Healthcare Integrated Technologies, Inc. cancelled the acquisition of Glass 8 Holdings, LLC.
June 20, 2024
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Healthcare Integrated Technologies, Inc. (OTCPK:HITC) signed letter of intent to acquire Glass 8 Holdings, LLC for $1.5 million on February 16, 2024. As a part of consideration, Healthcare Integrated Technologies, Inc. will issue 8 million common shares and assume a bridge loan of $1.1 million. Glass 8 Holdings, LLC reported a revenue of $30 million for the year ending December 31, 2023. The closing of the transaction is subject to successful completion of due diligence, negotiation of a definitive agreement, regulatory approvals, and the approval of the transaction by the respective boards and stockholders of both companies.
Healthcare Integrated Technologies, Inc. (OTCPK:HITC) cancelled the acquisition of Glass 8 Holdings, LLC on June 20, 2024. Healthcare Integrated Technologies is unable to move forward with the acquisition of Glass 8 due to their inability to adequately respond to its due diligence requests.
Healthcare Integrated Technologies, Inc. is a healthcare technology company. The Company creates a diversified spectrum of healthcare technology solutions to integrate and automate the continuing care, home care and professional healthcare spaces. Its initial product, SafeSpace with Artificial Intelligence (AI) Vision, is an ambient fall detection solution designed for continuing care communities and at home use. SafeSpace includes hardware devices utilizing red, green and blue (RGB), radar and other sensor technology coupled with its internally developed software to monitor a person remotely. In continuing care communities, SafeSpace detects resident falls and generates alerts to a centralized, intelligent dashboard without the use of wearable devices or any action by the resident. In the home, SafeSpace detects falls and sends alerts directly to designated individuals. In addition to its product offerings, the Company also develops a home concierge healthcare service application.