MIAMI, Dec. 13, 2017 /PRNewswire/ -- Toron, Inc. (OTC Pink: TRON) provided its stockholders today with a corporate update.
We are pleased to announce that our vision to further enter the healthcare market has taken another step forward. Toron is proud to announce we have entered into a Letter of Intent to acquire InMed Group, Inc., a Montgomery, AL based operator of hospitals and senior care facilities ("InMed"). InMed operates 3 hospitals and 9 adult care facilities in Alabama and Georgia. For Fiscal Year Ending 31 December 2016, the group recorded Revenue of approximately $87 million and posted an EBIDTA of approximately $7.6 million.
InMed's corporate offices are located at 60 Commerce Street, #700 Montgomery, AL.
We entered into the Letter of Intent with InMed Group on 5 March 2017 and amended the Agreement on 13 June 2017 and 8 October 2017.
On 29 September 2017, Toron received a Letter of Intent for $11 million in equity from Flagship Properties, a New York based institution. We are currently negotiating with several financial institutions for the debt component to complete our acquisition financing.
President Ortiz Morentin stated "This acquisition demonstrates our resolve to bring value to all Toron shareholders and will serve as a clear example of the veracity of our iMedScan software. We fully intend to implement iMedScan software into all the operating units and expect that the insurance and patient collection process will be dramatically improved and hence, increase future cash flow from the acquisition."
About Toron, Inc: Toron Inc. is a publicly held Nevada corporation and is the owner of iMedScan Corp. iMedScan is an electronic data interface software for patient insurance verification. http://www.toroninc.com
About InMed Group, Inc. InMed is a privately held corporation which has been in business since 1994. The company owns and operates three (3) hospitals located in Alabama and Georgia. Additionally, it owns and manages surgery centers and adult assisted living facilities.
Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although Toron, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Toron, Inc. is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company's ability to meet the conditions necessary to, among other matters, obtain a public listing on a major national exchange.
SOURCE Toron, Inc.