Medivolve Announces AGM Results and Closing of Shares for Debt Transaction

Rhea-AI Summary

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.

Positive

• Directors elected with high approval ratings: Dr. Beverly Richardson (98.109%), Daniyal Baizak (96.230%), Wen Ye (96.429%).
• Shareholder approval for auditor appointment, stock option plan, and a substantial share consolidation.
• Successful settlement of $441,000 debt through share issuance, enhancing financial flexibility.

Negative

• Only 14.12% of issued shares represented at the meeting indicates low shareholder engagement.
• Share consolidation may dilute existing shareholder value.

TORONTO, Nov. 22, 2021 /PRNewswire/ - Medivolve, Inc. ("Medivolve" or the "Company") (NEO: MEDV) (OTC: COPRF) (FRA: 4NC), reports, in accordance with the policies of the NEO Exchange, that the nominees listed in the Management Information Circular dated October 22, 2021 for the 2021 Annual and Special Meeting of Shareholders of the Company (the "Meeting") were elected as directors of the Company. 14.12% of all of the issued and outstanding shares of the Company were represented at the Meeting. 

Detailed results of the vote for the election of directors held at the Meeting on November 22, 2021, in Toronto, Ontario are set out below.

Election of Directors

The shareholders approved the election as directors of the persons listed below, based on the following vote.

Board of Director Nominees	% Votes For	% Votes Withheld
Dr. Beverly Richardson	98.109%	1.891%
Daniyal Baizak	96.230%	3.770%
Wen Ye	96.429%	3.571%

Shareholders at the annual meeting also approved the appointment of the Company's auditors, McGovern Hurley LLP, the re-approval of the Corporation's rolling stock option plan and a consolidation of the Company's common shares on the basis of up to 15 to 1.

Medivolve's board of directors would like to express its gratitude to its shareholders for their continued support.

Shares for Debt

The Company also announces that it has closed its previously announced settlement of $441,000 of its outstanding cash indebtedness owed to a creditor by way of the issuance of 6,300,000 common shares of the Company (the "Common Shares") at an effective price per share of $0.07. In accordance with applicable securities laws, the Common Shares issued are subject to a four month and one day hold period.

About Medivolve, Inc.

Medivolve, Inc. (NEO: MEDV; OTC: COPRF; FRA:4NC) is a healthcare technology company that seeks to reinvent the U.S. healthcare system by leveraging a bespoke telehealth platform, a clinical diagnostic network, and a data driven A.I. 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 plays an essential role in recovery by giving all Americans access to fast, accurate, and inexpensive clinical services when and where they need them. 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 growth phase is about pivoting the model and putting the pieces together to build a profitable, SaaS-based health-tech company. We bring data-driven clinical diagnostics, physician recommendations, and prescription medications directly to people, all powered by a singular, streamlined technology network. A powerful, singular purpose unites our team: 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 the future of healthcare. We strive to achieve a continuity of care never seen before, a game-changer for our business and 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 pursuit by Medivolve of disruptive technologies, ground-breaking innovations, and exclusive partnerships to help combat COVID-19 and the merits or potential returns of any such pursuits. 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, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; the continued spread of COVID-19; labour disputes and shortages; and other risks of the medical industry. 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.

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SOURCE Medivolve Inc.

FAQ

What were the results of Medivolve's Annual Meeting on November 22, 2021?

At Medivolve's Annual Meeting, directors were elected with over 96% approval, and only 14.12% of shares were represented.

What is the significance of the share consolidation approved by Medivolve?

The share consolidation of up to 15 to 1 could potentially dilute existing shareholder value.

What actions did Medivolve take regarding its debt in the recent press release?

Medivolve settled $441,000 of its debt by issuing 6,300,000 shares at an effective price of $0.07 each.

Who were elected as directors of Medivolve at the recent meeting?

Directors elected included Dr. Beverly Richardson, Daniyal Baizak, and Wen Ye, with high approval ratings.

Who is the auditor appointed by Medivolve?

Medivolve appointed McGovern Hurley LLP as its auditors during the Annual Meeting.