Premier Health firms up Cloud Prac­tice ac­qui­si­tion

Stockwatch Daily - - FRONT PAGE - Dr. Es­sam Hamza re­ports

FUR­THER TO its news re­lease dated Dec. 17, 2018, Premier Health Group Inc. has signed a de­fin­i­tive agree­ment to ac­quire all of the out­stand­ing se­cu­ri­ties of Cloud Prac­tice Inc.

Cloud Prac­tice’s founders, in­clud­ing chief ex­ec­u­tive of­fi­cer Jordan Visco, and the en­tire sup­port team, con­sist­ing of sev­eral soft­ware de­vel­op­ers and sales staff, will join and work along­side the Premier Health team to of­fer tools and re­sources pro­vid­ing for bet­ter ef­fi­ciency on a day-to-day ba­sis for both physi­cians and cus­tomers. The com­bined Premier and Cloud Prac­tice ecosys­tem con­sists of over three mil­lion pa­tients.

“We are very ex­cited to have com­pleted this ac­qui­si­tion and to have the ex­pe­ri­enced team at Cloud Prac­tice join the team at Premier Health. With this ac­qui­si­tion, we now have a med­i­cal soft­ware com­pany with na­tional reach. Thus, en­abling us to build on our pa­tient cen­tric tech­nol­ogy plat­form that will in­te­grate telemedicine, on-line book­ing and other premium ser­vices with our elec­tronic med­i­cal records (EMR) sys­tem,” said Dr. Es­sam Hamza, chief ex­ec­u­tive of­fi­cer of Premier.

Jordan Visco, chief ex­ec­u­tive of­fi­cer of Cloud Prac­tice, stated: “We are thrilled to be join­ing a progressive group such as Premier Health. We are fo­cused on de­liv­er­ing top-qual­ity ser­vice to Canada’s health care in­dus­try and we are con­fi­dent that with Cloud Prac­tice’s of­fer­ings com­bined with the Premier Health team’s ex­per­tise and long-term vi­sion, we can achieve con­sid­er­able suc­cess.”

In con­sid­er­a­tion for the ac­qui­si­tion of all of the out­stand­ing Cloud Prac­tice se­cu­ri­ties, Premier will pay to the Cloud Prac­tice share­hold­ers to­tal con­sid­er­a­tion of up to $5-mil­lion as fol­lows: $500,000 paid in cash on sign­ing of the bind­ing LOI (let­ter of in­tent) as a re­fund­able de­posit, $500,000 in cash payable on clos­ing, $500,000 in cash payable 90 days af­ter clos­ing, $500,000 in cash pay able wi thin six months of the LOI sub­ject to the sat­is­fac­tion of cer­tain mile­stones re­lated to the in­te­gra­tion of the Juno EMR and an ag­gre­gate of $3-mil­lion payable in com­mon shares of Premier at a deemed price of 76 cents per share.

All shares is­sued in the trans­ac­tion are sub­ject to a re­stricted pe­riod of four months and one day. There were no fin­ders’ fees paid in con­nec­tion with the trans­ac­tion.

About Premier Health Group Inc.

Premier Health is a Cana­dian com­pany that is strate­gi­cally poised to take ad­van­tage of busi­ness op­por­tu­ni­ties in the global health care in­dus­try. The com­pany is de­vel­op­ing in­no­va­tive health care ap­proaches that com­bine hu­man skill-based ex­per­tise with emerg­ing tech­nolo­gies, with the goal of set­ting the gold stan­dard for ser­vices in lo­ca­tions of in­ter­est world­wide. Premier Health’s sub­sidiary, HealthVue, is fo­cused on de­vel­op­ing pro­pri­etary tech­nol­ogy to de­liver qual­ity health care through the com­bi­na­tion of con­nected pri­mary care clin­ics with telemedicine and artificial in­tel­li­gence (AI). The com­pany cur­rently has an ecosys­tem of over 100,000 ac­tive pa­tients and has plans to rapidly in­crease that num­ber both do­mes­ti­cally and in­ter­na­tion­ally.

About Cloud Prac­tice Inc.

Cloud Prac­tice is a cloud-based soft­ware so­lu­tions co mpany fo cused on stream­lin­ing med­i­cal prac­tice through­out Canada. It of­fers three prod­ucts in­clud­ing Juno EMR, Clin­icAid and MyHealthAc­cess. Juno EMR, a mod­i­fied branch of an open-source elec­tronic med­i­cal records (EMR) soft­ware which was orig­i­nally re­leased by McMaster Univer­sity, is hosted in the cloud and can be ac­cessed any­where, any time.

We seek Safe Har­bor.

Kather­ine Badali, Don­ald Al­bert Gor­don, Yari Alexan­der Nieken, Brenda Ras­mussen

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