CloudMD Closes Acquisition of West Mississauga Medical Clinic with 8 Family Doctors, 4 Specialists Serving Over 100,000 Patie...
February 09 2021 - 4:00PM
CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF,
Frankfurt: 6PH) (the “
Company” or
“
CloudMD”), a telemedicine company revolutionizing
the delivery of healthcare to patients, is pleased to announce that
it has closed the previously announced acquisition to acquire a
majority interest (51%) in West Mississauga Medical Ltd.
(“
West Mississauga Medical”), a comprehensive
family medicine and specialist medical clinic with 8 family doctors
and 4 specialists serving over 100,000 patients.
West Mississauga Medical is a well-established
medical clinic located on the border of Brampton, Mississauga and
Milton in a high growth area. The clinic has served the community
for over 16 years and remained open throughout the COVID-19
pandemic seeing patients via telemedicine and in-person. The
acquisition is part of CloudMD’s national growth strategy which
includes having well established brick and mortar clinic partners
in major provinces. These clinics ultimately provide a strong,
centralized patient base and footprint across the country. West
Mississauga Medical will be integrated into the CloudMD EMR
platform and its network of doctors and specialists will
immediately start servicing CloudMD’s registered users and patients
in Ontario.
Terms of Agreement
In consideration for the purchase of 51% of the
outstanding securities of West Mississauga Medical, CloudMD has
paid Shareholders aggregate consideration of C$200,000 payable as
up to C$140,000 in cash and C$60,000 in shares of the Company. All
shares issued pursuant to the acquisition are priced at the ten-day
volume weighted trading price of the Company shares for the 10
trading days prior to the execution of the definitive agreement
(see press release dated August 13, 2020).
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
Relationsjulia@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.
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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