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WELL Health Technologies Acquires MCI Onehealth's Alberta Clinical Operations for $2 Million to Expand its Primary Care Network
Wednesday, May 24, 2023Company Profile | Follow Company
Vancouver, BC, May 24, 2023--(T-Net)--WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF), a digital health company, announced today that it has entered into a definitive share purchase agreement to acquire all of the issued and outstanding shares of MCI Medical Clinics (Alberta) Inc. from MCI Onehealth Technologies Inc. (TSX: DRDR).
MCI AB owns and operates five primary care clinics in Calgary, Alberta.
The five clinics, located in in the greater Calgary area, offer a range of primary care services, including family medicine, women's health, and other specialties. The acquisition brings more than 50 physicians to the WELL family as part of the Transaction, adding to WELL's over 3,000 providers in WELL's patient services business units across North America.
These clinics will be integrated into WELL's existing primary care clinic network.
Hamed Shahbazi, Chairman & Chief Executive Officer, WELL Health Technologies Corp.
"We are very pleased to announce the acquisition of additional primary care clinics in Calgary, as it represents an excellent opportunity for us to expand and bring our comprehensive practitioner enablement platform to more providers in Alberta" said Hamed Shahbazi, CEO of WELL. "We view primary care clinics as being strategically important because they serve as a gateway for patients to access healthcare services, and they provide a foundation for building long-term, multi-disciplinary patient relationships that result in the best patient outcomes possible."
The acquisition of these well-known and regarded primary care clinics in Calgary marks a significant milestone in WELL's national clinic expansion strategy, and builds upon WELL's previous acquisitions in Alberta, such as Inliv and CloudPractice.
The five clinics are expected to collectively contribute approximately $10 million of annual revenue. Following the completion of the Transaction, WELL will integrate leading edge software and workflows, such as WELL AI Voice1, from its Practitioner Enablement Platform.
Transaction Details:
The consideration to be paid by WELL in connection with the Transaction is $2,000,000, with $1,000,000 being paid in cash at signing, and the balance subject to customary post-closing adjustments and holdbacks. The Transaction will be a debt free deal.
Closing of the Transaction is expected in Q2 2023 and is subject to standard closing conditions.
About WELL Health Technologies Corp.
WELL is a practitioner-focused digital healthcare company. WELL's overarching mission is to positively impact health outcomes by leveraging technology to empower healthcare practitioners and their patients globally. WELL exists to enable healthcare practitioners with best-in-class technology and services.
WELL has built the most comprehensive end-to-end healthcare system across Canada including the nation's largest network of clinics supporting primary care, specialized care, and diagnostics services.
In the United States, WELL provides omni-channel healthcare services and solutions targeting specialized markets such as the gastrointestinal market, women's health, primary care, and mental disorders.
In addition to providing patient services, WELL develops, integrates, and sells its own suite of technology software and solutions to medical clinics and healthcare practitioners. WELL's practitioner enablement platform includes: Electronic Medical Records ("EMR"), telehealth platforms, practice management, billing, Revenue Cycle Management ("RCM"), digital health apps and data protection solutions.
WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on the OTC Exchange under the symbol "WHTCF". To learn more about the Company, please visit: www.well.company.
Footnotes:
Notice Regarding Forward Looking Information 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. [ MORE ] |
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