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CloudMD Closes $5.75 Million Divestment of its Primary Care Clinics and Cloud Practice to WELL Health Technoogies
Thursday, November 3, 2022Company Profile | Follow Company
Victoria, BC, November 3, 2022--(T-Net)--CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF,), a healthcare technology and innovative health services company, announced today that it has closed the divestiture of its primary care clinics and Cloud Practice to Well Health Technologies Corp. (TSX:WELL, OTCQX: WHTCF) 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, according to the company.
The company says it is now focused on the growth of its core employer healthcare offering.
The company reported in a release that its Clinics & Pharmacies division, including the practitioner support technology, is no longer 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, according to the company.
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.
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 press release contains "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities laws. Forward-looking statements in this press release include, but are not limited to, statements with respect to the impact and benefits of the transaction, the mailing of the information circular, anticipated timing for completion of the transaction and receiving the required regulatory, court and shareholder approvals. [ MORE ] |
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