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CloudMD Software & Services Inc. (DOCRF)

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  • CloudMD to Acquire Medical Confidence Inc., a Revolutionary, Technology-based, Health Care Navigation Platform for Enterprise Clients
    GlobeNewswire

    CloudMD to Acquire Medical Confidence Inc., a Revolutionary, Technology-based, Health Care Navigation Platform for Enterprise Clients

    Leverages database of 17,000 specialists to reduce wait times for specialist appointments and medical procedures resulting in better access to care and return to work outcomes * Medical Confidence is a pioneer health care navigation platform which empowers individuals to connect with health care providers for mental and physical health issues more efficiently and effectively * Proven results include: 20% reduction in benefit and disability costs, 6-month reduction in disability duration (on average), access to treatment 220 days sooner (on average), improved employee satisfaction (reported by 75% of clients) and 420% return on investment (ROI) or greater in payroll savings due to reduced illness related absences * Long standing contracts with Canada’s largest group benefit and disability insurers * Integrated with CloudMD, the combined suite of health care solutions will offer one, multi-functional platform which addresses total health (mental and physical care) and provides a direct and existing pathway into corporations and insurers. * Recently launched My Health MaP, which provides employers and employees access to important information and resources around COVID-19 screening VANCOUVER, British Columbia, Oct. 22, 2020 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telehealth company seeking to revolutionize the delivery of health care to patients, is pleased to announce that it has signed a binding term sheet (“Term Sheet”) to acquire 100% of Medical Confidence Inc. (“Medical Confidence”), a revolutionary health care navigation platform with proven results in wait time reduction and patient satisfaction.Medical Confidence provides access to a real time digital database of publicly available specialists and their wait times, allowing patient referrals to the right specialist in the shortest available time. The platform provides medical consultations, wellness plans and referrals to Canadian health care providers in support of patients’ mental and physical health issues. The company’s clinical health care navigators use a collaborative, team-based, approach that leaves individuals motivated and supported throughout their care journey, as well as eliminates frustrations and mental health issues surrounding lack of access to care and long wait times to see appropriate care.Medical Confidence’s solutions are utilized by a wide range of customers including employers, individuals, disability case managers, life and health insurers and property and casualty insurers. Proven results include a 20% reduction in benefit and disability costs, 6-month reduction in disability duration (on average), access to treatment 220 days sooner (on average), improved employee satisfaction (reported by 75% of clients) and 420% ROI or greater in payroll savings due to reduced illness related absences. Currently, Medical Confidence has long standing contracts with Canada’s largest group benefit and disability insurers.Medical Confidence recently launched a self-navigation digital tool, My Health MaP, which puts the power of navigating the health care system in the hands of employees, and provides employers and employees important information and resources around COVID-19 screening. Both important resources during back to school, back to work and flu season. My Health MaP is a secure, stress-free, and easy to use COVID-19 screening platform that provides peace of mind as classrooms and workplaces reopen and reduces employee wait time for health care by 180 days on average.COVID-19 has further presented the world with the urgent need to integrate physical and mental health management and CloudMD now has an integrated solution to address that need. CloudMD’s acquisition of Medical Confidence will create one of the only telemedicine companies able to provide health care navigation to manage comorbidity issues through triage and medical professional team-based approach. Medical Confidence navigators provide a continuity of care program that effectively blends supported intervention with technology and human touch which is proven to reduce wait times and improve patient satisfaction and outcomes.The integration of Medical Confidence into CloudMD’s platform of enterprise solutions will enable employers and insurers to realize lower absenteeism and improved return to work outcomes with personalized health and wellness care plans and improved access to health care resources. The combined forces of CloudMD, Snapclarity and Medical Confidence changes the landscape where employers can offer one solution that addresses the health needs of their workforce and eliminates