calculated by reducing current liablities by the current portion of loans and borrowings, lease liablities and other liabilities. Adjusted working capital is used by Vertex to monitor its capital structure, liquidity, and it's ability to fund current operations.
D) " Adjusted EBITDA per share, basic and diluted" is a non-financial measure which is calculated by dividing adjusted EBITDA by the weighted average shares outstanding – basic and diluted.
Reconciliations of adjusted EBITDA, free cash flow and adjusted working capital are provided in the following tables.
FREE CASH FLOW
Three months ended
Six months ended
June 30,
June 30,
2025
2024
2025
2024
Cash flows from operating activities
6,131
10,805
10,905
20,081
Changes in non-cash operating working capital items
55
(860)
670
(3,216)
Maintenance capex
(3,227)
(6,092)
(5,213)
(10,093)
Cash interest
(1,404)
(2,125)
(3,105)
(4,133)
Depreciation of right of use assets - real property
(690)
(1,001)
(1,678)
(1,903)
Proceeds from disposal of property and equipment
393
1,015
1,208
1,443
Free cash flow
1,258
1,742
2,787
2,179
ADJUSTED WORKING CAPITAL
June 30,
December 31,
2025
2024
Current assets
54,925
64,767
Current liabilities, less
53,273
61,417
Current portion of loans and borrowings
(11,240)
(12,096)
Current portion of lease liabilities
(7,515)
(8,778)
Current portion of other liabilities
(333)
(1,000)
Current liabilities (excluding current portion of loans and
borrowings, lease liabilities, and other liabilities)
34,185
39,543
Adjusted working capital
20,740
25,224
Forward-Looking Information
This Press Release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this Press Release are based on the expectations, estimates and projections of management of Vertex as of the date of this Press Release unless otherwise stated. The use of any of the words "believe", "expect", "anticipate", "contemplate", "target", "plan", "outlook", "potential", "estimated", "intends", "continue", "may", "will", "should" and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this Press Release contains forward-looking statements concerning anticipated financial performance; the outlook for 2025; the Company's ability to grow profitably; sufficiency of working capital; and with respect to Vertex's ability to meet evolving customer demands.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the industries in which Vertex operates in general, such as:
Ability to access sufficient capital from internal and external sources
Ability to market to new customers
Ability to obtain equipment in a timely and cost-efficient manner
Ability to secure work
Adjustments and cancellations of backlog
Changes in legislation, including but not limited to tax laws and environmental regulations
Collection of recognized revenue
Commodity price, interest rate and exchange rate fluctuations
Competition, ethics, and reputational risks
Compliance with environmental laws risks
Cyber-security risks
Economy and cyclicality
Geopolitical risks
Global pandemics
Health, safety and environmental risks
Industry and inherent project delivery risks
Insurance risk
Joint venture risk
Labour matters
Litigation risk
Loss of key management; ability to hire and retain qualified and capable personnel
Maintaining safe worksites
Operational risks
Potential for non-payment and credit risk and ongoing financing availability
Third party credit risk
Unforeseen weather conditions
Unanticipated shutdowns, work stoppages, and lockouts
Volatility of market trading
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the operations or financial results of the parties, and the combined company are included in reports on file with applicable securities regulatory authorities, including but not limited to: Annual Information Form for the year ended December 31, 2024, which may be accessed on Vertex's SEDAR+ profile at www.sedarplus.ca.
The forward-looking statements contained in this Press Release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as, and to the extent required by applicable securities laws.
