September 03, 2014 11:01 ET
Overtech to Purchase Leading German Intensive Care and Home Respiration Service Provider
STUTTGART, GERMANY--(Marketwired - Sept. 3, 2014) - Overtech Corp. (OTCQB:OVET) Overtech Corp. (the "Company" or "Overtech") announced today that it entered into a Share Purchase Agreement (the "Share Purchase Agreement") among Overtech, its wholly-owned subsidiary, Medicus Homecare Inc., Dr. Orhan Karahodza (the "Vendor"), Beatmungspflege 24 GmbH (the "GmbH") and Dr. Elmedina Adzemovic to acquire all of the issued and outstanding shares of the GmbH held by the Vendor. The GmbH was formed in February 2013 to acquire the businesses operated by Dr. Karahodza for several years.
The business of the GmbH is primarily the offering of medical in-home care services including ventilation for patients that suffer from debilitating diseases such as Amyotrophic Lateral Sclerosis (ALS), Muscular Dystrophy (MD), Guillain-Barré syndrome (GBS), and Chronic Obstructive Pulmonary Disease (COPD). Other services include Acute post-patient care, Respiration optimization and monitoring of long-term home respiration with nationwide care available within 24 hours for all respiration cases.
The GmbH currently operates in the Stuttgart area with 7 local checkpoints with plans to open additional checkpoints throughout all major Germany cities. The checkpoints are locations where nurses pick up medication, supplies and equipment prior to visiting the patients in their homes.
At the present time, the GmbH has 103 employees of which 80 are nurses responsible for maintenance and care of patients.
"Ambulatory care services and nursing care is a 27 billion EUR annual market in Germany and now as a result of the acquisition by Overtech, we will have access to the capital we require to expand across the major centers in Germany," commented Dr. Orhan Karahodza. "We will be servicing a market need that exists today and that is growing at increasing rate every year. The Germany market for Ambulatory care services is expected to reach 50 billion EUR in 2020."
For the year ended December 31, 2013 the GmbH reported unaudited revenues of approximately USD$5,500,000 and net income of approximately USD$1,900,000 giving net margins of approximately 34 percent.
