CloudMD Closes Acquisition of South Surrey Medical Clinic
Vancouver, BC, August 5, 2020 - CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telemedicine company seeking to revolutionize the delivery of healthcare to patients, is pleased to announce that further to its previous news releases, it has closed the acquisition of South Surrey Medical Clinic (“South Surrey”).
South Surrey is a premier provider of integrated medical solutions which operates with 24 healthcare professionals, including, 12 physicians across various specialities including mental health, women’s health, sports medicine, gynecology and psychiatry. South Surrey services over 60,000 patients and already uses online booking, EMR software and telemedicine that will be easily integrated into CloudMD’s software and clinic network.
Terms of Agreement
In consideration for the purchase of all of the outstanding securities of South Surrey, CloudMD has agreed to pay Shareholders aggregate consideration of up to C$700,000 payable as up to C$200,000 in cash and up to C$500,000 in shares (the “Shares”) of the Company, a portion of which is subject to the achievement of certain performance conditions, and a customary working capital adjustment. All Shares issued pursuant to the acquisition are issued at a deemed price of $0.605 per Share and are priced by calculating the ten-day volume weighted trading price of the Company shares for the 10 trading days prior to the execution of the definitive agreement.
All Shares are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation and will also be subject to further voluntary hold periods pursuant to the terms of the agreement.
There were no finder’s fees paid in connection with the acquisition.
About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare by providing patients access to all points of their care from their phone, tablet or desktop computer. The Company offers SAAS based health technology solutions to medical clinics across Canada and has developed proprietary technology that delivers quality healthcare through the combination of connected primary care clinics, telemedicine, and artificial intelligence (AI). CloudMD currently provides service to a combined ecosystem of 376 clinics, over 3000 licensed practitioners and almost 3 million patient charts across its servers.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD”
Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
CloudMD Software & Services Inc.
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.