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1st Group Ltd (ASX: 1ST) announces acquisition proposal for Visionflex

1st Group Ltd (ASX: 1ST) is pleased to announce its proposed acquisition of Visionflex Ltd, a rapidly growing Australian-based international provider of integrated proprietary telehealth software and diagnostic devices that interface with most existing Medical Record and Medical Practice systems. On completion of the Acquisition, 1st Group will also undertake a placement of shares to Adcock Private Equity (the largest current shareholder in Visionflex) to raise $2.5m to provide growth funding for the combined group. The acquisition of Visionflex will involve 1st Group issuing 484,020,008 shares to Visionflex shareholders who will hold roughly 57% of 1st Group’s issued shares on completion. Klaus Bartosch the Managing Director of 1st Group said ‘By combining 1st’s digital patient engagement and online appointment booking solutions with Visionflex’s video conferencing software and devices, we are creating a world-class solution to deliver end to end clinical telehealth services to almost anyone, almost anywhere.

Following the announcement, shares of 1st Group Ltd traded 16.67% hjgher at $0.014/share.

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