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Premier Diversified Holdings Inc. Announces Amended Loan Agreement

VANCOUVER, British Columbia, Feb. 05, 2020 (GLOBE NEWSWIRE) --

Amended Loan Agreement with MyCare MedTech Inc.

Premier Diversified Holdings Inc. ("Premier" or the "Company") (TSXV: PDH) entered into an amended and restated loan agreement with MyCare MedTech Inc. ("MMI") on January 29, 2020. The agreement amended the previous secured loan made to MMI by increasing the principal amount which may be loaned by Premier to MMI from $400,000 to up to $450,000 (the "MMI Loan"). The MMI Loan matures 12 months from the date of the amended agreement and bears interest at a rate of 9% per annum. The MMI Loan is secured with all of the present and after-acquired property of MMI.

MMI is not issuing any securities, or paying any bonus, commission or finder's fees on the Loan to Premier.  The MMI Loan is repayable by MMI at any time without penalty.

MMI has recently entered into an agreement with a large Canadian brokerage which provides extended health benefits. Pursuant to this agreement, MMI will charge the brokerage a flat rate fee for each beneficiary that uses MMI's SmartExam platform for virtual medical care. MMI anticipates that it will have recurring monthly revenue from this agreement and intends to use the proceeds to, among other things, repay the loan to Premier at the respective maturity date.

Premier is a control person of MMI, and the MMI Loan constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101. The MMI Loan has been determined to be exempt from the requirements to obtain a formal valuation or minority shareholder approval on the basis of sections 5.5(b) and 5.7(1)(a) of Multilateral Instrument 61-101 as the fair market value of the transaction is not more than 25% of the Company's market capitalization.

The MMI Loan is subject to review and acceptance by the TSX Venture Exchange.

About Premier Diversified Holdings Inc.

Premier Diversified Holdings Inc. participates in diversified industries through its acquisitions of securities and/or assets of public and private entities which it believes have potential for significant returns. It may act as a holding company (either directly or through a subsidiary) and may participate in management of subsidiary entities to varying degrees.

On behalf of the Board of Directors

"Sanjeev Parsad"

Sanjeev Parsad
President, CEO and Director

Neither 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.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdictions in which such offer, solicitation or sale would be unlawful. Any offering made will be pursuant to available prospectus exemptions and restricted to persons to whom the securities may be sold in accordance with the laws of such jurisdictions, and by persons permitted to sell the securities in accordance with the laws of such jurisdictions.

Further information regarding the Company can be found on SEDAR at www.sedar.com. 

Not for dissemination in the United States of America.

Legal Notice Regarding Forward Looking Statements: This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements are indicated expectations or intentions. Forward-looking statements in this news release include that MMI will have revenue as disclosed in the news release, and that it will use that revenue to repay the MMI Loan. Factors that could cause actual results to be materially different include but are not limited to the following: that the revenue which MMI earns will be insufficient to repay the MMI Loan or that the management or board of MMI may use the funds for other purposes. Investors are cautioned against placing undue reliance on forward-looking statements. It is not our policy to update forward looking statements.

For further information, contact:
Sanjeev Parsad, President and CEO

Phone: (604) 678.9115
Fax: (604) 678.9279
E-mail: sparsad@pdh-inc.com
Web: www.pdh-inc.com

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