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HEALWELL Completes Acquisition of Orion Health, Becoming a Global Leader in Healthcare Data Interoperability and Artificial Intelligence

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HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) has completed the acquisition of Orion Health, a global healthcare intelligence platform, for NZD$175 million plus a potential NZD$25 million performance-based earn-out. The transaction combines Orion Health's data interoperability expertise with HEALWELL's AI technology to enhance healthcare outcomes.

Orion Health serves over 70 public and private sector customers, representing 150 million patient lives worldwide, with approximately 400 employees across 11 countries. The acquisition was funded through approximately $55 million from subscription receipts financings and up to $50 million in senior bank debt.

The purchase price included NZD$105 million in cash and NZD$70 million in HEALWELL shares. Following the transaction, HEALWELL has 261,547,371 shares outstanding on a non-diluted basis. The deal includes strategic appointments to HEALWELL's board, including Orion Health's founder Ian McRae.

HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) ha completato l'acquisizione di Orion Health, una piattaforma globale di intelligenza sanitaria, per 175 milioni di dollari neozelandesi, più un potenziale guadagno di 25 milioni di dollari neozelandesi basato sulle performance. La transazione combina l'expertise di Orion Health nell'interoperabilità dei dati con la tecnologia AI di HEALWELL per migliorare i risultati sanitari.

Orion Health serve oltre 70 clienti del settore pubblico e privato, rappresentando 150 milioni di vite di pazienti in tutto il mondo, con circa 400 dipendenti in 11 paesi. L'acquisizione è stata finanziata attraverso circa 55 milioni di dollari da finanziamenti tramite ricevute di sottoscrizione e fino a 50 milioni di dollari in debito bancario senior.

Il prezzo d'acquisto includeva 105 milioni di dollari neozelandesi in contanti e 70 milioni di dollari neozelandesi in azioni HEALWELL. Dopo la transazione, HEALWELL ha 261.547.371 azioni in circolazione su base non diluita. L'accordo prevede nomine strategiche nel consiglio di amministrazione di HEALWELL, incluso il fondatore di Orion Health, Ian McRae.

HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) ha completado la adquisición de Orion Health, una plataforma global de inteligencia en salud, por 175 millones de dólares neozelandeses más un posible bono de 25 millones de dólares neozelandeses basado en el rendimiento. La transacción combina la experiencia de Orion Health en interoperabilidad de datos con la tecnología de IA de HEALWELL para mejorar los resultados en salud.

Orion Health atiende a más de 70 clientes del sector público y privado, representando 150 millones de vidas de pacientes en todo el mundo, con aproximadamente 400 empleados en 11 países. La adquisición se financió a través de aproximadamente 55 millones de dólares de financiamientos por recibos de suscripción y hasta 50 millones de dólares en deuda bancaria senior.

El precio de compra incluyó 105 millones de dólares neozelandeses en efectivo y 70 millones de dólares neozelandeses en acciones de HEALWELL. Tras la transacción, HEALWELL tiene 261,547,371 acciones en circulación en una base no diluida. El acuerdo incluye nombramientos estratégicos en la junta directiva de HEALWELL, incluido Ian McRae, el fundador de Orion Health.

HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF)는 Orion Health를 1억 7500만 뉴질랜드 달러에 인수 완료했습니다. 성과 기반의 추가 2500만 뉴질랜드 달러도 가능합니다. 이번 거래는 Orion Health의 데이터 상호 운용성 전문성과 HEALWELL의 AI 기술을 결합하여 의료 결과를 향상시키는 데 기여합니다.

Orion Health는 11개국에서 약 400명의 직원을 두고 있으며, 전 세계 1억 5000만명의 환자 생명을 대표하는 70개 이상의 공공 및 민간 부문 고객에게 서비스를 제공합니다. 인수는 약 5500만 달러의 구독 영수증 자금 조달과 최대 5000만 달러의 선순위 은행 부채로 자금을 조달했습니다.