SOURCE Vertex Resource Group Ltd.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Cision Canada
8 hours ago
- Cision Canada
ZYUS Life Sciences Announces Closing of Second Tranche of Unit Offering
SASKATOON, SK, Aug. 15, 2025 /CNW/ - ZYUS Life Sciences Corporation (the " Company") (TSXV: ZYUS), a Canadian-based life sciences company focused on the development and commercialization of novel cannabinoid-based pharmaceutical drug candidates for pain management, is pleased to announce that, further to its press release dated July 29, 2025, it has closed the second tranche (the " Second Tranche") of its non-brokered private placement (the " Offering") of units of the Company (each a " Unit") for up to CAD $1,000,000. Under the Second Tranche of the Offering, a further 140,845 Units were issued for aggregate gross proceeds of CAD $100,000. The aggregate gross proceeds raised in the Second Tranche and first tranche of the Offering (which closed on July 29, 2025) (the " First Tranche") is approximately $0.42 million. The Company has issued a total of 591,126 Units each priced at $0.71 per Unit in the First Tranche and the Second Tranche. Each Unit consists of one common share of the Company (a " Common Share") and one Common Share purchase warrant (each Common Share purchase warrant, a " Warrant"), whereby each Warrant entitles the holder to acquire one Common Share at a price of $0.95 for a period of twenty-four months from the date of issuance, unless the term of the Warrant is accelerated pursuant to its terms (the " Acceleration Provision"). In accordance with the Acceleration Provision, if the volume-weighted average trading price of the Common Shares is greater than $3.00 for a period of 5 consecutive trading days on the TSX Venture Exchange (the " TSXV"), the Company will have the right to accelerate the expiry date of the Warrants. Proceeds of the Offering will be used for general corporate and working capital purposes. No finder's fees were paid in connection with the Offering. The Units were offered by way of private placement pursuant to exemptions from prospectus requirements under applicable securities laws. All securities issued under the First Tranche are subject to a hold period expiring November 30, 2025, and all securities issued under the Second Tranche of the Offering are subject to a hold period expiring December 16, 2025, in accordance with applicable securities laws and the policies of the TSXV. The Offering has received conditional approval from the TSXV and remains subject to final acceptance of the TSXV. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States or to, or for account or benefit of, U.S. persons except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to available exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any securities in the United States. About ZYUS Life Sciences Corporation ZYUS (TSXV: ZYUS) is a life sciences company focused on the development and commercialization of novel cannabinoid-based pharmaceutical drug candidates for pain management. Through rigorous scientific exploration and clinical research, ZYUS aims to secure intellectual property protection, safeguarding its innovative therapies and bolstering shareholder value. ZYUS' unwavering commitment extends to obtaining regulatory approval of non-opioid-based pharmaceutical solutions, in pursuit of transformational impact on patients' lives. For additional information, visit or follow us on X @ZYUSCorp. Cautionary Note Regarding Forward-Looking Statements This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business, the Company's ability to advance clinical research activities, obtain regulatory approval of cannabinoid-based pharmaceutical drug candidates and introduce products that act as alternatives to current pain management therapies such as opioids, receipt of TSXV final acceptance, closing of any additional tranche of the Offering and use of proceeds from the Offering. Any such forward-looking statements may be identified by words such as "expects", "anticipates", "intends", "contemplates", "believes", "projects", "plans", "will" and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Statements about, among other things, the Company's business, the Company's ability to advance clinical research activities, obtain regulatory approval of cannabinoid-based pharmaceutical drug candidates and introduce products that act as alternatives to current pain management therapies such as opioids, obtain TSXV final acceptance, closing of any additional tranche of the Offering and use of proceeds from the Offering are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the Company will be able to achieve these results. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances or actual results unless required by applicable law. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
Cision Canada
10 hours ago
- Cision Canada
FuelPositive issues clarification regarding a statement made in its August 13, 2025 Press Release
WINNIPEG, MB, Aug. 15, 2025 /CNW/ - FuelPositive Corporation (the "Company") (TSXV: NHHH) (OTCQB: NHHHF) wishes to clarify a statement made in its August 13, 2025 Press Release. The Company reported: "…The first FP300 system has been delivered, completed its final certification, and is ready for activation. This milestone will trigger the demonstration phase and accelerate the ramp-up to manufacturing the larger FP1500 system, built to serve farms of approximately 10,000 acres…" The correct wording of this section of the Press Release should have read: "…The first FP300 system has been delivered and is prepared for the completion of its final certification and activation. This milestone will trigger the demonstration phase and accelerate the ramp-up to manufacturing the larger FP1500 system, built to serve farms of approximately 10,000 acres…" The Company apologizes for any confusion this may have caused. About FuelPositive: Building the Future of Farming Now FuelPositive is a Canadian clean-tech company transforming agriculture through decentralized, on-farm Green Ammonia production systems. By enabling farmers to generate their own green nitrogen fertilizer and carbon-free fuel on site, the Company is redefining the ammonia industry and putting control directly into the hands of those who feed the world. This model reduces reliance on volatile supply