WELL Health Completes Acquisition of EMR service provider OSCARprn
- WELL completes acquisition of private company, OSCARprn - Treatment Solutions Ltd. (“OSCARprn”), which expands WELL’s digital portfolio in Electronic Medical Records (EMR).
- OSCARprn provides SaaS (Software as a Service) EMR services to approximately 71 clinics in British Columbia, supporting approximately 820 registered doctors and practitioners, and over 800,000 unique patient profiles1.
- With the acquisition of OSCARprn, WELL has increased its EMR footprint to now supporting approximately 292 clinics and over 5.5 million patients.
Vancouver, B.C. June 12, 2019
WELL Health Technologies Corp. (TSX.V: WELL) (the “Company” or “WELL”), a company focused on consolidating and modernizing clinical and digital assets within the primary healthcare sector, is pleased to announce, further to its news release dated May 23, 2019, that it has acquired all of the issued and outstanding shares in the capital of OSCARprn.
“We are very pleased to welcome OSCARprn to the WELL family”, said Hamed Shahbazi, Chairman and CEO of WELL. “OSCARprn strongly complements our previous acquisition of NerdEMR and our recently announced proposed acquisition of KAI Innovations. The combination of these three acquisitions positions WELL as a leading provider of EMR services across Canada.”
In consideration for the acquisition of OSCARprn, the Company paid an aggregate purchase price of $876,000 to the shareholder thereof, consisting of: (i) a cash payment upon closing of the Transaction of $619,500 (7.5% of which is subject to a holdback to be released after 3 months); and (ii) the issuance of 373,906 common shares of the Company at a deemed price of approximately $0.69 per share.
OSCARprn is one of only 3 Chartered OSCAR Service Providers in the province of British Columbia. OSCAR is an acronym which stands for “Open Source Clinical Application Resource,” and is an EMR software platform originally developed by McMaster University.
All shares issued in the transaction are subject to a restricted period of four months and one day. There were no finder’s fees paid in connection with the Transaction.
- Patient count is based on total number of patient profiles and does not exclude duplicate patient records, inactive or deceased patients.
WELL HEALTH TECHNOLOGIES CORP.
Per: “Hamed Shahbazi”
Chief Executive Officer, Chairman and Director
For further information:
Pardeep S. Sangha
VP Corporate Strategy and Investor Relations
WELL is a unique company that operates Primary Healthcare Facilities as well as a significant EMR or Electronic Medical Records business that supports the digitization of such clinics. WELL’s overarching objective is to empower doctors to provide the best and most advanced care possible leveraging the latest trends in digital health. In the last 12 months, WELL physicians served approximately 600,000 patient visits through its network of 19 medical clinics. WELL is publicly traded on the TSX Venture Exchange under the symbol WELL.V. WELL was recognized as a TSX Venture 50 Company in 2018 and 2019.
This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, without limitation: the ability of WELL to provide and continue providing services to the anticipated number of clinics, practitioners and patients; and the belief that such acquisitions will position WELL as one of the leading EMR providers in Canada. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. WELL’s statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL 's control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Transaction, including: that WELL’s assumptions in making forward-looking statements may prove to be incorrect; adverse market conditions; risks inherent in the primary healthcare sector in general; that future results may vary from historical results; and that market competition may affect the outcome of the business, results and financial condition of WELL. Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.