Parallax Health Sciences acquires QOLPOM

Sep. 14, 2016 7:54 AM ET|About: Parallax Health Scienc... (PRLX)|By: Douglas W. House, SA News Editor

In a regulatory submission filed today, Parallax Health Sciences (OTCPK:PRLX) reports that it inked an agreement to acquire QOLPOM (Quality of Life Peace of Mind) on September 8. The Santa Monica, CA-based firm provides a service to residential-based caregivers that leverages the Internet of Things. The core of the service is the QOLPOM Hub, a medication dispensing, management and remote monitoring system that ensures seniors and chronic care patients at home take the correct medications on time and notifies caregivers if a medication is missed or has a medical status report that requires follow-up.

In exchange for 100% of QOLPOM's stock, QOLPOM shareholders will receive a grant from Parallax to purchase 5M shares of Parallax stock for $300K ($0.06/share). In addition, there is a cash earn-out of $2M, a 3% royalty paid to an unnamed third party non-profit organization and 2.5M options to buy PRLX stock.

The transaction should close by the end of the month.