Medivolve Signs Agreement to Acquire 100% of Modern Rx LCC, a Las Vegas based Pharmacy

Rhea-AI Summary

Medivolve Inc. (OTC:COPRF) has signed a Letter of Intent to acquire a 100% equity stake in Modern Rx LLC, a Las Vegas-based pharmacy, enhancing its telehealth strategy. The $100,000 cash deal, supplemented by one million shares, aims to facilitate the direct filling of prescriptions for Collection Sites' telehealth patients. The acquisition is seen as crucial for expanding telehealth services as the program launches. Medivolve will host an investor webinar on March 23rd to discuss recent developments.

Positive

• Acquisition of Modern Rx supports immediate prescription filling for telehealth patients.
• Transaction valued at $100,000 plus one million common shares enhances shareholder value.
• Strategic expansion of telehealth services expected to lead to increased patient engagement and revenue.

Negative

• None.

As part of its telehealth strategy, Medivolve has acquired a pharmacy to better serve Collection Sites telehealth patients as the program launches. Further, Medivolve will host an investor webinar Tuesday, March 23rd at 1 pm ET

TORONTO, March 16, 2021 (GLOBE NEWSWIRE) -- Medivolve Inc. (“Medivolve”) (NEO:MEDV; OTC:COPRF; FRA:4NC) is pleased to announce the signing of a binding Letter of Intent (LOI) to acquire a 100% equity interest in Modern Rx LLC, a Las Vegas based pharmacy from shareholders of Modern. This pharmacy is expected to serve as an important component of Medivolve’s telehealth strategy, where Collection Sites telehealth patients will be able to have their presecription filled directly through the pharmacy’s operating license.

“As Medivolve developed its telehealth strategy, we saw the need for the ability to fill patients prescriptions directly. As such, management sought out an operating pharmacy that would imemdiatley allow Collection Sites to offer valuable telehealth services to patients when the program launches,” commented Medivolve CEO Doug Sommerville. “The Modern Rx company provides Medivolve with the necessary licensing and infrastructure at a price that is accretive for shareholders. As Medivolve’s telehealth program launches, we anticipate the additional services offered through Modern Rx, and its network of pharmacy relationships nationally, will be an integral component of the telehealth solution.”

About the Transaction

Medivolve will acquire a 100% equity interest in Modern from the shareholders of the company. As consideration for the acquisition of a 100% equity interest in Modern, Medivolve shall pay to the Modern shareholders: (i) cash consideration of US$100,000; and (ii) one (1) million common shares of Medivolve. The completion of the transaction to acquire 100% of Modern Rx LLC is subject to customary closing conditions, including due diligence to the satisfaction of Medivolve, the parties entering a definitive agreement and NEO Stock Exchange approval. No finder fees are payable in connection with, and no change of control of Medivolve will result from, the transaction.

Upcoming Corporate Webinar

Medivolve is pleased to announce it is hosting a Corporate Update webinar, on Tuesday, March 23rd at 1 pm ET that will provide investors with an update on the Company's recent business developments.

Registration Link: https://us02web.zoom.us/webinar/register/WN_tmyDKJWYQTGoviFFM1zq7Q

Specifically, the webinar will feature Medivolve CEO Doug Sommerville and Dr. Glenn Copeland to elaborate on Collection Sites telehealth strategy. Dr. Glenn Copeland is a medical advisor to Medivolve and CEO of Glenco Medical, a Medivolve partner company. With Dr. Copeland’s guidance, Medivolve and Collection Sites are developing telehealth plans that include remote patient monitoring and virtual care, among other offerings. Collection Sites intends on leveraging its network of sites and large customer database to market these new services and launch a series of mobile clinics.

About the Collection Sites

The pop-up labs will be managed by Las Vegas based company Collection Sites, LLC and powered by Alcala Testing and Analysis Services, a CLIA-licensed laboratory based in San Diego, California. Appointments and payments will be handled through an online portal www.testbeforeyougo.com.

The key to flattening the curve is to increase testing.

The testing centers will offer convenient access to rapid antibody and antigen (pending availability) tests - which take 8-10 minutes to administer and provide results within 24 hours. The sites also offer regular RT-PCR.  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 lab, 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: 100% of Collection Sites, LLC and 28% of Colombian Sanaty IPS. Collection Sites is setting up a series of COVID-19 testing sites across the United States with appointments and payments will be handled through the online portal  www.testbeforeyougo.com. Sanaty is setting up a series of full-service medical clinics offering a complete COVID-19 testing solution.

For additional information, please contact:

Doug Sommerville, CEO
Doug.Sommerville@medivolve.ca

For investing inquiries please contact:
info@medivolve.ca

For US media enquires please contact:
Veronica Welch
veronica@vewprmedia.com

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 COVID-19 testing sites; the proposed roll-out of testing sites; projected timelines for testing results; projected revenues from the testing; the pursuit by Medivolve of investment opportunities; and the merits or potential returns of any such investments. 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 CANADIAN SECURITIES 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 Modern Rx LLC?

The acquisition aims to facilitate direct prescription filling for patients using Medivolve's telehealth services.

How much is Medivolve paying for Modern Rx?

Medivolve is paying $100,000 in cash and issuing one million common shares to acquire Modern Rx.

When is the investor webinar scheduled for Medivolve?

The investor webinar is scheduled for March 23rd at 1 pm ET.

What strategic benefits does Medivolve expect from acquiring Modern Rx?

Medivolve expects to enhance its telehealth offerings and improve patient service efficiency through the pharmacy's infrastructure.