chains and unpredictable pricing, helping farmers secure their livelihoods and plan for the future. Each tonne of ammonia produced by a FuelPositive system prevents up to two tonnes of CO₂e emissions, offering both environmental and economic advantages. Designed for simplicity, dependability, and remote monitoring, the Company's containerized systems effortlessly integrate into farm operations. Made in Canada for Canadian conditions, they are engineered to be as straightforward to operate as they are impactful. The first FP300 demonstration system, installed on an 11,000-acre grain farm in Sperling, Manitoba, is designed to produce 100 metric tonnes of Green Ammonia each year. This unit serves as the foundation for the FP1500 commercial system, which can generate 500 metric tonnes annually for farms of approximately 10,000 acres. The systems are powered by sustainable electricity and produce carbon-free ammonia on demand, providing a decentralized, cost-effective alternative to fossil-fuel-based fertilizers and fuels. The delivery of the FP300 to Tracy and Curtis Hiebert's farm in Sperling, Manitoba, marked a milestone in sustainable agriculture. Once activated, the system will demonstrate how local production can strengthen farm economics, reduce environmental impact, and build resilience against climate change, market instability, and global supply disruptions. FuelPositive aims to position Canada as a global centre of excellence for decentralized Green Ammonia production and to establish a world-leading manufacturing hub. Supported by Stantec, one of the world's top engineering and consulting firms, this initiative will drive economic growth, create high-value jobs in engineering, science, and skilled trades, and promote a more resilient and sustainable food system. FuelPositive is located in Ontario and Manitoba (Canada) and trades on the TSX Venture Exchange under the symbol NHHH, as well as on the OTCQB in the USA under the symbol NHHHF. Cautionary Statement Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This news release contains certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") that are based on expectations, estimates and projections as of the date of this news release. The information in this release about future plans and objectives of the Company are forward-looking statements. These forward-looking statements are based on assumptions and estimates of management of the Company at the time they were made and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking information is provided to provide information about management's expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking information or to explain any material difference between subsequent actual events and such forward-looking information, except to the extent required by applicable law. SOURCE FuelPositive Corp.
Toronto Star
11 hours ago
- Toronto Star
PharmaCorp Rx Inc. Reports Q2 2025 Financial Results
SASKATOON, Saskatchewan, Aug. 15, 2025 (GLOBE NEWSWIRE) — PHARMACORP RX INC. ('PharmaCorp' or the 'Corporation') (TSXV: PCRX) a growing national platform for pharmacist-led community pharmacy ownership, today reported its financial results for the three and six months ended June 30, 2025. The second quarter reflected continued operational momentum, expanding pharmacy-level contribution, and disciplined progress on the Corporation's national acquisition strategy. Following quarter-end, PharmaCorp completed the acquisition of a fourth pharmacy in Western Canada, building further scale and reinforcing the platform's coast-to-coast ambitions. Q2 2025 Financial Highlights Revenues generated from three operating pharmacies, with continued growth in both prescription volumes and front-of-store sales Operating infrastructure was successfully deployed to support national scalability, including systems integration, pharmacy onboarding, and co-ownership execution Net loss for the quarter reflects continued investment in corporate infrastructure and the catch-up of executive compensation deferred from 2024 Solid pharmacy-level contribution margins and a consistent weighted average EBITDA multiples across acquisitions support PharmaCorp's long-term accretive growth model A strong balance sheet positions the Corporation to fund additional acquisitions already under letter of intent Same-store sales, a supplementary financial measure, increased 11.3% year-over-year compared to Q2 2024, reflecting continued organic growth across our pharmacy network Prescription volumes continue to grow, with total script count rising 3.5% year-over-year compared to Q2 2024, demonstrating sustained patient engagement and activity across the network Management Commentary 'We are pleased with the momentum we're seeing across our early acquisitions and the continued appetite from independent pharmacy owners exploring succession,' said Alan Simpson, Executive Chairman of PharmaCorp. 'This quarter reflects continued progress in scaling our platform through disciplined execution. We continue to maintain a consistent, disciplined weighted average EBITDA multiple across our acquisitions, which supports our goal of delivering accretive growth. As we expand our national footprint, we remain focused on sourcing high-quality pharmacies that align with our long-term acquisition strategy and contribute meaningfully to accretion.' ARTICLE CONTINUES BELOW Operational Update During the quarter, the Corporation made key investments in systems, personnel, and integration processes necessary to support scalable national growth. The reported net loss includes compensation charges related to deferred 2024 executive remuneration, which were brought current in Q2 as part of aligning leadership incentives with long-term shareholder value. Subsequent Events On July 31, 2025, the Corporation closed the acquisition of its fourth pharmacy, located in Western Canada, further expanding its national footprint and operating base under the PharmaCorp co-ownership platform. On August 13, 2025, the Corporation entered into a credit agreement with Canadian Imperial Bank of Commerce ('CIBC') providing the Corporation with up to $20,500,000 of committed credit facilities (the 'Credit Facilities'), plus a $10,000,000 accordion feature and a $1,000,000 Visa credit facility. The Credit Facilities will support PharmaCorp's acquisition strategy and the