Health Tech Company Medivolve Finalizes Acquisition of CalVax Licensed Marbella Pharmacy
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.
- Expansion of service offerings through the acquisition of Marbella Pharmacy.
- Strategic enhancement of telehealth programs and pharmaceutical distribution.
- Potential revenue growth from COVID-19 vaccination services.
- Initial cash outlay of $275,000 might strain liquidity.
- Issuance of 2 million shares could lead to shareholder dilution.
Medivolve Closes Marbella Pharmacy Deal Supporting Next Phase of Growth in Combining Data-Driven Clinical Diagnostics, Physician Recommendations, and Prescription Medications to Help People Live Healthier Lives
TORONTO, Aug. 16, 2021 /PRNewswire/ - Medivolve, Inc. ("Medivolve" or the "Company") (NEO: MEDV) (OTC: COPRF) (FRA: 4NC), a healthcare technology and services company, is pleased to announce on August 13, 2021, it closed the previously announced acquisition of Marbella ("Marbella" or the "Pharmacy"), an open-door retail pharmacy.
Located in San Juan Capistrano, California, Marbella specializes in traditional medication and non-sterile compounded products, immunizations, and specialty and maintenance medications. Marbella also provides no cost door-to-door prescription delivery service and is reputed for servicing the underserved and worker's compensation patients.
As announced on June 17, 2021, the Pharmacy became CalVax approved and participates in the California COVID-19 Vaccination initiative, administering vaccines through its retail locations, along with partner clinics.
"Now that the acquisition is final, Medivolve will expand the use of Marbella, leveraging its ability to deliver patient care through immediate access to pharmaceutical distribution throughout the state of California," confirms David Preiner, CEO of Medivolve, Inc. "As we launch telehealth programs at our mobile health clinics across the United States, expand our footprint within school systems and government entities, we will continue to harness the transformative power of technology to help more people live healthier lives."
"I am very happy the transaction is complete. The combination of Marbella's unique pharmaceuticals and Medivolve's growth plans in the health tech space will be truly powerful. I am proud to have found such a synergistic marriage, and we are very much looking forward to watching the combination grow," says James Harmon, CEO of Marbella.
As consideration for the acquisition of the Pharmacy, Medivolve has agreed to: (i) immediately issue 2 million Medivolve common shares to the shareholders of Marbella; and (ii) within 45 days of closing, pay cash consideration of US
About Marbella Pharmacy
Located in San Juan Capistrano, California, Marbella is an open-door retail pharmacy specializing in traditional medication and non-sterile compounded products, immunizations, and specialty and maintenance medications. Marbella Pharmacy also provides no cost door-to-door prescription delivery service and is reputed for servicing the underserved and worker's compensation patients. The pharmacy is CalVax approved and is eligible to participate in the California COVID-19 Vaccination.
About Medivolve, Inc.
Medivolve, Inc. (NEO:MEDV; OTC: COPRF; FRA:4NC) is a healthcare technology company that seeks to reinvent the US healthcare system by leveraging a bespoke telehealth platform, a clinical diagnostic network, and a data-driven AI framework to improve patient care.
The company was born out of the healthcare crisis; to rethink, relearn and ultimately, reimagine a better way for the healthcare system to operate. Our network of retail collection sites play an important role in recovery by giving all Americans access to fast, accurate, and inexpensive clinical services when and where they need it. These centers will also play a pivotal role in diagnostic testing, vaccinations, and other point-of-care services. We are building disruptive technologies to make it easier and faster to identify, treat, and prevent medical issues. In doing so, we are working to give patients a holistic and empowered view of their personal health.
Our long-term mission is to permanently fix systemic issues in the nation's fragmented, overly complex, and expensive healthcare system. Medivolve's next phase of growth is about pivoting the model and putting the pieces together to build a profitable, SaaS-based health-tech company. We are bringing data-driven clinical diagnostics, physician recommendations, and prescription medications directly to people, all powered by a singular, streamlined technology network. Our team is united by a powerful, singular purpose: harnessing the transformative power of technology to create healthier lives.
Underpinned by a bespoke, AI-driven platform, we're developing a stealth system that constantly gets smarter, takes the guesswork out of diagnostics, and flags critical health issues immediately to deliver an unparalleled level of personalization for each patient. We are determined to push the boundaries of what's possible—not just for our business and our shareholders, but for physicians and patients, and for the future of healthcare. We are striving to achieve a continuity of care never seen before, a game changer for our business and for patients in the communities we serve.
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the acquisition of the Pharmacy; or the anticipated benefits or revenues to be earned by Medivolve through the ownership of the Pharmacy.. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "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 information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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SOURCE Medivolve Inc.
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