Mill City Gold Corp. has signed a Letter of Agreement to acquire 100 percent of the issued and outstanding shares of Florida Pharmacy Solutions, Inc., a pharmaceutical compounding company located in Zephyrhills, FL, a suburb of metropolitan Tampa Bay. Compounding is the creation of a particular pharmaceutical product to fit the unique need of a patient.
FPS is a full service, state of the art, compounding pharmacy with over 60 years of clinical experience specializing in non-narcotic pain creams, as well as creams for wound management, scar management, neurology management, nausea management, dermatology and bio-identical hormones. For the year ending December 31, 2013, FPS had total revenue of $4.34 million with a net income of $903,064. For the year ended December 31, 2014, FPS had total revenue of $20.6 million with a net income of $7.52 million.
To acquire FPS, the Mill City will issue 25 million common shares at a deemed value of $0.50 per share for a total consideration of $12.5 million.