On May 5, 2020, Rennova Health, Inc. (the “Company”) entered into an Exchange Agreement (the “Agreement”) with Alcimede LLC (“Alcimede”), of which Seamus Lagan, our Chief Executive Officer, is the sole manager. Pursuant to the Agreement, the Company issued to Alcimede 250,000 shares of its Series L Convertible Preferred Stock (the “Series L Preferred Stock”) in exchange for the 250,000 shares of the Company’s Series K Convertible Preferred Stock (the “Series K Preferred Stock”) held by Alcimede. The Series K Preferred Stock had been issued to Alcimede on December 23, 2019 and upon the issuance of the Series L Preferred Stock to Alcimede, the shares of Series K Preferred Stock were cancelled. Shares of the Series K Preferred Stock were convertible immediately into common stock and were entitled to receive, when and as declared by the Board of Directors, dividends equal (on an as if converted to common stock basis) to and in the same form as dividends actually paid on shares of common stock. As previously disclosed, the Series L Preferred Stock is not convertible into common stock prior to December 1, 2020 and is not entitled to receive any dividends. https://ir.rennovahealth.com/all-sec-filings/content/0001493152-20-007736/form8-k.htm?TB_iframe=true&height=auto&width=auto&preload=false
TPT Global Tech Enters into an Agreement with Rennova Health to Create a New Public Company Mobile Telemedcine Joint VenturePress Release | 06/11/2020
The Merger of Health Technology Solutions, Inc. and Advanced Molecular Services Group, Inc with TPTW's newly formed subsidiary will strengthen TPT Global Tech's Telemedicine Expansion
SAN DIEGO, CA / ACCESSWIRE / June 11, 2020 / TPT Global Tech, Inc. ("TPTW, the Company or TPT Global Tech") (OTCBB:TPTW) announced today it has entered into an agreement with Rennova Health, Inc. ("RNI or Rennova Health") to merge two RNI companies into a newly formed TPT subsidiary to be called "InnovoQor". The two RNI companies are Health Technology Solutions, Inc. and Advanced Molecular Services Group, Inc. The two RNI companies merging into the new InnovoQor begins the first stage development of TPT Global Tech's Mobile Telemedicine products and services capabilities which also will be offered inside TPTW's upcoming Mobile TV and Social Media platform. It is the intent of TPTW to assist InnovQor in being publicly traded as a vehicle for raising capital. Upon the merger, TPTW will become a minority interest owner in InnovoQor. Individuals can learn more about the Joint Venture in the Company's Form 8k filing on the transaction.
Rennova Health is a vertically integrated health care provider that owns and operates three hospitals and a physician's office in Tennessee and a rural clinic in Kentucky. RNI has developed a number of software products for the healthcare sector including lab ordering and reporting software, lab information services software and integration capabilities, electronic healthcare records software and has the ability to provide medical billing services and data analysis capabilities and dashboards for easy use by customers. RNI also owns technology for the interpretation of cancer diagnostics and pharmacogenomics.
"We are very much looking forward to working with RNI in creating a new joint venture in which both TPTW's strengths and that of RNI can be capitalized on. We strongly believe that Telemedicine is the way of the future especially in rural America and in less developed countries. We believe the transaction with RNI positions us to add a Telemedicine component to our upcoming Mobile TV and Social Media platform which we believe will truly be something special. As a New Generation Technology company it is important for TPT Global Tech to continue to diversify our portfolio of companies at the same time open up new markets and distribution channels to continue to expand our reach to deliver our Telecom, Media, Medical, SaaS and Smartphone technology platforms in the United States and Internationally. " said Stephen Thomas CEO.. https://www.otcmarkets.com/stock/TPTW/news/TPT-Global-Tech-Enters-into-an-Agreement-with-Rennova-Health-to-Create-a-New-Public-Company-Mobile-Telemedcine-Joint-Ven?id=264532
RENNOVA HEALTH ENTERS INTO AN AGREEMENT TO SEPARATE ITS SOFTWARE AND GENETIC DIAGNOSTICS INTERPRETATION DIVISIONS
WEST PALM BEACH, Fla., June 12, 2020 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA), (OTC: RNVAW) (“Rennova” or the “Company”), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers that has transitioned its core business from diagnostics to rural hospital ownership over the past three years, announces that on June 10th it has entered into an agreement with TPT Global Tech, Inc. (OTC: TPTW), a CA based public company, to merge its software and genetic testing interpretation divisions, Health Technology Solutions, Inc. (HTS) and Advanced Molecular Services Group, Inc., (AMSG) into a public company (target) after TPT completes a merger of its wholly owned subsidiary, InnovaQor, Inc. with this target.
The parties anticipate the steps as defined in the agreement to be completed in the 3rd quarter resulting in the target public company being called InnovaQor, Inc. and filing whatever documents are required to be a fully reporting public company. The public company (InnovaQor) will own certain assets and technology from TPTs proprietary live streaming communication technology and the technology and software developed and owned by HTS and AMSG. The combination of these fully developed assets will facilitate the creation of a next generation telehealth type platform. This platform will combine telehealth with EHR like capabilities and facilitate a patient’s immediate access to healthcare including their local hospital or doctors, for initial consultation, scheduling of appointments and follow on care.
Completion of the agreement is subject to a number of approvals and consents which need to be secured to complete the transaction. Subject to the relevant SEC approvals it is intended that TPT shareholders will receive approximately 2,500,000 common shares in InnovaQor, with TPT receiving and retaining directly an additional 2,500,000 common shares (total 5,000,000 common shares) and Rennova Health receiving approximately $22M of preferred shares, $5M of which will be converted to common shares and distributed to Rennova Shareholders upon completion of the relevant registration/approvals with the SEC, and with the remaining approximately $17M of preferred shares held by Rennova as an investment in InnovaQor and convertible to common shares on achievement of certain milestones going forward. Rennova will be responsible to appoint management to the project. It is intended that 1M common shares will vest to management. There can be no assurance that the transaction as described will close successfully or that terms including numbers or values for consideration shares will not change significantly before closing
“Rennova has previously disclosed its intention to separate its technology and software divisions. This agreement with TPT finalizes these plans and the technology being contributed to the project by TPT creates an exciting opportunity to revolutionize the way patients access healthcare and continued aftercare”, said Seamus Lagan, CEO of Rennova Health “We see first-hand the need our rural hospitals have to secure and retain patients. The product envisaged here will create immense value for many health care providers and provide a permanent solution to the current and probably extended reluctance of many people in the current pandemic to visit doctors’ practices and hospitals for initial consultations. A smart phone based product that reduces a delay in access to healthcare and better manages ongoing care will save lives and create efficiencies and opportunities for medical providers”
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