CloudMD Software and Services Inc. (DOCRF)

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CloudMD Closes Acquisition of West Mississauga Medical Clinic with 8 Family Doctors, 4 Specialists Serving Over 100,000 Patients.

source
http://www.digitaljournal.com/pr/4969382

Feb. 09, 2021

CloudMD Software & Services Inc., a telemedicine company revolutionizing the delivery of healthcare to patients, is pleased to announce that it has closed the previously announced acquisition to acquire a majority interest (51%) in West Mississauga Medical Ltd., a comprehensive family medicine and specialist medical clinic with 8 family doctors and 4 specialists serving over 100,000 patients.

West Mississauga Medical is a well-established medical clinic located on the border of Brampton, Mississauga and Milton in a high growth area. The clinic has served the community for over 16 years and remained open throughout the COVID-19 pandemic seeing patients via telemedicine and in-person. The acquisition is part of CloudMD’s national growth strategy which includes having well established brick and mortar clinic partners in major provinces. These clinics ultimately provide a strong, centralized patient base and footprint across the country. West Mississauga Medical will be integrated into the CloudMD EMR platform and its network of doctors and specialists will immediately start servicing CloudMD’s registered users and patients in Ontario.

Terms of Agreement
In consideration for the purchase of 51% of the outstanding securities of West Mississauga Medical, CloudMD has paid Shareholders aggregate consideration of C$200,000 payable as up to C$140,000 in cash and C$60,000 in shares of the Company. All shares issued pursuant to the acquisition are priced at the ten-day volume weighted trading price of the Company shares for the 10 trading days prior to the execution of the definitive agreement (see press release dated August 13, 2020).

About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare by providing a patient centric approach, with an emphasis on continuity of care. The Company offers SAAS based health technology solutions to healthcare providers across North America and has developed proprietary technology that delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, educational resources and artificial intelligence (AI). CloudMD currently services a combined ecosystem of over 500 clinics, almost 4000 licensed practitioners and 8 million patient charts across North America.

ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"
Chief Executive Officer

FOR ADDITIONAL INFORMATION CONTACT:
Julia Becker
VP, Investor Relations
[e-mail]