Salona Global Medical Device Corporation (TSXV:SGMD) entered into a Letter of Intent to acquire Simbex, LLC on August 23, 2021. SGMD would close this transaction with existing cash on the balance sheet. Simbex generated over CAD 8 million in audited revenues in 2020. Approval of TSX Venture Exchange Approval is required for the transaction. Robbie Grossman of DLA Piper (Canada) LLP and Daniel C. Belostock, Esq. and Kevin M. Grant, Esq. of DLA Piper LLP (US) acted as legal advisors for Salona Global Medical Device Corporation. Paul H. Ode, Jr. of Downs Rachlin Martin PLLC acted as a legal advisor for Simbex, LLC.

Salona Global Medical Device Corporation (TSXV:SGMD) completed the acquisition of Simbex, LLC for CAD 12.5 million on September 30, 2021. As consideration, the company provided CAD 5,691,759 cash as well as issuing 6,383,954 shares of non-voting class "A" common stock valued at CAD 6,769,769 subject to earn-out adjustments, including revenue shortfall adjustment and adjusted net assets adjustments. The company assumed all the assets and liabilities of Simbex.