RENNOVA COMPLETES AGREEMENT TO SEPARATE ITS SOFTWARE AND GENETIC DIAGNOSTICS INTERPRETATION DIVISIONS INTO VISUALMED CLINICAL SOLUTIONS CORP.
Rennova Health, Inc. (OTC: RNVA, RNVAW) has announced the completion of an agreement to merge its software and genetic testing interpretation divisions with VisualMED Clinical Solutions Corp. This merger will involve Health Technology Solutions, Inc. and Advanced Molecular Services Group, Inc. operating as subsidiaries of VisualMED following customary closing conditions, expected by May 31, 2020. The move aims to enhance focus and value in the healthcare software sector, with VisualMED committed to fulfilling OTC reporting requirements to become fully compliant.
- Merger with VisualMED positions Rennova to enhance focus on technology solutions in healthcare.
- Completion of outstanding filings for OTC compliance may boost investor confidence.
- The closing of the merger is subject to customary conditions, introducing uncertainty.
- Rennova's reliance on external compliance for its divisions may pose operational risks.
WEST PALM BEACH, Fla., May 17, 2021 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA), (OTC: RNVAW) (“Rennova” or the “Company”), an owner and operator of rural hospitals in Tennessee, announces that on May 13, it completed an agreement with VisualMED Clinical Solutions Corp. (VisualMED) a Nevada based public company, to merge its software and genetic testing interpretation divisions, Health Technology Solutions, Inc. (HTS) and Advanced Molecular Services Group, Inc., (AMSG) and their subsidiaries into VisualMED. After closing these entities will operate as wholly owned subsidiaries of VisualMED. Closing is subject to a number of customary conditions for a transaction of this nature and is intended to happen on or before May 31 2020.
As part of the agreement VisualMED will complete any outstanding filings necessary to be fully compliant with OTC reporting requirements before closing. Once the agreement has closed the Company intends to file audited financial statements and other filings as required to become fully reporting with the SEC.
“Rennova has previously disclosed its intention to separate its technology and software divisions and looks forward to the completion of this plan in the coming weeks,” said Seamus Lagan, CEO of Rennova Health. “Our software division has a vision and plan to create innovative and relevant software and technology solutions to service and improve operations for the health care industry. That vision is best served in a separate entity to facilitate focus and value.”
About Rennova Health, Inc.
Rennova operates rural hospitals and a physician’s office in Tennessee and a physician’s office in Kentucky and provides industry-leading diagnostics and supportive software solutions to healthcare providers. Through an ever-expanding group of strategic brands that work in unison to empower customers, we are creating the next generation of healthcare. For more information, please visit www.rennovahealth.com
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Additional information concerning these and other risk factors are contained in the Company’s most recent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Contacts:
Rennova Health
Sebastien Sainsbury, 561-666-9818
ssainsbury@rennovahealth.com
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FAQ
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