WPF Holdings Announces Closing of Telehealth Company Acquisition

Rhea-AI Summary

WPF Holdings, Inc. (WPFH) acquires Virtual Health Holdings, Inc., introducing MyGuardianDoc telemedicine offering. The acquisition involves 7,000,000 shares of restricted common stock with potential for 4,000,000 additional shares based on performance. Market forecasts predict over 1 million new subscribers generating annual revenues exceeding $300 million.

MELBOURNE, FL, Feb. 21, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire - WPF Holdings, Inc (OTC Pink WPFH) today announces the closing of the acquisition of Virtual Health Holdings, Inc., a telemedicine group of companies with 13 years of operations and with a new subscription model, consumer telemedicine offering under the name MyGuardianDoc.   

Under the terms of the acquisition, WPFH acquired 100 percent of the stock of VHHI from Solei Liquidation Trust, a trust established in September 2022 to facilitate and complete the liquidation of CareClix Holdings, Inc., which was dissolved in September 2022.  The consideration for the VHHI acquisition was 7,000,000 shares of restricted common stock of WPFH, with a reserve of 4,000,000 additional shares to be issued if certain performance milestones are met within the next two years.  The 7,000,000 consideration shares to be issued by WPFH will be issued to the beneficiaries of the Solei Liquidation Trust in a private offering in electronic form and will be restricted shares as a result of SEC Rule 145. The beneficiaries of that Trust are all of the former shareholders of record of CareClix Holdings, Inc. on December 31, 2021, when it initially adopted the plan of corporate liquidation.  Included in the beneficiaries of the Solei Liquidation Trust are approximately 34,750,000 shares held in street name, representing 1,045,933 shares of WPFH. WPFH is working with the Depository Trust Company to facilitate the registration of the WPFH consideration shares in the respective accounts of the former CareClix Holdings, Inc. street name shareholders.

VHHI is the parent holding company of CareClix, Inc., CareClix Services, Inc., CareClix RPM, Inc. and MyCareClix, Inc., d/b/a MyGuardianDoc, which all operate in the telehealth medicine markets worldwide. VHHI will remain as a holding company under WPFH and will manage the telehealth operations acquired in the transactions as well as any new healthcare related acquisitions by WPFH. Chales Scott, CEO of VHHI, will remain as Chairman and CEO of VHHI and also join the Board of Directors of WPFH. 
                                                                                                        
Market projections for the new MyGuardianDoc model, done by an independent market analysis company, predicts not less than 1 million new subscribers to that service within the next 12 months.  Annualized revenues derived from 1 million subscribers to this program alone would exceed $300 million. 

According to Charles Scott: “In the dynamic realm of innovation, this fusion of Vezbi, the pioneering first US Super App, with the CareClix virtual medicine group, and the innovative MyGuardianDoc consumer subscription program, showcases powerful new market synergies. The collective impact of these new technologies is undeniable, ushering in a new era where healthcare is elevated, and life is made easier for every Vezbi Super App user and MyGuardianDoc subscriber. This collaborative effort, made tangible by the visionary zeal and business acumen of the respective WPFH and VHHI leadership teams, marks a significant milestone, fortifying our collective dedication to making a positive and transformative impact on the health, well-being, and everyday life of people worldwide, and boosting shareholders’ value.”

Safe Harbor Statement:
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

CONTACT:
WPF Holdings Inc 
Investor Relations Contact
investors@vezbi.com

FAQ

What did WPF Holdings, Inc. (WPFH) acquire?

WPFH acquired Virtual Health Holdings, Inc., including subsidiaries like CareClix, Inc., CareClix Services, Inc., CareClix RPM, Inc., and MyCareClix, Inc., operating in the telehealth medicine markets.

What is the new telemedicine offering introduced by WPFH through the acquisition?

WPFH introduced a consumer telemedicine offering named MyGuardianDoc through the acquisition of Virtual Health Holdings, Inc.

How many shares of restricted common stock were involved in the acquisition?

The acquisition involved 7,000,000 shares of restricted common stock of WPFH.

Are there additional shares to be issued based on performance?

Yes, there are 4,000,000 additional shares to be issued if certain performance milestones are met within the next two years.

What are the market projections for the new MyGuardianDoc model?

Market projections suggest not less than 1 million new subscribers within the next 12 months, with potential annual revenues exceeding $300 million.