CloudMD Closes Divestment of Primary Care Clinics and Cloud Practice to WELL Health
November 02 2022 - 7:30AM
CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF,
Frankfurt: 6PH) (the “
Company” or
“
CloudMD”), a healthcare technology and innovative
health services company transforming the delivery of care, is
pleased to announce that it has closed the previously announced
divestiture of its primary care clinics and Cloud Practice to Well
Health Technologies Corp. (TSX:WELL, OTCQX: WHTCF) (“WELL”) for
approximately $5.75 million in cash.
The closing of this transaction with WELL and
the recently announced divestment of the pharmacy assets to
Neighbourly Pharmacy Inc. (TSX:NBLY), is meaningful progress
against CloudMD’s objective of divesting its entire Clinics &
Pharmacies division. The Company is focused on the growth of its
core employer healthcare offering. The Clinics & Pharmacies
division, including the practitioner support technology, is not
supportive of that growth and does not fit in CloudMD’s overall
strategy of delivering a higher margin, profitable business
long-term. The divestitures provide significant non-dilutive
capital and a more focused business.
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 direct ecosystem of
over 5,700 clinicians including, 1,800+ mental health
practitioners, 1,600+ allied health professionals, 1,400+ doctors
and nurses and covers 12 million individual lives across North
America. For more information
visit: https://investors.cloudmd.ca.
ON BEHALF OF THE BOARD OF
DIRECTORS “Karen
Adams”Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia BeckerVP, Investor
Relations julia@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, including statements about the Company’s
growth strategy and statements regarding the sale of non-core
assets to Well, including the expected timing of closing of such
sale. 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 (which is 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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