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HealthTech Company CloudMD Closes Divestment of its BC-based Pharmacies Business for $3.8 Million
Friday, December 30, 2022Company Profile | Follow Company
Victoria, BC, December 30, 2022--(T-Net)--CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF), a healthcare technology and innovative health services company transforming the delivery of care, announced that it has closed the divestiture of its British Columbia based pharmacies to Neighbourly Pharmacy Inc. (TSX:NBLY) for approximately $3.8 million.
The closing of this transaction along with the previously closed sale of primary care clinics has generated over $9.0 million in non-dilutive capital, the company noted in a release.
Karen Adams, CEO, CloudMD
Karen Adams, CEO, commented, "Our divestiture strategy provides us with increased flexibility to grow our core business without impacting near term profitability. We have a plan for growth and cost savings in 2023 and we believe with this improved capital position we will be able to execute, reach profitability, and improve organic growth without the need for additional dilutive capital."
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 two main divisions: Digital Solution and Enterprise Health Solutions, the Company's fastest growing division. CloudMD's Enterprise Health Solutions Division has built a leading employer healthcare solution, 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.
RSU Grant
CloudMD granted 26,667 stock options to acquire 26,667 common shares of the Company to certain officers and directors pursuant to the Company's stock option plan effective as of market close on November 23, 2022, at an exercise price equal to the 5-day VWAP as of November 23, 2022, for a period of 10 years, subject to vesting requirements and any necessary regulatory approvals. CloudMD also granted 147,500 restricted share units ("RSUs") to certain directors and officers of the Company pursuant to the Company's RSU plan effective as of market close on November 23, 2022, each RSU entitling the holder to acquire one common share of the Company in certain circumstances, subject to vesting requirements and any necessary regulatory approvals.
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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