CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF,
Frankfurt: 6PH) (“
CloudMD” or the
“
Company”), a healthcare technology and innovative
health services company transforming the delivery of care, today
announced that the Company’s founder, Dr. Essam Hamza, will be
stepping down as Chief Executive Officer (“
CEO”)
as of Monday, May 2, 2022. Dr. Hamza will remain on the Board of
Directors and act as a strategic advisor to the Company. The Board
of Directors unanimously appointed President, Karen Adams to assume
the role of Interim CEO until a successor is appointed.
Over the last five years, Dr. Hamza has led
CloudMD through significant growth and transformation, resulting in
the company that CloudMD is today: a comprehensive, connected
healthcare ecosystem with over 800 employees across North America.
The founding principles that have guided CloudMD through its
aggressive growth phase will continue to be the Company’s guiding
light as it transforms the way healthcare is
delivered.
“On behalf of the Board, I want to thank Essam
for his entrepreneurial leadership and his hard work these past
years, building an organization that is leading the industry in
access to healthcare services,” said Mark Kohler,
Chair of the Board of Directors of CloudMD. “Under
Essam’s leadership, CloudMD’s business and revenue have increased
in an extraordinary way. Essam has also gathered an
impressive team with operational management depth throughout
the organization, giving me confidence in the Company's
ability to transition to new leadership seamlessly, capitalize on
strategic opportunities, and deliver value to all stakeholders.”The
Company’s Board of Directors unanimously appointed CloudMD’s
current President, Karen Adams, to assume the role of Interim CEO
effective Monday, May 2, 2022, until the permanent CEO is appointed
to lead the Company. The Board has initiated a process to identify
the permanent CEO. Ms. Adams has been with CloudMD for the last two
years, being appointed to the role of President in June 2021 and
joining the Board of Directors in November 2021. She has over 25
years of senior executive experience in transforming companies,
building brands, scaling organizations, and driving change and
improvement in the healthcare solutions industry. During her time
with CloudMD, Ms. Adams has built the Company’s strategic road map
within its Enterprise Health Division, Digital Health Services
Division, and mental health support solutions, and has
significantly increased revenues, driven cost optimizations and
launched geographic expansion. Prior to joining the Company, Ms.
Adams held executive roles with Forum Corporation, Cira Health
Solutions (SCM Insurance Services) and Morneau Shepell (Lifeworks)
where she rebuilt brands, business strategies and positioned these
companies for long term for growth.
Dr. Essam Hamza, CloudMD’s transitioning
CEO comments, “Over the last few years, CloudMD has gone
through significant growth including the completion of over 15
acquisitions, which are expected to add over $100 million in annual
revenue. The business has changed from a connected network of
clinics to a leading comprehensive healthcare provider, and I could
not be prouder of the team on their ability to execute. It is time
for the Company to move away from its founder, and I will be
stepping down as CEO and passing the baton so a new CEO can lead
the Company through its next phase of growth. I look forward to
supporting the entire executive team through the Company’s next
stage.”
Karen Adams, CloudMD’s Interim
CEO said, “I am honoured that the Board has the confidence
in me to begin to lead CloudMD into our next phase of growth. I am
excited to work with the whole team to build the business,
leveraging our differentiators to deliver results for our
shareholders and stakeholders, including clients, network
providers, and employees. The team will continue developing
existing and additional capabilities underpinned by technology. We
will continue investing in our employees through learning and
development and create more opportunities for each employee to have
a voice in new ideas, products, and services. I have worked
alongside Essam for the last two years through the Company’s
transformation and I am proud of what the Company has accomplished
during that time.”
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 business is separated into
three main divisions: Clinics and Pharmacies, Digital Solution and
Enterprise Health Solutions, the Company’s fastest growing
division. CloudMD’s Enterprise Health Solutions Division has built
a leading employer healthcare solutions, including its
Comprehensive Integrated Health Services Platform, which offers one
comprehensive, digitally connected platform for educational
institutions, corporations, insurers, and advisors to better manage
the health and wellness of their students, 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 and over 5 million individuals 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 Becker VP, Investor
Relationsjulia@cloudmd.ca(604)785-0850
Neither 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 release.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking
statements” and “forward-looking information” within the meaning of
Canadian securities laws. Forward-looking statements in this news
release include, but are not limited to, statements regarding: the
planned transition of the CEO; the addition of revenue as a result
of the Company’s 15+ acquisitions; the Company’s plans and
expectations with respect to the business; and the impact of such
plans. These statements are based upon information currently
available to CloudMD’s management. All information that is not
clearly historical in nature may constitute forward‐looking
statements. In some cases, forward‐looking statements may be
identified by the use of terms such as “forecast”, “assumption” and
other similar expressions or future or conditional terms such as
“anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”,
“may”, “plan”, “predict”, “project”, “will”, “would”, and “should”.
Forward-looking statements contained in this news release are based
on certain factors and assumptions made by management of CloudMD
based on their current expectations, estimates, projections,
assumptions and beliefs regarding their business and CloudMD does
not provide any assurance that actual results will meet
management’s expectations. While management considers these
assumptions to be reasonable based on information currently
available to them, they may prove to be incorrect. Such
forward‐looking statements are not guarantees of future events or
performance and by their nature involve known and unknown risks,
uncertainties and other factors, including those risks described in
the Company’s MD&A and most recent Annual Information Form
(which are filed under the Company’s issuer profile on SEDAR and
can be accessed at www.sedar.com), that may cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by such forward‐looking statements. Although CloudMD has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward‐looking statements, other factors may cause
actions, events or results to be different than anticipated,
estimated or intended. There can be no assurance that such
statements will prove to be accurate as actual results and future
events could vary or differ materially from those anticipated in
such forward‐looking statements. Accordingly, readers should not
place undue reliance on forward‐looking information. CloudMD does
not undertake to update any forward-looking information, whether as
a result of new information or future events or otherwise, except
as may be required by applicable securities laws.
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