CloudMD Announces Results of 2022 AGM

Rhea-AI Summary

CloudMD Software & Services Inc. (OTCQX: DOCRF) announced the successful approval of all items at its Annual and Special Meeting of Shareholders on December 15, 2022. Shareholders elected seven directors, including Graeme McPhail as incoming Chairman, and re-appointed KPMG LLP as auditors. Additionally, the omnibus equity incentive plan received shareholder approval. CloudMD focuses on transforming healthcare delivery through innovative technology and services, serving over 12 million individuals in North America via a connected healthcare platform.

Positive

• All items at the Annual Meeting approved, indicating strong shareholder support.
• Election of a well-experienced board, including Graeme McPhail as Chairman.
• Re-appointment of KPMG LLP enhances financial credibility.
• Approval of the equity incentive plan aligns executive performance with shareholder interests.

Negative

• None.

VANCOUVER, British Columbia, Dec. 15, 2022 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a healthcare technology and innovative health services company transforming the delivery of care, is pleased to announce the approval of each item of business considered at CloudMD’s Annual and Special Meeting of Shareholders held on December 15, 2022, set out in more detail below.

Election of Directors

Shareholders approved setting the number of directors at seven and elected the following directors:

• Karen Adams
• Graeme McPhail
• Duncan Hannay
• John A. Hill
• Scott Milligan
• Larry Shumka
• Gaston Tano
  

Appointment of Auditors

Shareholders approved re-appointing KPMG LLP, Chartered Professional Accountants as auditors of the Company for the ensuing year and authorized the directors to fix their remuneration.

Approval of Equity Incentive Plan

Shareholders approved the omnibus equity incentive plan that was described in the management information circular for the meeting dated November 4, 2022.

Graeme McPhail, incoming Chairman said, “CloudMD has presented a compelling vision for outcome-based healthcare that will help fix some of the existing issues in the health care system. I’m proud to be joining the board to do my part to help execute on that vision. I want to thank CloudMD’s shareholders for their support. I believe we now have the management team and board in place with the right experience to lead this Company forward.”

About CloudMD Software & Services

CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into two main divisions: Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solutions, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.

CloudMD currently services a direct ecosystem of over 5,700 clinicians including, 1,800+ mental health practitioners, 1,600+ allied health professionals, 1,400+ doctors and nurses and covers 12 million individual lives across North America. For more information visit: https://investors.cloudmd.ca.

ON BEHALF OF THE BOARD OF DIRECTORS

“Karen Adams”
Chief Executive Officer

FOR ADDITIONAL INFORMATION, CONTACT:

Investor Relations

Investors@cloudmd.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

This news release contains “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities laws, including statements about the Company’s growth strategy and vision and the impact on the health care system . These statements are based upon information currently available to CloudMD’s management. All information that is not clearly historical in nature may constitute forward‐looking statements. In some cases, forward‐looking statements may be identified by the use of terms such as “forecast”, “assumption” and other similar expressions or future or conditional terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and “should”. Forward-looking statements contained in this news release are based on certain factors and assumptions made by management of CloudMD based on their current expectations, estimates, projections, assumptions and beliefs regarding their business and CloudMD does not provide any assurance that actual results will meet management’s expectations. While management considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Such forward‐looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Company’s MD&A (which is filed under the Company’s issuer profile on SEDAR and can be accessed at www.sedar.com), that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. Although CloudMD has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward‐looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward‐looking statements. Accordingly, readers should not place undue reliance on forward‐looking information. CloudMD does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.

FAQ

What were the outcomes of CloudMD's Annual Meeting on December 15, 2022?

All proposed items were approved, including the election of seven directors and the re-appointment of KPMG LLP as auditors.

Who was elected as the new Chairman of CloudMD?

Graeme McPhail was elected as the incoming Chairman.

What is the significance of CloudMD's omnibus equity incentive plan?

The plan aligns executive compensation with shareholder interests, fostering growth and performance.

How many lives does CloudMD serve in North America?

CloudMD directly services over 12 million individual lives across North America.

What is CloudMD's primary focus in healthcare?

CloudMD aims to transform healthcare delivery using technology and a patient-centric approach.