the need of multiple vendors. Employers will be able to offer their employees a group benefit plan that will not only provide access to care for mental and physical health issues but improve the financial costs associated with the current $7.5 billion dollars spent on long term disability.The acquisition will be immediately accretive to CloudMD as Medical Confidence generated approximately $2 million in revenues with earnings before interest, taxes, depreciation and amortization (EBITDA) margins exceeding 26% over the last fiscal year ending March 2020. Medical Confidence drives revenue through retainer-based, multi-year contracts with enterprise clients, and has experienced year over year revenue growth exceeding 35% in last fiscal year. CloudMD intends to integrate Medical Confidence into its suite of products to realize and optimize revenue synergies and cross selling opportunities.“The COVID-19 pandemic is a serious public health emergency and has further deepened the need to empower individuals to manage their own health and wellbeing by providing them with the right resources. Recent data suggests that over 56% of Canadians believe the pandemic is having a negative impact on their mental health and that wait times for access to specialists will increase significantly over the next two years. The acquisition of Medical Confidence will strengthen our ability to provide whole-person, longitudinal health care to patients and family members, by providing better, more efficient access to care,” said Karen Adams, Chief Health Innovation Officer of CloudMD. “Employers are looking for innovation and improvement in group benefits to provide a solution that helps an employee or family member access the right care for the right issue. There is an industry wide demand for one platform that addresses multiple health issues across mental, physical and specialist care, and CloudMD’s platform will now address that demand resulting in access to better, more informed care, cost savings and significant return on investment monetarily and in the workforce.”“The ability to combine health care navigation, access to primary care and mental health support will enable us to support the whole health journey of the patient. The disruptive potential of our process, and technology integrated with CloudMD will accelerate adoption of holistic care plans,” notes Angela Johnson, President of Medical Confidence. “Managing return to work with consideration of mental and physical wellbeing is critical. Employers are looking for innovative ways to manage chronic disease and health care issues in a cost-effective manner. One centralized platform combining CloudMD, Snapclarity and Medical Confidence will remove barriers to health care access while providing the market with the navigation of care that will provide continuity of care. We look forward to introducing the employer market and insurers to a solution that will enable return to work and holistic approach to health through one vendor solution.”Terms of AcquisitionIn consideration for the purchase of 100% of the outstanding securities of Medical Confidence, CloudMD has agreed to pay shareholders aggregate consideration of $6 million payable as follows: (i) $2.25 million in cash, subject to a working capital adjustment; (ii) $2.25 million in shares of the company; and (iii) a performance-based earnout of $1.5 million, which is payable 50% in shares of the company and 50% in cash in equal annual issuances over a period of two years. All shares issued pursuant to the acquisition are issued at a deemed price of $2.625 per share and are priced by calculating the 10-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 a period of 20 months from the date of issuance.The acquisition is subject to customary closing conditions, including the execution of a definitive acquisition agreement and receipt of TSX Venture Exchange approval.About CloudMD Software & ServicesCloudMD is digitizing the delivery of health care 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 health care 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.About Medical Confidence Medical Confidence is a pioneer health care navigation platform that reduces health care costs through achieving better health outcomes. Its health outcomes are measurable and demonstrate reductions in costs associated with absenteeism and presenteeism. Medical Confidence clients report that its services have reduced their absence costs by 20%. Leveraging its innovative use of technology and unmatched national network of over 17,000 physician specialists. The health care consumer (employee) has efficient and faster access to the ideal health care providers for their medical condition. For more information on Medical Confidence, visit www.medicalconfidence.com.ON BEHALF OF THE BOARD OF DIRECTORS“Dr. Essam Hamza, MD" Chief Executive OfficerFOR ADDITIONAL INFORMATION CONTACT:Julia Becker VP, Investor Relations julia@cloudmd.caForward Looking StatementsThis 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.

