CloudMD completes sale of primary care clinic and cloud practice to WELL Health, The Canadian Business Journal

VANCOUVER, British Columbia, November 2, 2022 (GLOBE NEWSWIRE) — CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) (“Company” Also “CloudMDA healthcare technology and innovative health services company transforming care delivery) has announced that its previously announced primary care clinic and cloud practice Well Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF) (“WELL” ) was paid out in cash of approximately $5.75 million.

The completion of this transaction with WELL and the recently announced sale of pharmacy assets to Neighborly Pharmacy Inc. (TSX:NBLY) is a significant step forward towards CloudMD’s objective of selling its entire Clinics & Pharmacies division. We are focused on growing our core employer healthcare products. The Clinics and Pharmacy segment, including Practitioner Support Technology, does not support its growth and is not aligned with CloudMD’s overall strategy of delivering higher margins and a profitable business over the long term. . The sale will provide significant non-dilutive capital and a more focused business.

About CloudMD Software & Services

By using technology and offering a patient-centric approach, CloudMD is transforming healthcare delivery with a focus on continuity of care. By leveraging healthcare technology, we are building one connected platform that addresses all points in a patient’s healthcare journey, delivering better access to care and improved outcomes. increase. Through CloudMD’s proprietary technology, the company provides quality healthcare through a comprehensive range of services including hybrid primary care clinics, specialty care, telemedicine, mental health support, healthcare navigation, educational resources and artificial intelligence (AI). increase. CloudMD’s business is divided into his three main divisions: clinics and pharmacies, digital solutions, and the company’s fastest growing enterprise health solutions. CloudMD’s Enterprise Health Solutions division is an all-inclusive, digitally connected platform that provides educational institutions, businesses, insurers, and advisors to better manage student health and wellness. Built leading employer healthcare solutions, including an integrated health services platform. employees and customers.

CloudMD currently serves a direct ecosystem of over 5,700 clinicians, including over 1,800 mental health professionals, over 1,600 allied health professionals, and over 1,400 doctors and nurses. and covers the lives of 12 million individuals across North America. For more information, please visit https://investors.cloudmd.ca.

On behalf of the Board of Directors

“Karen Adams”
Chief executive officer

For more information, please contact:

Julia Becker
VPs, IRs
[email protected]
(604) 785-0850

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible 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 the Canadian securities laws, including statements regarding our growth strategy, non-core Includes statements regarding the sale of assets. Closure of such sales. These statements are based on information currently available to CloudMD management. All information that is clearly not historical may constitute forward-looking statements. In some cases, forward-looking statements are described in terms of terms such as “expect,” “assume,” or future or conditional statements such as “anticipate,” “believe,” “may,” “estimate.” They may be identified by their use of terms. ‘, ‘expect’, ‘intend’, ‘may’, ‘plan’, ‘predict’, ‘plan’, ‘will’, ‘will’, ‘should’. The forward-looking statements contained in this news release are based on certain factors and assumptions made by CloudMD’s management based on its current expectations, estimates, forecasts, assumptions and beliefs regarding its business, and CloudMD does not There is no guarantee that actual results will match management’s expectations. expectations. Although management believes these assumptions are reasonable based on currently available information, they may prove incorrect. Such forward-looking statements are not guarantees of future events or performance and, by their nature, are subject to known and unknown risks, which could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those set forth in the forward-looking statements, other factors could cause actions, events or results to differ from those projected. , estimates or intended, because actual results or future events could differ materially from those anticipated in such forward-looking statements. No assurance can be given that such statements will prove to be accurate, and readers should not place undue reliance on forward-looking information.CloudMD does not make statements as required by applicable securities laws. Except as a result of new information, future events or otherwise, we do not undertake to update any forward-looking information.

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