CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF,
Frankfurt: 6PH) (the “
Company” or
“
CloudMD”), a healthcare technology company
transforming the delivery of care, is excited to announce that the
Company will be nominating two new, experienced business leaders to
its Board of Directors for the 2021 annual general meeting of
shareholders scheduled for November 9th, 2021. The new Board of
Directors will consist of five directors, including two new
nominees for election.
The new nominees for the Board of Directors
are:
Duncan Hannay
(Independent Director)
Mr. Hannay is currently the Chief Executive
Officer of the Ontario Lottery and Gaming Corporation
(“OLG”) and brings more than 25 years of
experience growing businesses across industries, channels and
locations around the world. Before joining OLG, he was President
and CEO of Street Capital Group Inc, a Canadian public company
offering best-in-class retail banking products through its Schedule
I bank platform. He previously served as Chief Operating Officer at
Finastra, a global leader in software solutions for retail banking,
transaction banking, lending, and treasury and capital markets. He
also served as an executive leader at the Canadian-based financial
technology provider D+H, as President of Global Lending Solutions
and as President of D+H Canada. In addition, Duncan has held senior
executive positions with global financial services providers
Scotiabank and E*TRADE Financial. Mr. Hannay holds a Bachelor of
Engineering degree from McMaster University.
Karen Adams (President
and Director)
Ms. Adams is currently President of CloudMD as
well as its Global Head, Enterprise Health Solutions. She is a
senior executive with more than 20 years of creating growth through
innovation, people, process and technology in the employee
wellbeing market. Karen has experience in the evolution of
healthcare in mental and physical health through innovation and
evidence-based outcomes for employers, employees, insurers,
advisors and consumers. Karen has worked in senior executive
positions at Warren Shepell, Shepell.fgi, Morneau Shepell, SCM
Insurance, Snapclarity and current director and past Chair of
Ontario Shores Centre for Mental Health Sciences foundation.
The three incumbent directors for re-election
are Mark Kohler (Chairman), Christopher Cherry (Independent) and
Essam Hamza (CEO).
Dr. Essam Hamza, CEO of CloudMD
commented, “We are thrilled to welcome Duncan and Karen to our
Board of Directors as their collective experience and leadership
will be extremely valuable to the continued growth of our Company.
Their experience in governance, advisory, and executive leadership
strengthens and complements our incumbent Board of Directors. Each
of these outstanding individuals brings valuable expertise and
insight that will help position CloudMD for long-term success as an
innovative healthcare company.”
Change of Auditors
The Company also announces that is has appointed
KPMG LLP, Chartered Professional Accountants
(“KPMG”) as the Company’s independent auditors to
hold office until the end of the next annual general meeting of
shareholders.Effective September 9th, 2021, at the request of the
Company, CloudMD’s predecessor auditors, Harbourside LLP, Chartered
Professional Accountant (“Harbourside”), resigned
as auditors and KPMG was appointed to fill their vacancy for the
fiscal year ended December 31, 2021.
In accordance with the requirements of National
Instrument 51-102 of the Canadian Securities Administrators
(51-102), a notice of change of auditor dated September 9th, 2021
with an effective date of September 9th, 2021 (the “Notice
of Change”) was sent to KPMG and Harbourside, each of whom
have provided a letter to the securities regulatory authorities in
each of the jurisdictions where the Company is a reporting issuer
stating that they agree with the statement made in the Notice of
Change.
Stock Options and Restricted Share Unit
Grants
The Company has granted stock options and
restricted share units (“RSU’s”) in the ordinary
course to certain directors and officers, under its Stock Option
Plan and RSU Plan to purchase an aggregate of 1,250,000 common
shares of the Company. The exercise price of the stock options
granted was set at $1.75 per share. The stock options and
restricted share units are subject to the terms of the Company’s
Stock Option Plan and RSU Plan and any necessary regulatory
approvals.
About CloudMD Software & Services
CloudMD is transforming the delivery of
healthcare using technology and by providing a patient-centric
approach, with an emphasis on continuity of care. By leveraging
healthcare technology, the Company is building one, connected
platform that addresses all points of a patient’s healthcare
journey and provides better access to care and improved outcomes.
Through CloudMD’s proprietary technology, the Company delivers
quality healthcare through a holistic offering including hybrid
primary care clinics, specialist care, telemedicine, mental health
support, healthcare navigation, educational resources and
artificial intelligence (AI). CloudMD’s Enterprise Health Solutions
Division includes one of the top 4 Employee Assistance Programs in
Canada and offers one comprehensive, digitally connected platform
for corporations, insurers and advisors to better manage the health
and wellness of their employees and customers.
CloudMD currently services a combined ecosystem
of over 7,000 psychiatrists, approximately 4,500 therapists and
counsellors, approximately 4,000 psychologists, over 22,000 family
physicians, over 34,000 medical specialists, over 1,500 allied
health professionals across North America. For more information
visit: https://investors.cloudmd.ca.
ON BEHALF OF THE BOARD OF DIRECTORS“Dr. Essam
Hamza, MD"Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia BeckerVP, Investor
Relations julia@cloudmd.ca(604) 785-0850
Forward Looking Statements
This news release contains forward-looking
statements that are based on CloudMD’s expectations, estimates and
projections regarding its business and the economic environment in
which it operates, including with respect to its business plans.
Although CloudMD believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and
involve risks and uncertainties that are difficult to control or
predict. Therefore, actual outcomes and results may differ
materially from those expressed in these forward-looking statements
and readers should not place undue reliance on such statements.
These forward-looking statements speak only as of the date on which
they are made, and CloudMD undertakes no obligation to update them
publicly to reflect new information or the occurrence of future
events or circumstances, unless otherwise required to do so by
law.
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
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