Medivolve Enters into Agreement to Acquire Karland Health, Enabling its Wholly Owned Subsidiary, Collection Sites, to Expand Services Beyond COVID-19 Testing with Telehealth and Remote Patient Monitoring
Medivolve Inc. has signed a binding letter of intent to acquire Karland Health, LLC, aiming to enhance its healthcare service offerings. The transaction involves issuing 20 million common shares in exchange for a 100% stake. Additionally, Medivolve will settle $5,040,691 of its debts through the issuance of approximately 10.96 million shares at $0.46 each. This acquisition will allow Medivolve to integrate telehealth services and expand its COVID-19 testing capabilities, further emphasizing its commitment to accessible healthcare.
- Acquisition of Karland Health expected to enhance service offerings.
- Expansion includes telehealth solutions and comprehensive health services.
- Increased revenue potential with a forecasted average of 73,973 tests per month.
- Debt settlement through share issuance may dilute existing shareholders.
- Dependence on successful integration and execution of telehealth services.
Medivolve Also Strengthens its Balance Sheet via Shares for Debt Settlements
TORONTO, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Medivolve Inc. (“Medivolve” or the “Company”) (NEO:MEDV; OTC:COPRF; FRA:4NC) is pleased to announce that it has signed a binding letter of intent to acquire
Under the terms set out in the agreement, Medivolve is to issue a total of 20 million Medivolve common shares to the shareholders of Karland Health in exchange for a
Through Karland Health and associated partnerships, Collection Sites will be equipped with instant telehealth solutions, utilizing integrated hardware and software telemedicine technologies to provide virtual care and remote patient observation. In addition to Covid-19 antigen and antibody testing, prevention and wellness services to be offered at Collection Sites will include screening and monitoring for diabetes, high blood pressure, high cholesterol, and more. In addition, Collection Sites certified nurse practitioners and physician assistants will be able to diagnose, treat and write prescriptions when medically appropriate.
“Our new model will help increase access to high-quality, affordable health care for people who live, work and attend school around Collection Sites locations,” says Doug Sommerville, CEO of Medivolve. “We’re excited to bring our growing suite of health care services to the communities, and we look forward to being a health care resource for residents, when and where they need us.”
Shares for Debt
Medivolve also announces that it has entered into agreements to settle
About Collection Sites
Collection Sites COVID-19 testing centers offer convenient access to rapid antibody and antigen tests - which take 8-10 minutes to administer and provide results in less than 24 hours. The sites also offer regular RT-PCR. The testing centres are powered by Alcala Testing and Analysis Services, a CLIA-licensed laboratory based in San Diego, California. All tests can be administered with insurance coverage options. The tests results can be communicated via text or email and can be accompanied with a certificate of good health via a HIPAA-compliant smartphone application.
For more information about the pop-up labs, the available sites and services visit www.testbeforeyougo.com.
About Medivolve Inc.
Medivolve Inc. (NEO:MEDV; OTC:COPRF; FRA:4NC) seeks out disruptive technologies, ground-breaking innovations, and exclusive partnerships to help combat COVID-19 and generate remarkable risk-adjusted returns for investors. Specifically, Medivolve offers investors a diversified investment in the COVID-19 medical space across three areas; prevention, detection, and treatment.
Medivolve has a team of renowned global medical and business advisors that have developed a proprietary business strategy to capitalize on high-margin opportunities in the COVID-19 space. This panel includes prominent immunologist Dr. Lawrence Steinman and Dr. Glenn Copeland, who has 45 years of experience in orthopaedic treatment, foot and ankle care, and sports medicine.
Medivolve’s primary focus is to provide convenient and assessable medical services for testing of the COVID-19 virus to help combat the pandemic. This is achieved largely through two acquisitions:
For additional information, please contact:
Doug Sommerville, CEO
Doug.Sommerville@medivolve.ca
For investing enquiries, please contact:
Evan Veryard
Evan.veryard@medivolve.ca
For US media enquires, please contact:
Veronica Welch
veronica@vewprmedia.com
+1-508-643-8000
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 expansion of the acquisition of Karland Health; the telehealth services to be provided by Karland Health and Collection Sites the settlement of the Company’s outstanding cash indebtedness and the issuance of Common Shares in connection therewith, the business and operations of the Company, and the Company’s ability to execute its business plan. 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 NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FAQ
What is the purpose of Medivolve's acquisition of Karland Health?
How many shares will Medivolve issue for the Karland Health acquisition?
What financial arrangements did Medivolve make in conjunction with the acquisition?
What services will be offered at Collection Sites after the acquisition?