Cloud DX Announces Voluntary Extension of Lock-up Agreements with Company Insiders

Rhea-AI Summary

Cloud DX Inc. (TSXV:CDX) has announced that insiders holding around 33% of shares will extend their lock-up agreements until October 31, 2022. This voluntary action reflects confidence in the company's growth, as stated by Lead Director Brad Miller. Recent developments include securing $131,000 from the NB Health Research Foundation and new partnerships with Medtronic Canada and others, enabling access to up to 2 million patients. The company aims to achieve EBITDA positivity with a target of 10,000 enrolled patients.

Positive

• Insider lock-up extension until October 31, 2022, indicating confidence in company growth.
• Secured $131,000 funding from NB Health Research Foundation.
• Partnerships with Medtronic Canada and others provide access to 2 million patients.
• Plans to achieve EBITDA positivity with 10,000 enrolled patients.

Negative

• None.

News in Summary

• Cloud DX insiders (as defined by the TSX Venture Exchange) holding approximately 33% of the issued and outstanding shares of Cloud DX Inc. voluntarily extend the release date under lock-up agreements
• This six-month voluntary extension of their resale restrictions indicates that the board and management are confident about the company's growth prospects

KITCHENER, ON / ACCESSWIRE / January 17, 2022 / Cloud DX Inc. (the "Company" or "Cloud DX") (TSXV:CDX) (OTCQB:CDXFF), announces today that certain company ‘insiders' (as defined by the TSX Venture Exchange) have voluntarily agreed to extend the release dates under the lock-up agreements they entered into in connection with the Company's ‘Qualifying Transaction' which closed on April 15, 2021. Insiders holding approximately 33% of the issued and outstanding shares of the Company have agreed to extend the lock-up to be effective until October 31, 2022.

Lead Director, Mr. Brad Miller, states "Cloud DX has made excellent progress in executing their business plan as articulated at the time of the go-public transaction. In my opinion as an investor, these recent announcements indicate that further growth for the company can be expected:

• $131,000 from NB Health Research Foundation to partners, noted January 13, 2022
• US primary care clinics in Illinois announced January 11, 2022
• Ontario pulmonary rehab clinic announced December 21, 2021
• 2,400 patient Hamilton Health surgical program announced December 15, 2021
• Key Partnership with Medtronic Canada announced December 1, 2021
• US primary care clinics in Indiana announced November 30, 2021"

Board member, Dr. Constantine Zachos, states "Since becoming a public company, Cloud DX has secured key contracts with partners Prizm Media, Medtronic Canada, and Maxwell Telecare that together give the Company access to up to two million qualified patients in Canada and the United States. The team is now working on the next critical metric which is patient enrollment with the expectation of becoming EBITDA+ at around 10,000 enrolled and compliant US patients, a number that seems well within reach in the near-term."

Cloud DX Founder and CEO Robert Kaul commented "The board and management of Cloud DX are proud of the progress made by our team in 2021 and we are excited about recently announced new contracts, as well as the overall pipeline of new technologies developed by Cloud DX we expect to bring to market in the coming quarters. Virtual care is here to stay, and Cloud DX has been recognized as a leader in delivering high-quality virtual care services many times recently."

About Cloud DX

Accelerating virtual healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health TM remote patient monitoring platform is used by healthcare enterprises and care teams across North America to manage chronic disease virtually, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers." In 2021, Cloud DX became an exclusive partner of Medtronic Canada.

Cloud DX Investor Site https://ir.clouddx.com/overview/default.aspx

Neither 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.

Cloud DX Social Media Links

Twitter https://twitter.com/CloudDX
Facebook https://www.facebook.com/clouddxinc/
LinkedIn https://www.linkedin.com/company/cloud-dx/
Instagram https://www.instagram.com/cloud.dx/

For media inquiries please contact:

Cloud DX
Janine Scott
Marketing Lead
888-543-0944
janine.scott@CloudDX.com

For investor inquiries please contact:

Jay Bedard
Cloud DX Investor Relations
647-881-8418
jay.bedard@CloudDX.com

Forward Looking Statements

This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. In particular, this news release includes certain forward-looking statements concerning the terms of the extensions of the lock-up agreements, the ability of the Company to become EBITDA positive, as well as management's objectives, strategies, beliefs and intentions.

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the Company's marketing and research and development strategies and the expected benefits thereof.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.

SOURCE: Cloud DX Inc.

View source version on accesswire.com:
https://www.accesswire.com/683670/Cloud-DX-Announces-Voluntary-Extension-of-Lock-up-Agreements-with-Company-Insiders

FAQ

What is the significance of the insider lock-up extension for Cloud DX (CDXFF)?

The insider lock-up extension until October 31, 2022, indicates strong confidence among major shareholders regarding the company's growth prospects.

How much funding did Cloud DX recently secure from the NB Health Research Foundation?

Cloud DX secured $131,000 from the NB Health Research Foundation.

What partnerships has Cloud DX formed recently?

Cloud DX has formed key partnerships with Medtronic Canada and others, providing access to up to 2 million patients.

What is Cloud DX's target for patient enrollment to achieve EBITDA positivity?

Cloud DX aims to achieve EBITDA positivity with a target enrollment of 10,000 patients.