구매 가격에는 1억 5000만 뉴질랜드 달러의 현금과 7000만 뉴질랜드 달러의 HEALWELL 주식이 포함되었습니다. 거래 후 HEALWELL은 희석되지 않은 기준으로 261,547,371주의 발행주식을 보유하고 있습니다. 이번 거래에는 Orion Health의 설립자인 Ian McRae를 포함하여 HEALWELL 이사회에 대한 전략적 임명이 포함됩니다.

HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) a finalisé l'acquisition de Orion Health, une plateforme mondiale d'intelligence en santé, pour 175 millions de dollars néo-zélandais, plus un potentiel bonus de 25 millions de dollars néo-zélandais basé sur la performance. La transaction combine l'expertise d'Orion Health en matière d'interopérabilité des données avec la technologie AI de HEALWELL pour améliorer les résultats en santé.

Orion Health dessert plus de 70 clients du secteur public et privé, représentant 150 millions de vies de patients dans le monde, avec environ 400 employés répartis dans 11 pays. L'acquisition a été financée par environ 55 millions de dollars provenant de financements par reçus de souscription et jusqu'à 50 millions de dollars en dette bancaire senior.

Le prix d'achat comprenait 105 millions de dollars néo-zélandais en espèces et 70 millions de dollars néo-zélandais en actions HEALWELL. Suite à la transaction, HEALWELL dispose de 261 547 371 actions en circulation sur une base non diluée. L'accord comprend des nominations stratégiques au conseil d'administration de HEALWELL, y compris Ian McRae, le fondateur d'Orion Health.

HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) hat die Übernahme von Orion Health, einer globalen Plattform für Gesundheitsintelligenz, für 175 Millionen Neuseeland-Dollar sowie eine potenzielle leistungsabhängige Earn-out von 25 Millionen Neuseeland-Dollar abgeschlossen. Die Transaktion kombiniert die Expertise von Orion Health in der Dateninteroperabilität mit der KI-Technologie von HEALWELL, um die Gesundheitsresultate zu verbessern.

Orion Health bedient über 70 Kunden aus dem öffentlichen und privaten Sektor und repräsentiert 150 Millionen Patientenleben weltweit, mit etwa 400 Mitarbeitern in 11 Ländern. Die Übernahme wurde durch etwa 55 Millionen Dollar aus Finanzierungen über Zeichnungsscheine und bis zu 50 Millionen Dollar in vorrangiger Bankverschuldung finanziert.

Der Kaufpreis umfasste 105 Millionen Neuseeland-Dollar in bar und 70 Millionen Neuseeland-Dollar in HEALWELL-Aktien. Nach der Transaktion hat HEALWELL 261.547.371 Aktien im Umlauf auf nicht verwässerter Basis. Der Deal umfasst strategische Ernennungen im Vorstand von HEALWELL, einschließlich Ian McRae, dem Gründer von Orion Health.

Positive
  • Acquisition brings large enterprise customers and recurring revenues with strong operating margins
  • Expands global reach with access to 150 million patient lives worldwide
  • Strengthens public sector presence through Orion Health's government relationships
  • Potential revenue synergies and cost savings through shared services with WELL Health
  • Secured significant financing through subscription receipts and bank debt
Negative
  • Substantial debt financing of up to C$50 million with three-year maturity
  • Significant share dilution with issuance of 35.6 million new shares
  • Large earnout liability of up to NZD$25 million contingent on performance targets
  • HEALWELL has acquired Auckland, New Zealand-based Orion Health Holdings Limited ("Orion Health"), a global healthcare intelligence platform providing subscription licenses and services to marquee public sector clients with data interoperability and healthcare navigation products.
  • Orion Health1 has approximately 400 employees with offices in 11 countries globally. Its software solutions currently support over 70 public and private sector customers representing 150 million patient lives world-wide.
  • HEALWELL will utilize Orion's global health systems and deploy its best-in-class AI technology products to deliver actionable insights and drive better healthcare outcomes, deepening its public sector penetration and supporting Orion Health's long-standing government relationships.
  • The acquisition was funded through approximately $55 million from subscription receipts financings and up to $50 million in senior bank debt provided by two Canadian Chartered Banks.
  • Ian McRae, founder of Orion Health, was appointed to the board of HEALWELL on closing.

