- WELL Health has closed its previously announced share exchange
acquisition of approximately $3.94M
in Insig shares and WELL's CEO Hamed
Shahbazi has joined Insig's board of directors.
- This investment brings WELL's total investment in Insig to
approximately $5.94M, including the
previously announced $2M secured,
convertible promissory note. Assuming the note will be fully
converted, WELL becomes the largest shareholder of Insig.
- In addition, in accordance with its strategic alliance
agreement with Insig, WELL continues to rapidly grow and expand
"VirtualClinic+", WELL's own telehealth program to
healthcare providers and patients across Canada.
VANCOUVER, April 8, 2020 /CNW/ - WELL Health Technologies
Corp. (TSX: WELL) ("WELL" or the "Company")
announces, further to its news release dated March 26, 2020, that it has completed all
components of its strategic investment in Insig Corporation
("Insig"), a market leader in the telehealth space in
Canada.
WELL, Insig and certain shareholders of Insig entered into a
share exchange agreement whereby the Company acquired a substantial
minority equity position in Insig, comprised of approximately 2,625
Class A common shares of Insig ("Insig Shares"), in exchange for an
aggregate consideration of 2,625,204 common shares in the capital
of WELL at a deemed price of $1.50
per share, representing deemed consideration of approximately
$3.94 million.
Including WELL's previously announced investment in Insig of a
$2M secured, convertible promissory
note (the "Convertible Note"), the Company's aggregate total
investment in Insig is approximately $5.94M. WELL becomes the largest
shareholder of Insig assuming full conversion of the Convertible
Note.
Furthermore, WELL entered into a strategic alliance
agreement with Insig which allowed WELL to commercialize and launch
the Insig platform on a private label basis under the brand
"VirtualClinic+". WELL's investment and partnership with
Insig positions the Company as a leading provider of telehealth
services in Canada. WELL's CEO Hamed
Shahbazi has also joined Insig's board of directors and will
help support Insig's efforts to grow and meet the rapidly expanding
need for telehealth services amongst Canadian doctors and
patients.
"WELL has seen tremendous interest and activity in its
VirtualClinic+ telehealth service, which now includes hundreds of
healthcare practitioners delivering thousands of consultations per
week," said Hamed Shahbazi, Chairman
and & CEO of WELL. "We are thrilled to be partnering with
the Insig team to deliver highly accessible quality healthcare for
Canadians at this critical time. Also, I am personally
looking forward to serving on the Insig board and furthering the
success of what we believe to be, the most exciting telehealth
platform in the country."
"We are excited to have WELL as both an investor and a strategic
partner," said Matthew Mazzuca, CEO
of Insig. "WELL's leadership and network in the healthcare
industry is a great fit with our technology platform. Working
together we can deliver a telehealth solution that meets the needs
of Canadian doctors while improving patient access to
healthcare."
To access WELL's VirtualClinic+ telehealth service, visit
virtualclinics.ca.
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed
Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL is a unique company that operates Primary Healthcare
Facilities, is the third largest digital Electronic Medical Records
(EMR) supplier in Canada and is a
provider of telehealth services. WELL owns and operates 21
healthcare clinics, provides digital EMR software and services to
1,446 clinics across Canada and is
a majority owner of SleepWorks Medical. WELL's overarching
objective is to empower doctors to provide the best and most
advanced care possible while leveraging the latest trends in
digital health. WELL is an acquisitive company that has
completed nine acquisitions and two equity investments. WELL
is publicly traded on the Toronto Stock Exchange under the symbol
"WELL-T". WELL was recognized as a TSX Venture 50 Company
three years in a row in 2018, 2019 and 2020.
About Insig Corporation
Insig is a private Canadian company engaged in developing
telemedicine platforms, and clinical automation software. Insig has
grown to serve hundreds of physicians and medical practitioners
across the country, with over 100,000 patients having used the
platform. Insig's goal is to remove the administrative burden in
medical practice so doctors can focus on what they do best,
practice medicine.
Notice Regarding Forward Looking Statements:
Certain statements in this news release related to the Company
are forward-looking statements and are prospective in nature.
Forward-looking statements are not based on historical facts,
but rather on current expectations and projections about future
events, and are therefore subject to risks and uncertainties which
could cause actual results to differ materially from the future
results expressed or implied by the forward-looking statements.
These statements generally can be identified by the use of
forward-looking words such as "may", "should", "could", "intend",
"estimate", "plan", "anticipate", "expect", "believe" or
"continue", or the negative thereof or similar variations.
Forward-looking statements in this news release include statements
regarding: the assumption that the Convertible Note will be fully
converted, and WELL will maintain its position as Insig's largest
shareholder; the ability of the strategic alliance and Hamed Shahbazi's appointment to Insig's board of
directors to support Insig's efforts to grow and meet the rapidly
expanding need for telehealth services amongst Canadian doctors and
patients; the ability of the Company and Insig to work
together to continue to rapidly ramp up the availability of
telehealth services to all Canadians to meet the increasing demand
for healthcare services as a result of COVID-19; and the assumption
that the strategic partnership between WELL and Insig can deliver a
telehealth solution that meets the needs of Canadian doctors while
improving patient access to healthcare. There are
numerous risks and uncertainties that could cause actual results
and WELL's plans and objectives to differ materially from those
expressed in the forward-looking information, including: (i)
adverse market conditions; and (ii) risks inherent in the primary
healthcare sector in general and other factors beyond the control
of the Company. Actual results and future events could differ
materially from those anticipated in such information. These
and all subsequent written and oral forward-looking information are
based on estimates and opinions of management on the dates they are
made and are expressly qualified in their entirety by this notice.
Except as required by law, the Company does not intend to update
these forward-looking statements.
Neither the Toronto Stock Exchange nor its Regulation
Services Provider (as that term is defined in policies of the
Toronto Stock Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE WELL Health Technologies Corp.