Salona Global Confirms First Acquisition (SDP) Exceeded 12-Month Revenue, Cash Flow Targets For Full Equity Earn Out

SAN DIEGO, July 28, 2022 (GLOBE NEWSWIRE) -- Salona Global Medical Device Corporation (“Salona Global,” “SGMD,” or the ‎‎“Company”) (TSXV:SGMD) announced today that as a result of exceeding all revenue and cashflow targets for the 12-month period from June 1, 2021 to May 31, 2022, the non-arm’s length parties of Salona Global, namely, Les Cross, Executive Chairman and Luke Faulstick, Chief Executive Officer of SGMD, through GAP Partners, Inc., an entity Mr. Faulstick has a 50% interest in, that were shareholders of South Dakota Partners, Inc. (“SDP”) have been awarded their full equity earn out. Salona Global had previously announced, in a April 14, 2022 press release, that it expected the full SDP earnout would be achieved based upon recent revenue and margin growth.

Read more at globenewswire.com