Test
Back to all Representative Matters
Feb 23, 2022

SQI Diagnostics Acquires Precision Biomonitoring’s Human Diagnostic Testing Business

Marek Lorenc, Liam Tracey-Raymont, Ryan Cohen, Al Turnbull, Francesco Gucciardo, Angelo Gentile, Kyle B. Plunkett and Jose Garcia-Bonilla

On February 14, 2022, SQI Diagnostics Inc. (“SQI”), a leader in the science of lung health that develops and manufactures respiratory health and precision medical tests, completed the acquisition of the assets underlying Precision Biomonitoring Inc.’s human diagnostic COVID-19 PCR testing business and its TripleLock™ molecular diagnostic testing technology (the “Business”).

SQI acquired the assets through its wholly-owned subsidiary, SQI Diagnostic Systems Inc., for aggregate consideration of $6,825,000 consisting of a combination of cash and common shares of SQI. In addition, on the closing of the transaction, SQI acquired certain inventory of the Business. In connection with the closing of the acquisition, SQI entered into a credit agreement with Pivot Financial, and certain insiders of SQI, for a short-term $7,500,000 demand credit facility to fund a portion of the cash consideration payable under the acquisition.

The acquisition is expected to provide SQI with a self-contained and mobile COVID-19 PCR testing business line for use in on-site employee screening in the media, entertainment, mining, hospitality and travel industries.

Aird & Berlis represented SQI with a team including Marek Lorenc, Liam Tracey-Raymont, Ryan Cohen and Al Turnbull (Capital Markets), Francesco Gucciardo and Angelo Gentile (Tax), Kyle Plunkett (Financial Services) and Jose Garcia-Bonilla (Articling Student).

Related Industries

Related Representative Matters

Representative Matters
Federal Court Dismisses Motion to Strike Judicial Review Application on Voluntary Disclosure Louise R. Summerhill and Monica Carinci Apr 22, 2022 On March 13, 2022, a prothonotary of the Federal Court of Canada dismissed the Crown’s motion to ... On March 13, 2022, a prothonotary of the Federal Court of Canada dismissed the Crown’s motion to strike the judicial review application of Milgram Foundation.
Representative Matters
Tax Court Allows Unclaimed Rebates for Tax Paid in Error to Subcontractors Louise R. Summerhill and Monica Carinci Apr 22, 2022 On March 17, 2022, The Tax Court of Canada allowed the GST/HST appeal of Mediclean Incorporated, ... On March 17, 2022, The Tax Court of Canada allowed the GST/HST appeal of Mediclean Incorporated, a professional cleaning service company that engages cleaners as subcontractors to provide these services.
Representative Matters
Allied Properties REIT Acquires Urban Office Portfolio for $794 Million Margaret T. Nelligan, Melanie Cole, Marek Lorenc, Amy Marcen-Gaudaur, Meredith McCann, Michael D. Smith, Leonard Baranek, J. Kyle Genga, Ethan Eisen, Rachel D. Rice, Barbara Worndl, Angelo Gentile and Aaron Collins Apr 06, 2022 On March 31, 2022, Allied Properties Real Estate Investment Trust, a leading operator of distinct... On March 31, 2022, Allied Properties Real Estate Investment Trust, a leading operator of distinctive urban workspace in Canada’s major cities and network-dense urban data centres in Toronto, completed the acquisition of six urban office properties from Choice Properties Real Estate Inv...