Toronto, Ontario--(Newsfile Corp. - April 1, 2025) - HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) ("HEALWELL" or the "Company"), a healthcare artificial intelligence company focused on preventative care, is pleased to announce the Company has acquired all of the ordinary shares of Orion Health, a global healthcare intelligence platform serving marque public sector clients, for total consideration of approximately NZD$175 million plus a performance based earn-out of up to a further NZD$25 million (the "Transaction") in accordance with the share purchase agreement dated December 16, 2024, as amended (the "Agreement"), among the Company, HEALWELL New Zealand Limited, Orion Health, McCrae International Limited ("McCrae International"), and McCrae Limited (the "Vendor").

Dr. Alexander Dobranowski, CEO of HEALWELL, commented, "We are thrilled to welcome Orion Health to the HEALWELL family and are excited at the potential of creating a powerhouse of innovation that will deliver actionable insights and drive better healthcare outcomes globally. The acquisition of Orion Health represents a transformative milestone for the Company, bringing large enterprise customers, recurring revenues, strong operating margins and free cashflow conversion to HEALWELL while providing a significant new channel for the distribution of our best-in-class AI products. In addition, the acquisition strengthens our position in the public sector, enabling us to deepen our reach with government partners, thanks to Orion Health's strong, long-standing relationships. With the added synergies from WELL Health, we are poised to transform healthcare through AI and data-driven innovation."

Brad Porter, CEO of Orion Health, commented, "We are delighted to be joining forces with HEALWELL and delivering on our combined mission of revolutionizing healthcare through AI and data driven innovation. AI-driven insights have the potential to revolutionize how healthcare providers interact with data, leading to improved decision-making, better patient outcomes, and more efficient care delivery. By leveraging HEALWELL's expertise in AI, and Orion Health's R&D in New Zealand, we will enhance our Virtuoso and Amadeus platforms, ensuring healthcare organizations worldwide have access to the most advanced tools for care coordination and population health management. We are truly excited with the potential of our combined platforms and capabilities and look forward to the bright future ahead."

The acquisition of Orion Health provides new opportunities for global health systems to access HEALWELL's best-in-class AI technology delivering actionable insights and driving better healthcare outcomes. It unlocks substantial revenue synergy potential, as well as improved operational efficiencies and cost savings through shared services with WELL Health Technologies Corp. ("WELL Health") (TSX: WELL). Collectively, these advantages strengthen HEALWELL's financial profile, creating a larger, scalable business with substantial growth and value creation potential.

Transaction Details

The purchase price for the Transaction was approximately NZD$175 million plus a performance based earn-out of up to a further NZD$25 million. Approximately NZD$105 million was paid in cash and an additional NZD$70 million (converted into Canadian dollars) was paid through the issuance of 35,643,478 Class A Subordinate Voting Shares (each, a "Share") at an agreed upon price of C$1.61 per Share, of which 78.6% of such Shares are subject to certain voluntary resale and trading restrictions.

The earn-out is a three-year performance-based earn-out of up to NZD$25 million, with up to 50% of the amount payable, at the Vendor's option, in Shares based on the 10-day VWAP of the Shares prior to the applicable payment date. The earn-out is contingent upon Orion Health's ability to achieve Normalized EBITDA (as calculated in the Agreement) greater than NZ$20 million for each 12-month period.

The purchase price was partially funded via a subscription receipt equity offering of approximately C$25.5 million at a price of C$2.00 per subscription receipt (the "Equity Offering"), and a subscription receipt convertible debt offering of approximately C$27.3 million at a price of C$910 per debt subscription receipt (the "Debt Offering"), both of which were co-led by Eight Capital and Scotia Capital Inc., as lead underwriters and joint bookrunners, together with a syndicate of underwriters. On closing of the Transaction: (i) the subscription receipts from the Equity Offering converted into 12,737,500 units of the Company (the "Units"), with each Unit entitling the holder thereof to one Share and one-half of one Share purchase warrant, with each whole warrant exercisable at a price of C$2.50 for a period of 36 months following the closing of the Equity Offering, and (ii) the subscription receipts from the Debt Offering converted into 30,000 convertible debentures in the principal amount of $1,000, each bearing interest at a rate of 10% per year, payable semi-annually in arears and maturing on December 31, 2029, all without any further action required on the part of the subscription receipt holders. The principal amount under the convertible debentures is convertible into Shares at a conversion price of C$2.40 per Share.

