TORONTO, July 09, 2024 (GLOBE NEWSWIRE) — CloudMD Software & Services Inc. (TSXV: DOC, Frankfurt: 6PH) ( company or Cloud MD) is an innovative healthcare services company transforming the delivery of healthcare, and CPS Capital, an entrepreneurial investment firm that partners with companies and teams to realize their growth objectives, has announced the closing of its previously announced privatization transaction ( transaction) under CPS Capital (through its affiliates) (CPS Capital) has acquired all of CloudMD’s outstanding common stock ( share) pursuant to a court-approved plan of arrangement. Pursuant to the transaction, CloudMD shareholders will be entitled to receive a cash payment of C$0.04 per share.
The shares are expected to be delisted from the TSX Venture Exchange following the close of trading on July 10, 2024. CPS Capital intends to cause CloudMD to file an application to cease to be a reportable issuer under applicable Canadian securities laws.
About CloudMD
CloudMD is an innovative North American healthcare service provider focused on helping people live healthier lives by combining cutting-edge technology with a premier national network of healthcare experts. Our employees and healthcare providers live our values ​​of excellence, collaboration, connected communication, and accountability every day to solve complex health problems. CloudMD’s industry-leading workplace health and wellbeing solution, Kii, supports members and their families with a personalized, connected healthcare experience across mental, physical, and occupational health. Kii delivers superior clinical health outcomes, consistently high engagement, and measurable ROI to payers including employers, educational institutions, associations, governments, and insurance companies. CloudMD is also a market leader in workplace absenteeism management through data-driven prevention, intervention, and return-to-work programs.
Additionally, we sell health and productivity tools to hospitals, clinics and other healthcare providers to help them deliver better healthcare. To learn more about our comprehensive healthcare services, visit www.cloudmd.ca.
contact:
Karen Adams
chief executive officer
1-647-484-1405
About CPS Capital
CPS Capital is a Toronto-based mid-market private equity firm founded by owner-operators looking to partner with business owners to realize their growth and transition goals. CPS Capital is focused on North American opportunities to invest in great businesses in growth industries with attractive characteristics. CPS Capital offers superior capabilities, expertise and capital to provide business owners with a compelling alternative compared to traditional finance or strategic buyers.
contact:
Michael Arblaster
Partner
1-416-860-3639
Neither the 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 legislation, including statements regarding the delisting of its shares and CloudMD’s filing to cease being a reporting issuer. All information that is not clearly historical fact may constitute forward-looking statements. In some cases, forward-looking statements may be identified by the use of terms such as anticipate, expect, assume and other similar expressions, or future or conditional terminology such as anticipate, believe, may, estimate, expect, intend, may, plan, forecast, project, will, will, will and should. The forward-looking statements contained in this news release are based on certain factors and assumptions made by CloudMD’s management in accordance with its current expectations, estimates, projections, assumptions and beliefs regarding its business, and CloudMD can give no assurance that actual results will meet management’s expectations. Although management believes these assumptions are reasonable based on currently available information, they may prove to be inaccurate. 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 (filed under the Company’s issuer profile on SEDAR+ and accessible at www.sedarplus.ca), that may cause actual results, performance or achievements to differ materially 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 the forward-looking statements, there may be other factors that cause actions, events or results to differ not as anticipated, estimated or intended. No assurance can be given that such statements will prove to be accurate, as actual results and future events may differ or differ materially from those anticipated in such forward-looking statements. Readers should therefore 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, future events or otherwise, except as required by applicable securities laws.
Source: CloudMD Software & Services Inc.