  • CloudMD to Acquire the Largest Medical Directory in Canada with Robust, Up-to-Date, Information on 91,000 Practicing Physicians and 10,000 Residents and Nurse Practitioners
    GlobeNewswire

    CloudMD to Acquire the Largest Medical Directory in Canada with Robust, Up-to-Date, Information on 91,000 Practicing Physicians and 10,000 Residents and Nurse Practitioners

    * Canadian Medical Directory is the largest directory of trusted, highly-segmented information on doctors and medical professionals * Highly complementary for CloudMD to integrate, optimize and cross sell its suite of products including Juno EMR, iMD Health and Snapclarity * 100% SaaS based, high margin, revenue model with significant opportunities to drive and optimize revenue VANCOUVER, British Columbia, Oct. 21, 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 excited to announce that it has entered into a Binding Term Sheet (“Term Sheet”) to acquire the Canadian Medical Directory (“CMD”), Canada’s largest, most trusted, directory of medical professionals including 91,000 practicing physicians and 10,000 residents and nurse practitioners across the country. The robust, multi-layered database is genuinely unique as no other direct competitor has a SaaS platform that collects and vends the data in such a highly segmented, up-to-date way.For 65 years, CMD has been trusted as the gold standard for information and is considered the only reliable resource for all provinces' medical professionals in a standard national format. CMD is Canada’s leading source for profile and contact information on practicing physicians — both general practitioners and medical specialists— and nurse practitioners, across the country. With up-to-date information, it’s a key reference tool used by clinics, hospitals, medical placement firms, pharmaceutical companies, and manufacturers and distributors of medical equipment and supplies. CMD has very high brand recall and recognition as a trusted source of information.Having accurate information on every medical practitioner across the country will be immediately valuable for CloudMD to cross sell, and optimize its suite of products. CloudMD will be able to integrate the CMD database into its Juno EMR, billing, virtual care and telehealth platforms, as well as iMD Health’s leading educational resource databank. This acquisition will allow CloudMD to leverage the CMD brand, customer network and data, to power up and accelerate doctor acquisition and adoption. The acquisition will also enable CloudMD to use its suite of products and resources to continue building and growing CMD’s robust database.With CloudMD’s significant network, there is also an opportunity to broaden and expand CMD’s current enterprise and institutional client base to drive further revenue. CloudMD plans to do this by cross-selling key CMD offerings including CMD’s API for Insurers, which helps with Medical Insurance fraud detection, CMD’s pending integration with Salesforce, HubSpot and MS Dynamics and CMD’s newest integration with Clinia.com, who has integrated the CMD data into its next generation Canadian health resource directory.CMD is wholly-owned by Owen Media Partners, an information services leader founded by CEO Hugh Owen. Through its MacRAE'S and Scott's Directories brands, Owen Media has helped tens of thousands of businesses with their B2B Lead Gen and digital marketing strategies and attracted more than 500 million visitors to its own websites. Founded in 1995, Owen Media has operations in Toronto and Delhi, India and a sales network in Canada and the US.   The acquisition of CMD will be immediately accretive to CloudMD’s top line with the 100% SaaS and high margin revenue model. CMD generated approximately $450,000 in revenues with earnings before interest, taxes, depreciation and amortization (EBITDA) margins exceeding 65%, resulting in an EBITDA of approximately $293,000 over the 12-month period ending September 30, 2020. The Company believes that there is significant opportunity to further optimize the revenue through integration and optimization.Essam Hamza, CEO of CloudMD commented, “This acquisition reflects another important piece of our strategy to provide a whole-person, longitudinal approach to healthcare delivery. Having CMD’s robust, segmented database of health practitioners across Canada will be extremely valuable for our business and opens up synergies and opportunities for optimization, cross selling, public sector and private corporate partnerships. Over the years, Hugh has continued to build an incredible product, which combined with our platform, will be a powerful tool to help Canadians and the overall healthcare sector. Built by a team of doctors, we understand the pain points of the healthcare sector, and having an accurate data rich database like CMD will provide important data-sets that we can add to, which will in turn provide better service and care to patients. We are thrilled Hugh and the CMD team decided to partner with CloudMD, and we look forward to working with them on integrating and expanding our services.”Hugh Owen, CEO of Owen Media commented, “We are excited to work closely with Essam and the entire CloudMD team. Pairing the Canadian Medical Directory with CloudMD was a natural fit, placing one of Canada’s most trusted medical brands into the heart of the telehealth revolution. Using the directory, CloudMD will be able to bring its own message to more doctors, clinics and hospitals as well as drive growth into CMD’s traditional SaaS information business. We can’t wait to get started!”Terms of AgreementIn consideration for the purchase of 100% of the assets and business of CMD, CloudMD has agreed to pay aggregate consideration of $1.95 million payable as follows: (i) $250,000 in cash; (ii) $1.35 million in shares of the Company; and (iii) a performance-based earnout of $350,000, which is payable in shares of the Company in annual issuances over a period of two years. All shares issued pursuant to the acquisition are issued at a deemed price of $2.35 per share and are priced by calculating the 10-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 a period of 16 months from the date of issuance.The company also announces the granting of stock options to purchase an aggregate of 400,000 common shares of the Company at an exercise price of $2.40 per share for a five-year term.  The stock options were granted pursuant to the Company’s Stock Option Plan and the policies of the TSX Venture Exchange, to an officer of the Company.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:Julia Becker VP, Investor Relations julia@cloudmd.ca Forward Looking StatementsThis 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.

