VitalHub Corp. (the “Company”) (TSXV: VHI) is pleased to announce
that Francis Shen, founder, former Chairman and co-CEO of Aastra
Technologies Limited (“Aastra”) has been officially approved and
appointed to the Company’s Board of Directors.
On January 18, 2019, the Company announced the completion of a
non-brokered private placement (the “Offering”) led by the former
founders and management team of Aastra (the “Investors”), being
Francis and Tony Shen, Allen Brett, CFO of The Descartes Systems
Group Inc., and John Tobia, VP–M&A and General Counsel of
Sangoma Technologies Corp.
In conjunction with the closing of the Offering and having
received approval form the TSX Venture Exchange, Francis Shen has
been appointed to the VitalHub Board of Directors, and Tony Shen
has been appointed an observer of the Board. The Company is pleased
to report that it has also formed and struck a new committee of the
Board to examine M&A strategy and initiatives (the “M&A
Committee”). The M&A Committee is chaired by Francis Shen, and
includes a non-Board advisory group made up of the Investors,
VitalHub CEO Dan Matlow, and VitalHub CFO Brian Goffenberg.
The Company would also like to announce that Mohan Plakkot has
resigned from his position as a director on the Board.
“We would like to thank Mohan for his involvement with
VitalHub,” said Dan Matlow, CEO of VitalHub Corp. “His M&A
expertise and insights were very helpful as we started to build the
Company, and we wish him continued success into the future. I would
also like to welcome Francis Shen to the Board, and extend welcome
to his brother Tony Shen, along with Allen Brett and John Tobia for
their ongoing involvement in our M&A Committee. Not only have
the Shens, Allen and John contributed from an investment
perspective; their expertise in technology operations and global
M&A has already proven to be helpful. We are excited to have
such a great team as part of our company.”
Option Grants
VitalHub is also pleased to announce that on
April 23, 2019 it granted an aggregate of 700,000 stock options to
certain of its existing employees (the “Options”), each of whom are
not “insiders” of VitalHub, pursuant to the terms of the
Corporation’s incentive stock option plan. Each Option is
exercisable for one common share of the Corporation at an exercise
price of $0.18 per share, and expires on the date that is five
years from the date of grant. The Options will vest as follows:
one-third vesting on the 1st anniversary of the grant date, and
two-thirds vesting, in equal monthly installments, between the 1st
anniversary of the grant date to the 3rd anniversary of the grant
date.
About VitalHub:
VitalHub develops and supports mission-critical healthcare
information systems in the Mental Health (Child, Youth and Adult),
Long Term Care, Community Health Service, Home Health and Hospital
sectors. VitalHub technologies include Blockchain, Mobile, and
Web-Based Assessment and EHR solutions.
VitalHub's aim is to create high-value, secured solutions
enabling interoperability among existing health data systems.
VitalHub is primarily focused on working with organizations in the
Mental Health, Acute and Long-Term Care space, to further extend
organization's applications across the continuum of care, powered
by the security, efficiency, and trust of Blockchain
technology.
The Company has a robust two-pronged growth strategy, targeting
organic growth opportunities within its product suite, and pursuing
an aggressive M&A plan. Currently, VitalHub serves 200+
participants across North America. VitalHub is based in Toronto,
Canada, with an offshore development hub in Sri Lanka. The Company
is publicly traded on the TSX Venture Exchange under the symbol
"VHI".
Cautionary Statement:
The TSX Venture Exchange has in no way passed upon the merits of
the transactions and has neither approved nor disapproved the
contents of this press release. Neither the 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 press release.
This press release includes forward-looking statements regarding
the Company and its business, which may include, but is not limited
to, statements with respect to the appointment of a new directors.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans", "is expected", "expects",
"scheduled", "intends", "contemplates", "anticipates", "believes",
"proposes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Such statements are based on the current expectations of
the management of each entity, and are based on assumptions and
subject to risks and uncertainties. Although the management of each
entity believes that the assumptions underlying these statements
are reasonable, they may prove to be incorrect. The forward-looking
events and circumstances discussed in this release, including the
Company’s M&A Committee and strategy, may not occur by certain
specified dates or at all and could differ materially as a result
of known and unknown risk factors and uncertainties affecting the
companies, including risks regarding failure to obtain approvals,
market conditions, economic factors, trends in the technologies
industry, the equity markets generally and risks associated with
growth and competition. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. No forward-looking statement can be
guaranteed. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they
are made and the Company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events, or otherwise.
Contact Information:Dan MatlowChief Executive
Officer, Director(416) 727-9061dan.matlow@vitalhub.com
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