- WELL completes acquisition of private company, OSCARprn -
Treatment Solutions Ltd. ("OSCARprn"), which expands WELL's
digital portfolio in Electronic Medical Records (EMR).
- OSCARprn provides SaaS (Software as a Service) EMR services
to approximately 71 clinics in British
Columbia, supporting approximately 820 registered doctors
and practitioners, and over 800,000 unique patient
profiles1.
- With the acquisition of OSCARprn, WELL has increased its EMR
footprint to now supporting approximately 292 clinics and over 5.5
million patients.
VANCOUVER, June 12, 2019 /CNW/ - WELL Health
Technologies Corp. (TSX.V: WELL) (the "Company" or
"WELL"), a company focused on consolidating and modernizing
clinical and digital assets within the primary healthcare sector,
is pleased to announce, further to its news release dated
May 23, 2019, that it has acquired
all of the issued and outstanding shares in the capital of
OSCARprn.
"We are very pleased to welcome OSCARprn to the WELL family",
said Hamed Shahbazi, Chairman and
CEO of WELL. "OSCARprn strongly complements our previous
acquisition of NerdEMR and our recently announced proposed
acquisition of KAI Innovations. The combination of these three
acquisitions positions WELL as a leading provider of EMR services
across Canada."
In consideration for the acquisition of OSCARprn, the Company
paid an aggregate purchase price of $876,000 to the shareholder thereof, consisting
of: (i) a cash payment upon closing of the Transaction of
$619,500 (7.5% of which is subject to
a holdback to be released after 3 months); and (ii) the issuance of
373,906 common shares of the Company at a deemed price of
approximately $0.69 per share.
OSCARprn is one of only 3 Chartered OSCAR Service Providers in
the province of British Columbia. OSCAR is an acronym which
stands for "Open Source Clinical Application Resource," and is an
EMR software platform originally developed by McMaster University.
All shares issued in the transaction are subject to a restricted
period of four months and one day. There were no finder's
fees paid in connection with the Transaction.
1.
|
Patient count is
based on total number of patient profiles and does not exclude
duplicate patient records, inactive or deceased
patients.
|
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL
WELL is a unique company that operates Primary Healthcare
Facilities as well as a significant EMR or Electronic Medical
Records business that supports the digitization of such
clinics. WELL's overarching objective is to empower doctors
to provide the best and most advanced care possible leveraging the
latest trends in digital health. In the last 12 months, WELL
physicians served approximately 600,000 patient visits through its
network of 19 medical clinics. WELL is publicly traded on the
TSX Venture Exchange under the symbol WELL.V. WELL was
recognized as a TSX Venture 50 Company in 2018 and 2019.
Forward-Looking Statements
This news release may contain "forward-looking statements"
within the meaning of applicable Canadian securities laws,
including, without limitation: the ability of WELL to provide and
continue providing services to the anticipated number of clinics,
practitioners and patients; and the belief that such acquisitions
will position WELL as one of the leading EMR providers in
Canada. Forward-looking statements
are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by management, are inherently
subject to significant business, economic and competitive
uncertainties, and contingencies. These statements generally can be
identified by the use of forward-looking words such as "may",
"should", "will", "could", "intend", "estimate", "plan",
"anticipate", "expect", "believe" or "continue", or the negative
thereof or similar variations. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause future results, performance or achievements to be materially
different from the estimated future results, performance or
achievements expressed or implied by those forward-looking
statements and the forward-looking statements are not guarantees of
future performance. WELL's statements expressed or implied by these
forward-looking statements are subject to a number of risks,
uncertainties, and conditions, many of which are outside of WELL 's
control, and undue reliance should not be placed on such
statements. Forward-looking statements are qualified in their
entirety by the inherent risks and uncertainties surrounding the
Transaction, including: that WELL's assumptions in making
forward-looking statements may prove to be incorrect; adverse
market conditions; risks inherent in the primary healthcare sector
in general; that future results may vary from historical results;
and that market competition may affect the outcome of the business,
results and financial condition of WELL. Except as required by
securities law, WELL does not assume any obligation to update or
revise any forward-looking statements, whether as a result of new
information, events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE WELL Health Technologies Corp.