CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF,
Frankfurt: 6PH) (the “
Company” or
“
CloudMD”), a telehealth company revolutionizing
the delivery of healthcare to patients, is pleased to announce that
it has closed the previously announced acquisition of iMD Health
Global Corp. (“
iMD”), a novel, award winning
platform designed for healthcare professionals at every level of
care to better engage, inform and educate patients about their
conditions and treatment plans. The platform features trusted,
peer-reviewed healthcare resources.
iMD is a trusted platform used by healthcare
professionals (including doctors, nurses, pharmacists and allied
health professionals), to provide factual, medical information that
promotes positive patient behaviour in all health sectors. iMD’s
intuitive platform provides a robust digital library and
consultative visual component which is available on any digital
device. iMD’s platform is populated with content licensing
partnerships with Canada’s most respected health associations,
pharmaceutical companies in addition to being backed and partnered
with Apotex Pharmaceuticals, one of Canada’s largest
pharmaceuticals companies with $2 billion in annual sales, which
currently has an 18% equity stake in iMD.
The platform has access to over 7.5 million
patients and is currently being used by over 10,000 healthcare
professionals and other users including: 3,800 doctors, 2,000
pharmacies, 140 hospitals, and 150 specialty clinics. In addition,
iMD has partnerships with over 30 global pharmaceuticals companies,
18 digital healthcare integration providers, Health Canada and over
60 healthcare associations in North America. iMD’s robust medical
library already has over 80,000 patient friendly images, brochures
and videos covering 2,100 health conditions, which includes the
medical Mayo Clinic library. The platform has a great return on
investment (ROI) for healthcare practitioners as it increases
efficiency, improves patient engagement, reduces costs and saves
time.
Kevin Delano, CEO and Founder of iMD has plans
to expand iMD across Canada, North America, Mexico and the Middle
East. Kevin has been leading iMD for the last 10 years and has a
strong entrepreneurial background, having created / co-founded a
number of businesses in the sales and marketing disciplines. The
iMD team will have access to CloudMD’s resources and capital to
expedite its expansion and continue growing the business. Kevin
will be responsible for leading the continued global expansion of
iMD.
Terms of
Agreement
In consideration for the purchase of 100% of the
outstanding securities of iMD, CloudMD has agreed to pay
shareholders aggregate consideration of C$10,000,000 payable as
follows: (i) C$1,500,000 in cash, subject to a working capital
adjustment; (ii) C$4,500,000 in shares of the Company; and (iii)
performance-based earnouts of C$4,000,000 which is payable in
shares of the Company in annual issuances over a period of two
years. All shares will be issued at a deemed price of C$1.61 per
share and are priced by calculating the ten-day volume weighted
average trading price of the Company’s shares for the 10 trading
days prior to the execution of the binding term sheet. The shares
will be subject to certain contractual restrictions on trading for
periods ranging from eight and twenty months from the date of
issuance.
About iMD Health Global
Corp.
iMD Health Global is a Toronto-based ehealth
software development company, focused on innovating healthcare
education. Since 2010, iMD has grown into Canada’s largest digital
patient engagement platform. Centered “At The Point of Care”®,
healthcare professionals use iMD’s cloud-based platform (in clinic
or virtual consults) to engage with their patients at a deeper
level and optimize knowledge transfer surrounding a patient’s
condition and treatment plan.
This is done through the seamless integration of
over 80,000 images, booklets, and video resources (covering
2,100 medical topics), into an award-winning user interface that
makes patient education both efficient and effective. At the end of
a patient’s consultation, a summary of all the discussed
information can be emailed to the patient to review and continue
their learning journey at home, improving their health literacy and
adherence to their treatment plan. The iMD platform is utilized by
doctors, nurses and pharmacists in clinics, hospitals, pharmacies,
infusion clinics and in-home care settings. Learn more
at imdhealth.com.
About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare
by providing a patient centric approach, with an emphasis on
continuity of care. The Company offers SAAS based health technology
solutions to healthcare providers across North America and has
developed proprietary technology that delivers quality healthcare
through a holistic offering including hybrid primary care
clinics, specialist care, telemedicine, mental health support,
educational resources and artificial intelligence (AI). CloudMD
currently services a combined ecosystem of over 500
clinics, almost 4000 licensed practitioners and 8 million patient
charts across North America.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD" Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
Julia Becker VP, Investor Relations
julia@cloudmd.ca
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 and
its intended use of the proceeds of the Offering. 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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