Mednow Announces a Partnership with Next Level Benefits to Offer its Services to their Clients and Plan Members; Announces the Ongoing Process to Wind-Down Select Subsidiaries
The insurance broker and financial advisor channel is one of many avenues through which Mednow plans to develop its Mednow for Business offering. Through these partnerships, Mednow is creating a way to acquire large groups of patients from employers who are seeking to decrease the cost of benefit plans and improve the wellbeing of their workforce through a digital first and people-centered healthcare platform.
“We are excited to partner with Next Level Benefits and provide their clients and plan members with our digital pharmacy and healthcare platform," said Ali Reyhany, CEO of Mednow. "Our partnership with Next Level Benefits will enable us to connect with employers that seek to offer their employees a comprehensive, patient-centric healthcare platform in a digital-first approach."
“We believe our partnership with Mednow will provide better, faster, and more accessible service delivery for our clients and plan members. Mednow's focus on managing costs through a digital-first, patient-centric healthcare platform strongly aligns with the focus of our business going forward, and we are excited to offer this solution to our clients and plan members.” said Troy Shanks, Managing Partner & Advisor of Next Level Benefits.
Under the partnership agreement, Next Level Benefits will now have access to Mednow's full range of healthcare solutions, including online prescription ordering, medication delivery, virtual doctor consultations, and more. By leveraging Mednow's technology and expertise, Next Level Benefits aims to enhance its healthcare offering and provide its clients with a seamless, efficient, and personalized healthcare experience.
The partnership between Mednow and Next Level Benefits came into effect January 1, 2023, and Next Level Benefits's clients and plan members can now access Mednow's healthcare services through their existing benefits plans.
Wind-Down of Two Subsidiaries
As previously announced, Liver Care Canada Inc. and London Pharmacare Inc. have permanently ceased ordinary course business operations.
Liver Care Canada Inc. and London Pharmacare Inc. (together, “Liver Care”)’s shutdown is part of Mednow’s ongoing efforts to improve its business by, among other things, eliminating underperforming business lines, in accordance with its previous announcements.
London Pharmacare Inc. has received a notice of intention to enforce security from its lender. London Pharmacare Inc. is reviewing the situation and considering its options.
About Mednow
Mednow (TSXV: MNOW) (OTCQX: MDNWF) is a healthcare technology company offering virtual access with a high-standard of care. Designed with accessibility and quality of care in mind, Mednow provides virtual pharmacy and telemedicine services as well as doctor home visits through an interdisciplinary approach to healthcare that is focused on the patient experience. Mednow’s services include free at-home delivery of medications, doctor consultations, a user-friendly interface for easy upload, transfer, and refill of prescriptions, access to healthcare professionals through an intuitive chat experience and the specialized PillSmart™ system that packages prescriptions in easy to use daily dose packs, each labeled with the date and time of the next dose.
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.
Cautionary Note Regarding Forward-Looking Statements:
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding the terms of the Offering, the anticipated use of proceeds of the Offering, and Mednow expecting to maintain its standard of pharmacy care, while reducing operational costs, are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release including that the Offering will close and will do so on the anticipated terms; that the Company will use the net proceeds in the manner contemplated; and that Mednow will maintain its standard of pharmacy care, while reducing operational costs. These forward-looking statements are 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 to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, that the Offering will not close or will not close on the anticipated terms or timeline; that the Company will not be able to utilize the proceeds in the manner contemplated; and that Mednow will not maintain its standard of pharmacy care, while also not reducing operational costs. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or 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 statements 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 statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230516006090/en/
Investor:
Lorraine Cardenas
1-855-686-6300
ir@mednow.ca
Source: Mednow Inc.