In addition, the purchase price was financed in part by a senior credit facility for an amount of up to C$50,000,000. The facility was provided by a syndicate of banks led by the Bank of Nova Scotia and inclusive of Royal Bank of Canada (collectively, the "Lenders") and documented by way of a credit agreement dated March 4, 2025 (the "Credit Agreement"). The Credit Agreement matures on March 4, 2028. Security for the credit facility is comprised of security over all present and after-acquired property of each obligor under the Credit Agreement. The terms of the Credit Agreement are customary for a transaction of this nature.

Following the closing of the Transaction (the "Closing") and Equity Offering, there were 261,547,371 Shares issued and outstanding on a non-diluted basis (339,778,565 Shares issued and outstanding on a fully-diluted basis).

In connection with the Transaction, the Company granted the Vendor a right to nominate a single member of the board of directors of the Company for so long as the Vendor (including any affiliates) holds over 66.7% of the Shares issued to the Vendor on closing of the Agreement (the "Threshold Share Percentage"). WELL Health has also entered into a Voting Support Agreement to vote its shares in favor of the appointment of the Vendor's nominee so long as the Vendor holds the Threshold Share Percentage.

New Directors

The Company is excited to announce that it has expanded its board of directors through the appointment of Ian Richard McCrae, and has appointed Tina Raja and Sam Englebardt as directors of the Company following the resignations of Bashar Al-Rehany and Kingsley Ward. The Company thanks Mr. Al-Rehany and Mr. Ward for their services and wishes them success in their future endeavours. Following these changes, the Company's board is now comprised of six directors.

Ian Richard McCrae

Mr. McCrae is the founder of Orion Health and sole Vendor in the Transaction. He previously worked as a Scientist for the NZ Department of Scientific and Industrial Resource before later completing a Masters in Engineering Sciences. Ian went on to work for Imagineering and Ernst & Young before founding Orion Health in 1993. In 2010, Ian received a World Class New Zealander award and in 2014 Orion Health became the first company to win the NZ Supreme Hi-Tech Company of the Year for the second time. In 2023, Ian was inducted as a Flying Kiwi into the New Zealand Hi-Tech Hall of Fame.

Tina Raja

Tina Raja most recently served as a Partner, and the Head of Business Development and Capital Formation at 26North Partners - a next generation multi-asset class investment platform. Prior to this, she served as a Managing Director at Blackstone in the Tactical Opportunities group, where she led European Business Development & Investor Relations across - Tactical Opportunities, Growth Equity and Insurance Solutions. Previously, she also served as Head of Co-Investments and Investor Relations at Gemcorp Capital LLP starting in 2015. Ms. Raja began her career in 2008 as an analyst at Goldman Sachs.

Raised in London, Ms. Raja earned a BA(Hons) degree in Economics from the University of Nottingham. In 2017, Ms. Raja was recognized in the inaugural Europe Forbes 30 under 30 list for her contributions to the Finance Industry. She also serves as a Young Advisory Director on the board for The Metropolitan Opera and the Global Council of The American Ballet Theatre.

Sam Englebardt

Mr. Englebardt is a media and technology investor and content producer who is a Co-Founder and Partner at Galaxy Digital Holdings Ltd. (TSX: GLXY), a publicly traded merchant bank focused on the institutionalization of digital assets. Mr. Englebardt is also the founding General Partner of Galaxy's Interactive division; now investing from its third venture fund, with over $800mm of AUM, Galaxy Interactive invests in opportunities resulting from the convergence of our digital and physical lives, including healthcare. Prior to Galaxy Digital, Mr. Englebardt was a Partner and Managing Director at Lambert Media Group (LMG) from 2007 - 2016, where he sourced and managed a portfolio of media-sector private equity investments including Rave Cinemas (sold to Cinemark in 2013). In addition to several private Boards, Mr. Englebardt is on the Board of Directors of iHeart Media (NASDAQ: IHRT).

