VANCOUVER, British Columbia, Nov. 18, 2020 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telehealth company revolutionizing the delivery of healthcare to patients, is pleased to announce that it has closed the previously announced acquisition of iMD Health Global Corp. (“iMD”), a novel, award winning platform designed for healthcare professionals at every level of care to better engage, inform and educate patients about their conditions and treatment plans. The platform features trusted, peer-reviewed healthcare resources.
iMD is a trusted platform used by healthcare professionals (including doctors, nurses, pharmacists and allied health professionals), to provide factual, medical information that promotes positive patient behaviour in all health sectors. iMD’s intuitive platform provides a robust digital library and consultative visual component which is available on any digital device. iMD’s platform is populated with content licensing partnerships with Canada’s most respected health associations, pharmaceutical companies in addition to being backed and partnered with Apotex Pharmaceuticals, one of Canada’s largest pharmaceuticals companies with $2 billion in annual sales, which currently has an 18% equity stake in iMD.
The platform has access to over 7.5 million patients and is currently being used by over 10,000 healthcare professionals and other users including: 3,800 doctors, 2,000 pharmacies, 140 hospitals, and 150 specialty clinics. In addition, iMD has partnerships with over 30 global pharmaceuticals companies, 18 digital healthcare integration providers, Health Canada and over 60 healthcare associations in North America. iMD’s robust medical library already has over 80,000 patient friendly images, brochures and videos covering 2,100 health conditions, which includes the medical Mayo Clinic library. The platform has a great return on investment (ROI) for healthcare practitioners as it increases efficiency, improves patient engagement, reduces costs and saves time.
Kevin Delano, CEO and Founder of iMD has plans to expand iMD across Canada, North America, Mexico and the Middle East. Kevin has been leading iMD for the last 10 years and has a strong entrepreneurial background, having created / co-founded a number of businesses in the sales and marketing disciplines. The iMD team will have access to CloudMD’s resources and capital to expedite its expansion and continue growing the business. Kevin will be responsible for leading the continued global expansion of iMD.
Terms of Agreement
In consideration for the purchase of 100% of the outstanding securities of iMD, CloudMD has agreed to pay shareholders aggregate consideration of C$10,000,000 payable as follows: (i) C$1,500,000 in cash, subject to a working capital adjustment; (ii) C$4,500,000 in shares of the Company; and (iii) performance-based earnouts of C$4,000,000 which is payable in shares of the Company in annual issuances over a period of two years. All shares will be issued at a deemed price of C$1.61 per share and are priced by calculating the ten-day volume weighted average trading price of the Company’s shares for the 10 trading days prior to the execution of the binding term sheet. The shares will be subject to certain contractual restrictions on trading for periods ranging from eight and twenty months from the date of issuance.
About iMD Health Global Corp.
iMD Health Global is a Toronto-based ehealth software development company, focused on innovating healthcare education. Since 2010, iMD has grown into Canada’s largest digital patient engagement platform. Centered “At The Point of Care”®, healthcare professionals use iMD’s cloud-based platform (in clinic or virtual consults) to engage with their patients at a deeper level and optimize knowledge transfer surrounding a patient’s condition and treatment plan.
This is done through the seamless integration of over 80,000 images, booklets, and video resources (covering 2,100 medical topics), into an award-winning user interface that makes patient education both efficient and effective. At the end of a patient’s consultation, a summary of all the discussed information can be emailed to the patient to review and continue their learning journey at home, improving their health literacy and adherence to their treatment plan. The iMD platform is utilized by doctors, nurses and pharmacists in clinics, hospitals, pharmacies, infusion clinics and in-home care settings. Learn more at imdhealth.com.
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:
VP, Investor Relations
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 and its intended use of the proceeds of the Offering. 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.