Inspire Veterinary Partners (IVP) Enters Non-binding LoI to Acquire Animal Hospital and Enter the State of Pennsylvania

September 21, 2023 8:34 AM EDT

‚ÄčInspire Veterinary Partners, Inc. (Nasdaq: IVP) ("Inspire" or the "Company"), an owner and provider of pet health care services throughout the US, today announced that it has entered into a non-binding letter of intent to acquire a 100% ownership interest in one animal hospital located in Pennsylvania, a first for Inspire and follows its recently announced LOI for 2 animal hospitals in Oregon.

Inspire expects to acquire real estate associated with the purchase. The proposed acquisition is subject to customary closing conditions and is currently expected to be completed as early as the third quarter of 2023.

Inspire's due diligence review of the target acquisition has already commenced, and upon satisfactory completion, the Company intends to proceed towards executing a definitive acquisition agreement and closing the transaction as soon as all closing conditions are met.

Kimball Carr, Chairman, Chair, President & Chief Executive Officer of Inspire, stated, "We're excited to continue our growth nationwide and for Pennsylvania to be added to the list of states at which Inspire and our hospital teams serve clients and pets each day. We look forward to more anticipated growth in the great Commonwealth of Pennsylvania and the Eastern U.S."

The letter of intent is non-binding and subject to additional diligence and other factors, and as such, there can be no assurance that the Company will enter into a definitive acquisition agreement or that the terms of any such agreement will not change, or that the proposed acquisition will be consummated in the third quarter of 2023 or at all.

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