RENNOVA COMPLETES AGREEMENT TO SEPARATE ITS SOFTWARE AND GENETIC DIAGNOSTICS INTERPRETATION DIVISIONS INTO INNOVAQOR, INC. (OTC: INOQ) [UPDATED] -- originally dated Jan 6, 2021
2:39 PM ET 1/15/21 | GlobeNewswire
Editor's Note: This item was released by Globe Newswire on January 6th, but wasn't published at that time due to technical issues.
RENNOVA COMPLETES AGREEMENT TO SEPARATE ITS SOFTWARE AND GENETIC DIAGNOSTICS INTERPRETATION DIVISIONS INTO INNOVAQOR, INC. (OTC: INOQ) [UPDATED]
WEST PALM BEACH, Fla., Jan. 06, 2021 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA), (OTC: RNVAW) ("Rennova" or the "Company"), an owner and operator of rural hospitals in Tennessee, announces that on December 31. 2020, it completed an agreement with InnovaQor, Inc. (OTC: INOQ) (InnovaQor) a CO based public company, to merge its software and genetic testing interpretation divisions, Health Technology Solutions, Inc. (HTS) and Advanced Molecular Services Group, Inc., (AMSG) and their subsidiaries into InnovaQor. After closing these entities will operate as wholly owned subsidiaries of InnovaQor. Closing is subject to a number of customary conditions for a transaction of this nature and is intended to happen on or before January 31. 2021.
InnovaQor has previously completed a license agreement giving it certain rights to assets and technology from TPT Global Tech, Inc's. (OTC: TPTW) proprietary live streaming communication technology. As part of the License agreement InnovaQor and TPT have agreed a development project to create a next generation telehealth type platform. It is intended to combine the TPT and Rennova assets and technology into a smart phone and computer accessible healthcare platform to facilitate a patient's immediate access to healthcare and their local hospital or doctors office, for initial consultation, scheduling of appointments and follow on care and other added value services that may be one off or recurring.
InnovaQor has agreed to complete the necessary steps and SEC filings with the intent to facilitate TPT shareholders receiving approximately 2,500,000 shares in InnovaQor, and Rennova Health, Inc. shareholders receiving approximately $5M of Preference shares which will be converted to common shares. As described in the agreement TPT will retain direct ownership of a further 2,500,000 shares and Rennova will retain ownership of an additional $17.5M of Preference shares with certain conversion rights and restrictions, in InnovaQor. An additional 1,000,000 shares in InnovaQor will be allocated to TPT or its' assignees as an incentive to assist in product development.
"Rennova has previously disclosed its intention to separate its technology and software divisions. This agreement with InnovaQor 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 phone based product that reduces a delay in access to healthcare and better manages ongoing care will save lives"
About Rennova Health, Inc.
Rennova operates three rural hospitals and a physician's office in Tennessee and a physician's office in Kentucky and provides industry-leading diagnostics and supportive software solutions to healthcare providers. Through an ever-expanding group of strategic brands that work in unison to empower customers, we are creating the next generation of healthcare. For more information, please visit www.rennovahealth.com
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Additional information concerning these and other risk factors are contained in the Company's most recent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Contacts:
Rennova Health
Sebastien Sainsbury, 561-666-9818
ssainsbury@rennovahealth.com
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January 15, 2021 14:39 ET (19:39 GMT)
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