Medivolve Enters into Agreement to Acquire Karland Health, Enabling its Wholly Owned Subsidiary, Collection Sites, to Expand Services Beyond COVID-19 Testing with Telehealth and Remote Patient Monitoring
TORONTO, Feb. 11, 2021 (GLOBE NEWSWIRE) — Medivolve Inc. (“Medivolve” or the “Company”) (NEO:MEDV; OTC:COPRF; FRA:4NC) is pleased to announce that it has signed a binding letter of intent to acquire 100% of Karland Health, LLC. In 2020, Medivolve’s wholly owned subsidiary, Collection Sites LLC, launched COVID-19 testing services in conjunction with Alcala Testing and Analysis Services, a CLIA registered high complexity laboratory based in San Diego, California. Collection Sites opened their first testing location on August 8, 2020 and has grown substantially since with January tests conducted of 73,973 at an average price of US$96 per test. Appointments and payments are handled through an online portal www.testbeforeyougo.com.
Under the terms set out in the agreement, Medivolve is to issue a total of 20 million Medivolve common shares to the shareholders of Karland Health in exchange for a 100% interest in Karland Health, LLC. The completion of the transaction to acquire 100% of Collection Sites, LLC is subject to customary closing conditions, including due diligence to the satisfaction of Medivolve, the parties entering a definitive agreement and NEO Stock Exchange approval. No finder fees are payable in connection with, and no change of control of Medivolve will result from, the transaction. Through Karland Health and associated partnerships, Collection Sites will be equipped with instant telehealth solutions, utilizing integrated hardware and software telemedicine technologies to provide virtual care and remote patient observation. In addition to Covid-19 antigen and antibody testing, prevention and wellness services to be offered at Collection Sites will include screening and monitoring for diabetes, high blood pressure, high cholesterol, and more. In addition, Collection Sites certified nurse practitioners and physician assistants will be able to diagnose, treat and write prescriptions when medically appropriate.“Our new model will help increase access to high-quality, affordable health care for people who live, work and attend school around Collection Sites locations,” says Doug Sommerville, CEO of Medivolve. “We’re excited to bring our growing suite of health care services to the communities, and we look forward to being a health care resource for residents, when and where they need us.”Shares for DebtMedivolve also announces that it has entered into agreements to settle $5,040,691 of its outstanding cash indebtedness owed to various creditors by way of the issuance of 10,958,024 common shares of the Company (the “Common Shares“) at an effective price per share of $0.46. In accordance with applicable securities laws, the Common Shares issued will be subject to a four month and one day hold period and the approval of the NEO Exchange.About Collection SitesCollection Sites COVID-19 testing centers offer convenient access to rapid antibody and antigen tests – which take 8-10 minutes to administer and provide results in less than 24 hours. The sites also offer regular RT-PCR. The testing centres are powered by Alcala Testing and Analysis Services, a CLIA-licensed laboratory based in San Diego, California. All tests can be administered with insurance coverage options. The tests results can be communicated via text or email and can be accompanied with a certificate of good health via a HIPAA-compliant smartphone application.For more information about the pop-up labs, the available sites and services visit www.testbeforeyougo.com.About Medivolve Inc.Medivolve Inc. (NEO:MEDV; OTC:COPRF; FRA:4NC) seeks out disruptive technologies, ground-breaking innovations, and exclusive partnerships to help combat COVID-19 and generate remarkable risk-adjusted returns for investors. Specifically, Medivolve offers investors a diversified investment in the COVID-19 medical space across three areas; prevention, detection, and treatment.Medivolve has a team of renowned global medical and business advisors that have developed a proprietary business strategy to capitalize on high-margin opportunities in the COVID-19 space. This panel includes prominent immunologist Dr. Lawrence Steinman and Dr. Glenn Copeland, who has 45 years of experience in orthopaedic treatment, foot and ankle care, and sports medicine.Medivolve’s primary focus is to provide convenient and assessable medical services for testing of the COVID-19 virus to help combat the pandemic. This is achieved largely through two acquisitions: 100% of Collection Sites, LLC and 28% of Colombian Sanaty IPS. Collection Sites is setting up a series of COVID-19 testing sites across the United States with appointments and payments will be handled through the online portal www.testbeforeyougo.com. Sanaty is setting up a series of full-service medical clinics offering a complete COVID-19 testing solution.For additional information, please contact:Doug Sommerville, CEO
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+1-508-643-8000Cautionary Note Regarding Forward-looking InformationThis press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the expansion of the acquisition of Karland Health; the telehealth services to be provided by Karland Health and Collection Sites the settlement of the Company’s outstanding cash indebtedness and the issuance of Common Shares in connection therewith, the business and operations of the Company, and the Company’s ability to execute its business plan. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is 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, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.NEITHER NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.