  • CNW Group

    IIROC Trading Resumption - DOC

    VANCOUVER, BC, Oct. 20, 2020 /CNW/ - Trading resumes in: Company: CloudMD Software & Services Inc.

  • CNW Group

    CloudMD Announces an Increase to Previously Announced Bought Deal Public Offering to $32.4 Million

    /THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./VANCOUVER, BC, Oct.

  • CNW Group

    CloudMD Announces $25 Million Bought Deal Public Offering

    /THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./VANCOUVER, BC, Oct.

  • GlobeNewswire

    CloudMD Further Supports Expansion and Growth with Appointment of Global Head, Corporate Development and New Chief Financial Officer

    Strengthens management team and provides financial foundation to execute on global expansion plans through M&A;VANCOUVER, British Columbia, Oct. 19, 2020 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telemedicine company revolutionizing the delivery of healthcare to patients, is pleased to announce that it has appointed Mena Beshay, the Company’s current Chief Financial Officer (“CFO”), to a newly created, more focused role of Global Head, Corporate Development, where he will be responsible for leading the Company’s corporate development activities which includes global mergers and acquisitions (“M&A”) and its organic growth strategy. Mena’s financial and operational experience will be valuable in leading the execution of the Company’s growth strategy, while putting an even greater emphasis on M&A. CloudMD has appointed Daniel Lee, an experienced capital markets and technology financial executive as its new CFO. Daniel’s expertise and financial operations experience are important for CloudMD’s strategic priorities to scale and grow the business globally with the proper financial frameworks in place. The appointment adds strength and depth to CloudMD’s executive team which is imperative to support the rapid growth and integration of the business.Daniel Lee, CFO Daniel is an accomplished financial executive with nearly 20 years of experience. Daniel has held senior leadership positions for publicly-listed technology companies, including CFO and Corporate Secretary at Photon Control, and Director of Finance at BSM Technologies and Webtech Wireless. In these roles, Daniel was instrumental in creating long-term shareholder value by improving the financial performance of these businesses, successfully completing numerous M&A transactions, and building and transforming Finance and Accounting functions and framework. Daniel is a Chartered Accountant, having earned his Bachelor of Business Administration degree from Simon Fraser University, and completed the CFO Leadership Program from the Rotman School of Management at University of Toronto.The Company is committed to revolutionizing and disrupting the current delivery of healthcare with a patient–centric approach and focus on continuity of care. As CloudMD continues to grow, its organizational structure is taking on a more focused approach within departments, and throughout its leadership team. CloudMD plans to continue building out its management team by adding proven leaders to help facilitate ongoing integration and growth. By focusing on key areas, the Company believes there is a significant opportunity to add shareholder and partner value by having a defined growth strategy and seamless integration plan.Dr. Essam Hamza, CEO of CloudMD commented, “We are excited to welcome Daniel to our team as CFO. His extensive experience within the technology sector, coupled with his expertise in successfully scaling finance and accounting functions for growth, will be extremely valuable for us. I would also like to congratulate Mena on his appointment as Global Head, Corporate Development and look forward to him adding continued value in this new role. Mena has been an integral part of our growth over the last two years, and I thank him for that.” He adds, “As we continue to execute our strategy, it’s absolutely imperative for us to support the growth with strategic resources, underpinned by a strong infrastructure. Equally important to our growth strategy, is our continued investment in our team and the operational framework to streamline the integration process and manage our aggressive M&A strategy. Our business is expanding quickly, and that requires us to focus on our organizational matrix and key departments, starting at the leadership level. I am proud of our team and growth to date and I look forward to the future success under the leadership of our experienced management team.”About CloudMD Software & ServicesCloudMD 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:Julia Becker VP, Investor Relations julia@cloudmd.caForward Looking StatementsThis 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.

