Wellness Lifestyles Inc. Provides Corporate Update
VANCOUVER, B.C. – May 23, 2018 – Wellness Lifestyles Inc. (TSX.V: WELL) (the “Company” or “WELL”), an owner and operator of Primary Healthcare facilities and Wellness Centres in Canada is pleased to provide the following updates.
Further to the Company’s news release dated April 3, 2018, effective today, Mr. Hamed Shahbazi has been appointed, as the Chief Executive Officer of the Company. Mr. Shahbazi was previously appointed as Chairman of the Company and continues to retain that role. Also, effective today, Mr. Alex Read has been appointed as the Chief Operating Officer of WELL.
Also, effective April 30, 2018, the Company appointed Mr. Tom Liston to the board of directors following Mr. Liston’s election at the Company’s annual general meeting.
Mr. Liston is currently a Managing Partner at Difference Capital, a Venture Capital firm. He also has over 15 years of experience as a top ranked technology research analyst. Prior to joining Difference Capital, he worked at Yorkton Securities, Versant Partners and Cantor Fitzgerald in Canada, all in senior research positions covering Canadian technology companies. He has received more StarMine stock picking awards than any other technology analyst. Mr. Liston is a CFA Charterholder and completed a Bachelor of Business Administration degree in Finance from the University of New Brunswick in 1996 and a Master of Arts in Economics and Finance from Queen’s University in 1998. Mr. Liston was previously on the board of QHR Technologies Inc., a maker of electronic medical records (EMR) software, which was acquired by Loblaw Companies Limited in 2017.
“We are very pleased to welcome Tom to the WELL board,” said Hamed Shahbazi, Chairman and CEO of WELL. “Tom’s credentials as a successful Canadian technology analyst and board member supporting Canadian technology growth companies are unparalleled.” The Company’s five member board is now comprised of Ken Cawkell, John Kim, Tom Liston, Peter Maclean and Hamed Shahbazi.
Earlier this month, the Company closed a financing led by Mr. Li Ka-shing with participation from board members and management for total proceeds of $7,567,626.30.
The Company and its management are focused on executing the priorities of the Company, which include: (1) acquiring additional healthcare clinics to establish improved scale for synergies, (2) establishing best in class shared services to create a scalable growth model for the Company, (3) modernizing its operation with the use of technology to benefit doctors and patients and (4) executing on a disciplined and highly accretive capital allocation program.
About Wellness Lifestyles Inc.
The Company owns and operates Primary Healthcare facilities in Canada. WELL’s facilities engage 34 general practitioners who serve more than 240,000 patient visits per year including service delivery through Telemedicine applications. Wellness Lifestyles Inc. was recognized as a TSX Venture 50 Company in 2018.
WELLNESS LIFESTYLES INC.
Per: “Hamed Shahbazi”
Founder, Chairman and CEOFor further information:
Wellness Lifestyles Inc.
Chairman and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding WELL’s priorities to: acquire additional healthcare clinics to establish improved scale for synergies; establish best in class shared services to create a scalable growth model for the Company; modernize its operation with the use of technology to benefit doctors and patients; and execute on a disciplined and highly accretive capital allocation program. There are numerous risks and uncertainties that could cause actual results and WELL’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the primary healthcare sector in general; and (iii) other factors beyond the control of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.