12:25 PM EDT, 10/15/2024 (MT Newswires) -- Nova Leap Health ( NVLPF ) said Tuesday it is acquiring the assets of a home care services business with operations in Florida for $1.64 million.

The Florida company reported unaudited annualized revenues of approximately US$3.1 million and unaudited annualized adjusted EBITDA of approximately US$345,000 for the first eleven months of its 2024 fiscal year.

Nova is paying US$1.64 million, subject to closing adjustments, of which US$1.31 million is payable with cash on closing and US$320,000 is by way of a promissory note repayable over a three-year period.

"As mentioned in previous shareholder communications, we have been actively working on acquisition opportunities since re-engaging our M&A program," said chief executive Chris Dobbin. "We have been looking for opportunities in Florida for quite some time given the long-term prospects for the market."

The company's shares last traded Friday, closing at $0.24 on the TSX Venture Exchange.