  • CNW Group

    IIROC Trading Halt - DOC

    VANCOUVER, BC, Oct. 19, 2020 /CNW/ - The following issues have been halted by IIROC: Company: CloudMD Software & Services Inc.

  • GlobeNewswire

    Relentless Venture Fund Portfolio Company Snapclarity Acquired for its Unique Approach to Mental Health Care

    VANCOUVER, British Columbia, Oct. 15, 2020 (GLOBE NEWSWIRE) -- Having invested a mere thirteen months ago in Ottawa based Snapclarity, the Relentless Venture Fund (“Relentless”) announced that Snapclarity has been acquired by the publicly traded health organization, CloudMD (TSXV:DOC, OTCQB: DOCRF, Frankfurt: 6PH). Snapclarity’s amalgamation with CloudMD will ensure accelerated access to mental healthcare via the telemedicine platform CloudMD On Demand as well as CloudMD’s broad reaching ecosystem of clinics.Virtual care via a variety of digital health strategies has exploded during the COVID-19 pandemic, as has the surge of mental health issues. COVID’s toll on the mental health of individuals globally has been well documented. Survey findings released on October 1st 2020 by Mental Health Research Canada included an overarching finding that the COVID-19 outbreak and restrictions have led to an increase in both anxiety and depression, and that the levels of anxiety and depression are serious.At odds with the surge in mental health issues, the new survey data noted that nearly one-half of all people who accessed mental health services before the pandemic are no longer accessing services (32% before, 17% after) due to a significant reduction in access to family doctors and in-person one-to-one mental health services.CloudMD’s integration of both Snapclarity’s innovative tools and team expertise will take a major step toward reducing the gap in mental healthcare access.“There has never been a more critical time to address the escalating mental health needs of Canadians in a virtual environment than now,” asserted Estelle Morrison, Head of National Clinical Operations at Snapclarity. “The synergies between CloudMD and Snapclarity, as well as the unique perspective on treating the whole person, will provide a more meaningful and effective approach to healthcare rarely seen in the typical silo programs."Karen Adams, Chief Health Innovation Officer at CloudMD commented, “We are thrilled to close the acquisition of Snapclarity, together creating one of the only telemedicine companies that provides an integrated digital platform combining top-tier primary care with clinically-proven mental health support. Our shared vision of continuity of care, and a holistic approach is crucial as we continue to disrupt traditional healthcare delivery by putting patients, employees and individuals first. We look forward to working with the Snapclarity team to address an emergent market demand for one centralized, assessment-based platform for clients and customers.”The pandemic has heightened the need for accessible, holistic, patient centered care.“CloudMD’s established telehealth platform and use of artificial intelligence, combined with Snapclarity’s innovative tools and programming creates a technical force poised for successful mitigation of the mental health echo-pandemic,” declared Brenda Irwin Managing Partner of the Relentless Venture Fund. About Relentless Venture Fund The Relentless Venture Fund (“Relentless/RVF”) is a health technology venture capital fund dedicated to investing in preventative and proactive technology solutions that optimize health, activity and longevity. Relentless is an early-stage investor, primarily investing in seed and Series A investments. As a technology and mission-based fund, Relentless is committed to the development of technologies, products and services that both enhance and promote an individual’s ability to stay optimally healthy and active over an entire lifetime. Portfolio themes of emphasis for Relentless are preventing the development of cardiovascular disease and diabetes, as well as optimizing mobility and mental wellbeing.The Relentless portfolio themes represent the most common health issues associated with aging; these issues are also the pre-existing conditions presenting the greatest risks to individuals who contract COVID-19.www.relentlesspursuitpartners.comFOR ADDITIONAL INFORMATION ABOUT THE RELENTLESS VENTURE FUND CONTACT: Brenda Irwin Managing Partner brenda@relentlesspursuitpartners.comAbout CloudMD Software & ServicesCloudMD 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. Visit www.cloudmd.ca for more information.FOR ADDITIONAL INFORMATION ABOUT CLOUDMD CONTACT:Julia Becker VP, Investor Relations julia@cloudmd.ca