Mr. Englebardt earned his J.D. from Harvard Law School and studied philosophy, political science and economics at Oxford University and the University of Colorado at Boulder, from which he graduated summa cum laude and Phi Beta Kappa.

Early Warning Report Disclosure

This press release is also being issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103") in connection with the issuance of the Shares to the Vendor and McCrae International. In connection with the issuance, McCrae International will file, together with the Vendor and Ian McCrae (the sole shareholder of the Vendor and McCrae International (collectively, the "Vendor Parties"), as joint actors, an early warning report pursuant to NI 62-103 with the securities regulators in each of the provinces of Canada with respect to the foregoing matters, a copy of which will be available under the Company's profile at www.sedarplus.ca. A copy of early warning report may also be obtained by contacting Luke Hills at luke.hills@gowlingwlg.com

Immediately prior to the Closing, the Vendor Parties did not beneficially own, directly or indirectly, or exercise control or direction over, any Shares or any securities convertible into or exercisable for Shares. Immediately following the Closing, the Vendor Parties acquired beneficial ownership, directly or indirectly, or exercised control or direction, over an aggregate of 35,643,478 Shares (representing approximately 13.6% of the issued and outstanding Shares on a non-diluted basis, and 6.6% of the voting rights attached to the Shares and HEALWELL's Class B Multiple Voting Shares (the "MVS"), based on 261,547,371 Shares and 30,800,000 MVSs outstanding immediately following the Closing), such aggregate shareholdings being comprised of:

  • 32,079,130 Shares (representing approximately 12.3% of the issued and outstanding Shares on a non-diluted basis, and 5.9% of the voting rights attached to the Shares and MVSs, based on 261,547,371 Shares and 30,800,000 MVSs outstanding immediately following the Closing) being beneficially owned by McCrae International; and

  • 3,564,348 Shares (representing approximately 1.4% of the issued and outstanding Shares on a non-diluted basis, and 0.7% of the voting rights attached to the Shares and MVSs, based on 261,547,371 Shares and 30,800,000 MVSs outstanding immediately following the Closing) being beneficially owned by the Vendor.

The Vendor Parties acquired the Shares in partial satisfaction of the purchase price in connection with the Transaction and will hold the Shares for investment purposes. The Vendor Parties intend to review its investment in HEALWELL on a continuing basis and may, from time to time and at any time, and depending on market and other conditions, acquire or dispose of equity, debt or other securities of HEALWELL through open market transactions, private placements and other privately negotiated transactions, or otherwise, in each case, depending on a number of factors, including general market and economic conditions and other factors and conditions the Vendor Parties deem appropriate, including the contractual resale restrictions applicable to the Vendor Parties' Shares.

The Vendor is a party incorporated under the laws of New Zealand with a registered address of c/o Baker Accounting Limited, 208 Ponsonby Road, Ponsonby, Auckland, 1011, New Zealand. McCrae International is a party incorporated under the laws of New Zealand with a registered address of c/o Baker Accounting Limited, 208 Ponsonby Road, Ponsonby, Auckland, 1011, New Zealand.

Other Information

J.P. Morgan acted as financial advisor to HEALWELL in addition to Eight Capital and Scotia Capital who co-led the Company's bought deal subscription receipts financing. Cozen O'Connor LLP (M&A), Gardiner Roberts LLP (equity financing), MinterEllisonRuddWatts (New Zealand), Norton Rose Fullbright LLP (international due diligence), and Blakes, Cassels & Graydon LLP (financial services) acted as legal advisors to HEALWELL and KPMG LLP (New Zealand) acted as tax advisor to HEALWELL.

Gowling WLG (Canada) LLP and Bell Gully Services Limited acted as legal advisors to Orion Health. Deloitte New Zealand acted as tax advisor to Orion Health.

