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Saturday, May 28, 2022

What Drove The Puget Technologies (PUGE) Stock Higher Last Session?

Last session, Puget Technologies Inc (OTCPink: PUGE) closed at $0.0044, up 33.33%. While 324.22M shares changed hands during the session, the price of PUGE stock ranged between $0.0028 and $0.0046. In the absence of current news, PUGE stock was upgraded, but recent developments might be contributing to that increase.

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What’s new at PUGE?

As a holding company, Puget will develop into an innovation-focused business unit that will operate through its subsidiaries and business units in a manner that enables ground-breaking companies to reach their full potential. As part of its investment focus, PUGE proposes to invest in traditional industries like health care, which are ripe for business model innovation, as well as new markets that target big societal problems like climate change.

PUGE has a multi-faceted business strategy combining acquisitions, strategic investment strategies, and operational support to serve growing businesses looking for capital and growth resources while providing Puget and its stockholders the opportunity to generate synergies and achieve profit through pooling resources and shared goals.  

Earlier this month, Puget Technologies announced it has signed two more letters of intent (LOIs) for healthcare acquisitions.

  • One of those LOI’s signed by PUGE was with Florida Behavioral Center, Inc. dba “Florida Healthcare System” (FHS) that has been operating since 2015.
  • FHS, based in Doral, Florida, is a healthcare organization offering mental health services.
  • The organization’s staff includes psychiatrists, mental health counselors, case managers, and administrative staff.
  • Glades Medical Centers of Florida LLC (“GMC of Florida”), a Florida limited liability company, was the second LOI that PUGE signed.
  • As the successor in interest to Glades Medical Centers LLC, a Florida limited company organized on May 28, 2014 through a joint venture with Primary Medical Physicians, LLC (collectively known as GMC of Florida), GMC of Florida is located in Florida.
  • Companies have provided PUGE with an exclusive 90-day period to negotiate specific acquisition terms after they have conducted required due diligence and determined the most appropriate valuations and acquisition method.
  • It is anticipated that the acquired companies will become consolidated subsidiaries of Puget and will be integrated into Puget’s healthcare division, along with Behavioral Centers of South Florida, LLC and D & D Rehab Center Inc.
  • For December 31, 2019 and 2020, FHS’ total revenues were approximately $3.9 million and $4.1 million, respectively, and GMC of Florida had revenues of $700,000 and $500,000, respectively.
  • Through the acquisition of FHS and GMC of Florida, PUGE will be able to expand its behavioral health and primary care capabilities, thereby further advancing its vision of becoming a holistic provider of healthcare.
  • Both FHS and GMC of Florida have the potential to significantly increase revenue for PUGE by providing additional services to their patients under the same roof.

PUGE’s future plans for LOIs?

It is expected that the FHS transaction will involve a traditional acquisition; however GMC of Florida is expected to become part of PUGE’s incubator program for companies interested in becoming independent public companies in the future. Both transactions will be closed by December 31, 2021, meaning Puget (PUGE) will have concluded related negotiations by November 30, 2021.  

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