  • GlobeNewswire

    CloudMD Closes Acquisition of Snapclarity Inc., Creating One Centralized, Assessment-Oriented Platform That Provides Access to Primary Care and Mental Health

    Well positioned to provide support for the oncoming “second wave” of pandemic caused by the surge in mental health issues and substance use disordersVANCOUVER, British Columbia, Oct. 15, 2020 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telehealth company seeking to revolutionize the delivery of healthcare to patients, is pleased to announce that it has closed the previously announced acquisition of Snapclarity Inc. (“Snapclarity”). Snapclarity is a pioneer, on-demand, digital platform that provides an assessment for mental health disorders which includes a personalized care plan, access to online resources, a clinical health care team and the ability to match to the right therapists. The platform utilized by employers, individuals, therapists and insurers offers a continuity of care program that effectively blends the supported intervention with technology, artificial intelligence and human touch. This is accomplished through a suite of proprietary digital tools that are designed by clinicians and grounded in evidence-based practices that are proven to positively impact outcomes. Individuals, employees and patients feel empowered, motivated and supported throughout their entire treatment journey.The COVID-19 pandemic’s global disruption has been a catalyst for an increase in mental health illnesses and has created a prevalent need for options to triage and offer continuity of care virtually. According to the Journal of the American Medical Association (JAMA, Oct 12, 2020), “This devastating pandemic has affected nearly every aspect of daily life. While nations struggle to manage the initial waves of the death and disruption associated with the pandemic, accumulating evidence indicates another “second wave” is building: rising rates of mental health and substance use disorders. This imminent mental health surge will bring further challenges for individuals, families, and communities including increased deaths from suicide and drug overdoses.”This acquisition makes CloudMD one of the only telemedicine companies that provides an integrated digital platform that combines top-tier primary care with clinically-proven mental health support. The combination of these two facets of healthcare addresses an emergent market demand from enterprise clients, insurers, governments and other payors. Technology, human touch and artificial intelligence enables the ability to provide the highest quality of care.Snapclarity will also be integrated into CloudMD On Demand, an online telemedicine service that aims to provide turnkey and readily accessible virtual healthcare options to enterprise level partners. Individuals, patients and employees are looking for a comprehensive approach to physical and mental healthcare. It is well documented that often times there is direct relationship between mental and physical health and having one, centralized, whole person care platform is both important and effective.Currently, companies have siloed health programs that are costly and ineffective in providing a holistic care plan focused on ease of access, individual needs and recovery. This acquisition dramatically changes the landscape where employers can now offer one solution that addresses the comprehensive health needs of their workforce and eliminates the need of multiple vendors. Now, individuals have access to appropriate benefit programs that address all their healthcare needs. Healthcare teams consult with individuals to determine the appropriate whole person treatment plan to accelerate recovery while lowering group benefit costs. The employee experience is elevated with a digital door experience that results in the right care for the right issue at the right cost.Terms of AcquisitionCloudMD has acquired 100% of Snapclarity by way of a three-cornered amalgamation pursuant to the provisions of the Canada Business Corporations Act. Total consideration payable by the Company in connection with the acquisition is $3.35M, subject to certain holdbacks, payable as up to C$975,000 in cash and up to C$2,375,000 in shares of the Company, to be issued at a deemed price of $0.70 per share. All shares issued pursuant to the acquisition are subject to a two (2) year release. Additionally, subject to future TSX-V approval and the achievement of certain performance conditions in 2021 and 2022, Snapclarity may earn up to an additional $3.65M in equity-based consideration.About SnapclaritySnapclarity Inc. is the leading digital, on-demand mental healthcare platform dedicated to creating a connected care experience that puts accessible, preventative mental health support in the hands of Individuals. Snapclarity supports those who need it most with easy identification of risk factors, early intervention, evidence-based treatment plans, and outcome-driven results. To learn more about Snapclarity visit: www.snapclarity.com and to download the individual app please visit the Apple App Store and/or the Google Play Store.For more corporations and insurers needing more information on the suite of services please contact: info@cloudmd.caAbout 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. Visit www.cloudmd.ca for more informationON BEHALF OF THE BOARD OF DIRECTORS“Dr. Essam Hamza, MD" Chief Executive Officer FOR ADDITIONAL INFORMATION CONTACT:Julia Becker VP, Investor Relations julia@cloudmd.caMedia enquiries: media@cloudmd.caForward Looking StatementsThis 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.