For more information on the Transaction, please see the Company's news releases dated December 16, 2024, December 17, 2024, January 14, 2025, January 21, 2025, January 28, 2025 and February 10, 2025 available on SEDAR+.

For more information on the Equity Offering and the Debt Offering, please see the Company's news releases dated January 21, 2025 and January 28, 2025, respectively.

Dr. Alexander Dobranowski
Chief Executive Officer
HEALWELL AI Inc.

About HEALWELL

HEALWELL is a healthcare artificial intelligence company focused preventative care. Its mission is to improve healthcare and save lives through early identification and detection of disease. Using its own proprietary technology, the Company is developing and commercializing advanced clinical decision support systems that can help healthcare providers detect rare and chronic diseases, improve efficiency of their practice and ultimately help improve patient health outcomes. HEALWELL is executing a strategy centered around developing and acquiring technology and clinical sciences capabilities that complement the Company's road map. HEALWELL is publicly traded on the TSX under the symbol "AIDX" and on the OTC Exchange under the symbol "HWAIF". To learn more about HEALWELL, please visit https://healwell.ai/.

About ORION HEALTH

Orion Health is a global healthcare technology company focused on reimagining healthcare for all. Orion Health is leading the change in digital health with health and care organizations to improve the wellbeing of every individual with our world leading Unified Healthcare Platform. Made up of a Virtuoso digital front door, Amadeus digital care record, and Orchestral health intelligence platform - each underpinned by extensive health and social data sets, machine learning, and 30 years of innovation focused purely on improving global well-being. www.orionhealth.com.

Forward-Looking Statements

Certain statements in this press release, constitute "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements in this press release include statements with respect to, among other things, the anticipated future financial performance and growth of Orion Health and HEALWELL; anticipated growth of material amounts of additional customers, recurring revenues, margins, and free cashflow from the transaction; potential opportunities for synergies between the product and service offerings of HEALWELL, Orion Health and WELL Health and the markets they serve. Forward-looking statements are often, but not always, identified by words or phrases such as "to acquire", "position", "opportunity", "expected", "creating", "transform", "anticipate" or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can" be taken, occur or be achieved, or the negative of any of these terms . Forward-looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by HEALWELL as of the date of such statements, are outside of HEALWELL's control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward looking statements contained in this press release are based on various assumptions, including, but not limited to, the following: HEALWELL's ability to successfully integrate and scale Orion Health's business, products and services with its own; HEALWELL's ability to comply with applicable laws and regulations, including HEALWELL's ability to meet and continue to meet the conditions of the Overseas Investment Office of New Zealand as an overseas investor; and that the risk factors noted below, collectively, do not have a material impact on HEALWELL's business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved.

Known and unknown risk factors, many of which are beyond the control of HEALWELL, could cause the actual results of HEALWELL to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled "Risk Factors" in HEALWELL's most recent annual information form dated April 1, 2024, which is available under HEALWELL's SEDAR+ profile at www.sedarplus.ca. The risk factors are not intended to represent a complete list of the factors that could affect HEALWELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. HEALWELL disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.

Footnote:

  1. After accounting for the divestiture by Orion Health of two non-strategic divisions prior to its acquisition by HEALWELL.

For more information:

Pardeep S. Sangha
Investor Relations, HEALWELL AI Inc.
Phone: 604-572-6392
ir@healwell.ai

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/246894

FAQ

What is the total value of HEALWELL's acquisition of Orion Health (HWAIF)?

The acquisition is valued at NZD$175 million plus a potential NZD$25 million performance-based earn-out over three years.

How many patients does Orion Health's platform serve after the HWAIF acquisition?

Orion Health's software solutions support 150 million patient lives worldwide across 70 public and private sector customers.

How did HEALWELL (HWAIF) finance the Orion Health acquisition?

The acquisition was funded through $55 million from subscription receipts financings and up to $50 million in senior bank debt from Canadian Chartered Banks.

What are the terms of the earn-out agreement in the HWAIF-Orion Health deal?

The three-year earn-out of up to NZD$25 million is contingent on Orion Health achieving Normalized EBITDA greater than NZ$20 million for each 12-month period.
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