VitalHub Corp. Announces the Acquisition of Clarity Healthcare Solutions
January 19 2018 - 8:00AM
VITALHUB CORP. (TSXV:VHI) (the “Company” or “VitalHub”), is pleased
to announce that it has acquired Clarity Healthcare Solutions and
other selected assets of Clarity Health Inc. (“Clarity”), such
assets having previously represented approximately $200,000 in
revenue for Clarity in its last fiscal year (the “Acquisition”)
pursuant to an acquisition agreement (the “Agreement”) dated
January 17, 2018.
“We are excited to have the Clarity Healthcare
Solution customers join the VitalHub family of products,” said
Daniel Matlow, Chief Executive Officer of VitalHub. “This is the
third acquisition we have completed with similar solutions in the
last three months. We continue to add synergistic and accretive
solutions as we move forward with our M & A business plan.”
The purchase price for the Acquisition is
$353,883 satisfied by the delivery today, on closing of the
Acquisition, of 2,527,735 common shares of VitalHub (“Common
Shares”), at a deemed price of $0.14 per Common Share (the “Share
Purchase Price”), to Clarity.
In advance of closing the Acquisition, the
Company had 122,357,974 Common Shares issued and outstanding. Upon
delivery of the Share Purchase Price, the Company now has a total
124,885,709 issued and outstanding Common Shares. The Share
Purchase Price is subject to escrow and is to be released in four
equal amounts over the period of twelve (12) months beginning with
the date that is three (3) months after the date of closing.
Concurrent with today’s closing of the
Acquisition, Clarity’s principal, Saverio Rinaldi, has entered into
a consulting agreement with VitalHub to assist with the transition
of Clarity Healthcare Solutions into VitalHub’s own suite of
products.
“We are excited to be a part of VitalHub,
knowing that our clients will continue to be well served as we move
forward together,” said Saverio Rinaldi, Chief Executive Officer of
Clarity Health Inc.
About Clarity Health Inc.
Clarity is a Canadian Healthcare software and
consulting services company specializing in patient centric
solutions. Clarity Healthcare Solutions a web-based interface and
data entry solution used by leading healthcare organizations to
perform in-patient assessments, as it streamlines resident
assessments and reporting for complex continuing and long-term care
providers. Its applications include Mental Health, Rehab and
Homecare assessments.
About VitalHub
VitalHub delivers an innovate platform for the
creation of mobile health applications that increases productivity
within healthcare settings. The VitalHub platform provides
the ability to integrate existing individual healthcare
applications while maintaining the control, security and privacy
essential in healthcare. VitalHub’s applications are focused
on the fast-growing mental health and long term care markets and
the company plans to strategically acquire and grow business in
these areas. Currently over 50 healthcare institutions across
Canada use products from VitalHub and its subsidiaries.
VitalHub is based in Toronto, ON, and publicly
traded on the TSX Venture Exchange: VHI.
For further information please contact:
Dan Matlow Chief Executive Officer, and Director
(416) 727-9061 dan.matlow@VitalHub.com
Cautionary Statements
The TSX Venture Exchange has in no way passed
upon the merits of the transactions and has neither approved nor
disapproved the contents of this press release. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this press
release.
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