  • GlobeNewswire

    CloudMD Launches CloudMD On Demand, a National, Online Telemedicine Service for Pharmacies, Insurance Companies and Employers

    * CloudMD on Demand is a turnkey, online telemedicine solution for enterprise clients including: pharmacies, insurance companies and employers across Canada * A simplified, seamless solution with access to quality healthcare and exceptional patient experience wherever and whenever patients need it * Continuity of care spanning multiple healthcare modalities through an existing network of allied care professionals VANCOUVER, British Columbia, Oct. 08, 2020 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telehealth company seeking to revolutionize the delivery of healthcare to patients, is pleased to announce the launch of a new service: CloudMD On Demand, an online, virtual care service for companies, insurers and pharmacies to offer their customers easier, more convenient access to virtual telemedicine.CloudMD On Demand aims to provide turnkey and readily accessible virtual healthcare options to enterprise level partners. Through the offering, CloudMD develops a white-labeled, customizable landing page where individuals can get access to a doctor on demand for non-emergency medical appointments. This offering is especially important for employers, insurance providers and pharmacies, who have been instrumental in the development of this service. In addition, corporations with e-commerce websites can streamline the process for customers to see a doctor online and refill a prescription for pick up at a pharmacy location of their choice, or have it delivered directly to their doorstep.COVID-19 has increased the need for access to care through digital platforms, and employers are looking for evidence based, outcome-oriented solutions that will offer virtual healthcare for employees and their family members. Equally important is that the healthcare provided virtually, is delivered by physicians with the same level of patient care compared to an in person visit in a clinic.CloudMD uses public healthcare resources to ensure the highest quality of care and treatment plans for patients. The availability of the on-demand service is important for partners to continue managing the wellbeing of their customers and employees. The on-demand platform also eliminates the disruption in continuity of care caused by limited healthcare resources due to the pandemic. Patients are able to receive cost effective and efficient care, while empowering them to take control of their healthcare.The on-demand appointment booking will allow patients to skip the process of selecting an appointment time and instead opt to “See A Doctor Now” joining a queue in the clinic’s virtual waiting room. The landing page may include CloudMD branding, targeted marketing information, the partners branding, and a direct link to “See A Doctor Now”. The landing page may be accessed either directly through benefits administration platforms and company websites, or a QR code found at partner locations.Dr. Essam Hamza, CEO of CloudMD commented, “Virtual care is the great equalizer and we are excited to be able to extend our telemedicine offerings to our enterprise partners and clients enabling them to provide better healthcare services to their customers and employees. CloudMD On Demand offers an easily accessible, efficient way for patients to see a doctor online when they need to.” He continued, “We are now able to provide our partners in person telemedicine kiosks and online white-labeled telemedicine links. One key advantage for our pharmacy partnerships is patients will now be able to see a doctor online for prescription refills from their home and either pick up the prescription at the pharmacy of their choice, or have it delivered directly. Providing that level of service is incredibly important to us and is valuable to corporations, insurance providers and pharmacies to ensure exceptional customer service.”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.Email: investors@cloudmd.ca Sales Enquiries: info@cloudmd.caForward Looking StatementsThis 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 the launch of CloudMD On Demand. 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.