Patient Home Monitoring Corp. (TSXV:PHM) entered into a definitive agreement to acquire Palmetto Medical Holdings, LLC for CAD 0.88 million in cash on January 8, 2014. In the related transactions Patient Home also entered into definitive agreements to acquire Resource Medical Group, heartHealth4Me.com and RMGC, LLC.

The combined companies have trailing 12-month revenues of CAD 5.7 million and trailing 12-month EBITDA of approximately CAD 1.35 million. The closing of the transactions is subject to TSX approval. The transactions have been approved by the Board of Directors of Patient Home Monitoring.

The acquisitions are expected to significantly increase revenues and cash flow of Patient Home upon closing. The combined companies are expected to immediately increase Patient Home annual EBITDA run rate to over CAD 3 million, and increase organic growth potential by offering additional services to existing patients, as well as offering current services to newly acquired patients.