expansion of its acquisition and operating platforms. In conjunction with the above Credit Facilities, CIBC is also supporting PharmaCorp's Pharmacist Co-Ownership Program through a separate $5,000,000 credit facility which makes loans available to pharmacists wishing to acquire an ownership position in the PharmaCorp pharmacy where they work. Pipeline Progress PharmaCorp continues to advance its previously announced pipeline of transactions. The Corporation is actively working to finalize definitive purchase and sale agreements in furtherance of the letters of intent announced on May 29, 2025, and expects to close additional transactions in the second half of the year. Further Information For comprehensive disclosure of PharmaCorp's financial performance for the three and six months ended June 30, 2025 and its financial position as at such date, please see PharmaCorp's unaudited Condensed Consolidated Interim Financial Statements and related Management's Discussion and Analysis for the three and six months ended June 30, 2025 filed on SEDAR+ at Supplementary Financial Measures This news release also makes reference to 'same-store sales', which is a supplementary financial measure. 'Same-store sales' is defined as sales from pharmacy locations owned and operated by PharmaCorp as at the current reporting period end and historical sales information from the pharmacies operating systems. It is used to provide investors with a supplemental measure of the Corporation's operating performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management uses supplementary financial measures such as same-store sales in order to facilitate operating performance comparisons from period to period. Management also believes that supplementary financial measures are meaningful to investors because they enable investors to better understand the level of growth of our business. The Corporation cautions readers that same-store sales used in this news release may not be comparable to similar measures used by other issuers. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW About PharmaCorp Rx Inc. PharmaCorp Rx Inc. is a Canadian pharmacy acquisition and ownership platform focused on empowering pharmacists to become equity partners while supporting continuity of care and succession for retiring pharmacy owners. PharmaCorp combines operational support, capital, and strategic guidance to build a national network of locally rooted community pharmacies. PharmaCorp currently operates four PharmaChoice Canada bannered pharmacies in Canada and will continue to acquire PharmaChoice Canada branded pharmacies as they come to market in conjunction with its strategic alliance agreement with PharmaChoice Canada. The Corporation will also acquire independently owned non-PharmaChoice Canada bannered pharmacies in Canada, and thereafter, continue to operate such acquired pharmacies under a PharmaChoice Canada banner. PharmaCorp shares trade on the TSX Venture Exchange under the symbol: PCRX. PharmaCorp actively welcomes discussions with pharmacy owners considering succession or sale. For more information about our acquisition program and process, please visit or contact our team confidentially. We are committed to seamless transitions that protect your legacy and serve your community. For further information, please contact: Investor Relations info@ Tel: (306) 536-3771 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information: This news release contains 'forward-looking information' regarding the Corporation within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation to: the Corporation's continued operational momentum, expanding pharmacy-level contribution, and disciplined progress on the Corporation's national acquisition strategy; the Corporation's coast-to-coast platform and acquisitions ambitions; the Corporation's long-term accretive growth model; the funding available for acquisitions already under letters of intent; the continued appetite from independent pharmacy owners exploring succession; the Corporation's goal of delivering accretive growth; the Corporation's focus on sourcing high-quality pharmacies that align with its long-term acquisition strategy and contribute meaningfully to accretion; the Credit Facilities, including the accordion feature, the impact of the Credit Facilities on the Corporation's acquisition strategy and its acquisition and operating platforms; the Pharmacist Co-Ownership Program including the $5,000,000 credit facility to support the program, the availability of the $5,000,000 credit facility and the terms of this credit facility; the Corporation's work to finalize definitive purchase and sale agreements in furtherance of previously announced letters of intent; the Corporation's expectation to close additional transactions in the second half of the year; and the Corporation's goal to continue to acquire pharmacies as they come to market and to operate such pharmacies under the PharmaChoice Canada banner. This forward-looking information reflects current beliefs and is based on information currently available to the management of the Corporation and on assumptions the Corporation believes are reasonable. These assumptions include, but are not limited to: the completion of previously announce acquisitions; market acceptance of previously announced acquisitions; the continued appetite from independent pharmacy owners exploring succession; market acceptance of the Pharmacist Co-Ownership Program and the terms of the credit facility under such program; the volume of acquisition opportunities presented to the Corporation being equal to or greater than historical volumes; and the continued supply of pharmacies for purchase by the Corporation at prices satisfactory to the Corporation and the ability of the Corporation to acquire such pharmacies. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; competition; changes in legislation, including pharmacy regulation, affecting the Corporation; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR+ website at Although the Corporation has attempted to identify important risks and factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of the Corporation as of the date of this news release and, accordingly, is subject to change after such date. However, the Corporation expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
