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On November 22, 2021, Medivolve, Inc. (OTC: COPRF) reported the results of its Annual and Special Meeting of Shareholders, where nominees were elected as directors with over 96% approval. Only 14.12% of issued shares were represented. Additionally, shareholders approved the appointment of McGovern Hurley LLP as auditors, re-approval of a stock option plan, and a share consolidation of up to 15 to 1. The company also settled $441,000 of debt by issuing 6,300,000 shares at $0.07 per share, subject to a hold period.
Medivolve announced impressive financial results for Q3 2021, achieving $25.3 million in revenue, marking a 575% increase from Q2. Gross profit surged 1,288% to $10.5 million, and the company reported a net income of $6.8 million, reversing a net loss of $8.7 million in Q2. Key developments include securing $12 million in funding, transitioning to insurance reimbursements, and expanding testing services. Medivolve aims to capitalize on the increasing demand for COVID-19 testing amidst rising case numbers.
Medivolve Inc. (OTC: COPRF) plans to hire over 400 healthcare professionals, including doctors and nurses, within the next 18 months. This initiative aims to expand its clinical diagnostic network in response to healthcare accessibility challenges post-COVID-19. CEO David Preiner emphasized the goal of improving healthcare quality across America, promoting higher pay and skill development for new hires. The company is focused on addressing flaws in the U.S. healthcare system, utilizing its AI-driven telehealth platform and diagnostic services to enhance patient care.
Medivolve, Inc. (OTC: COPRF) announced a significant 236% increase in gross weekly revenue, largely attributed to the surge in COVID-19 testing sales following the beta launch of its new Electronic Health Record (EHR) platform on July 7, 2021. During the period from July 4 to July 31, 2021, the company achieved gross revenues of $1,005,050 and an increase in tests performed by 231%. Key features of the new EHR include enhanced security, real-time data access, and quicker laboratory workflows, aiming to improve patient care and operational efficiency.
Medivolve Inc. has successfully closed the acquisition of Marbella Pharmacy, enhancing its healthcare technology portfolio. The pharmacy, located in California, specializes in traditional and compounded medications and offers no-cost prescription delivery services. Medivolve plans to leverage this acquisition to improve patient care through enhanced pharmaceutical distribution, particularly in California, and expand its telehealth initiatives. As part of the deal, Medivolve will issue 2 million common shares and provide $275,000 in cash to Marbella shareholders, along with a fee for COVID-19 vaccinations over the next five years.
Medivolve Inc. (OTC: COPRF) plans to create at least 30 new jobs over the next 18 months, expanding its workforce by over 13% to meet the rising demand for digital healthcare solutions precipitated by COVID-19. Currently employing 237 people, the company is focused on hiring software engineers and developers skilled in various platforms, aimed at enhancing its telehealth services. CEO David Preiner emphasizes the importance of recruiting talent to sustain growth and develop innovative healthcare applications, which are part of the company's mission to transform the healthcare landscape.
Medivolve Inc. (OTC: COPRF) has reported a remarkable 76% increase in gross revenues after shifting its business model from cash payments to primarily insurance claims and reimbursements. This transition allows the company to serve over 31 million uninsured Americans and connect to more than 8,700 insurance carriers. The new automated insurance billing system enhances access to COVID-19 testing, enabling nearly 99.7% of individuals to receive testing without patient costs.
Medivolve Inc. (OTC:COPRF) announced that Marbella Pharmacy has received its initial vaccine allocation from California's State Government. This comes after Medivolve's binding agreement to acquire 100% of Marbella shares, expected to close soon. Marbella will distribute vaccines in San Juan Capistrano and partner clinics, generating fees per vaccine administered. The pharmacy aims to serve underserved communities, and plans to negotiate further allocations across California. CEO David Preiner emphasized the role of technology in enhancing patient care through upcoming telehealth programs.
Medivolve Inc. has rebranded to align with its strategic vision as 'One Medivolve,' transitioning from an investment insurer to a health-tech leader. The new branding consolidates all assets under a unified identity, enhancing recognition at Medivolve testing sites across the U.S. The company, led by CEO David Preiner, aims to develop a SaaS-based health platform, improving patient care and collaboration with healthcare providers. Recent acquisitions, including Marbella Pharmacy, will bolster its pharmaceutical distribution in California, supporting its mission to address health system gaps.
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