CloudMD Software and Services Inc (fka DOCRF)

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CloudMD Closes Divestment of Primary Care Clinics and Cloud Practice to WELL Health.

Source
https://finance.yahoo.com/news/cloudmd-closes-divestment-primary-care-113000610.html

November 2, 2022

CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a healthcare technology and innovative health services company transforming the delivery of care, is pleased to announce that it has closed the previously announced divestiture of its primary care clinics and Cloud Practice to Well Health Technologies Corp. (TSX:WELL, OTCQX: WHTCF) (“WELL”) for approximately $5.75 million in cash.

The closing of this transaction with WELL and the recently announced divestment of the pharmacy assets to Neighbourly Pharmacy Inc. (TSX:NBLY), is meaningful progress against CloudMD’s objective of divesting its entire Clinics & Pharmacies division. The Company is focused on the growth of its core employer healthcare offering. The Clinics & Pharmacies division, including the practitioner support technology, is not supportive of that growth and does not fit in CloudMD’s overall strategy of delivering a higher margin, profitable business long-term. The divestitures provide significant non-dilutive capital and a more focused business.

About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solutions, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.

CloudMD currently services a direct ecosystem of over 5,700 clinicians including, 1,800+ mental health practitioners, 1,600+ allied health professionals, 1,400+ doctors and nurses and covers 12 million individual lives across North America.
For more information visit:
https://investors.cloudmd.ca/

ON BEHALF OF THE BOARD OF DIRECTORS
“Karen Adams”
Chief Executive Officer

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