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TICKERS: DOC; DOCRF; 6PH

Telemedicine Firm to Acquire Majority Interest in Ontario Clinic
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With this transaction, CloudMD Software & Services expands its size and reach.

In a news release, CloudMD Software & Services Inc. (DOC:TSX.V; DOCRF:OTCQB; 6PH:FSE) announced it entered an agreement to acquire a 51% stake in West Mississauga Medical, an Ontario, Canada-based family and specialty medicine clinic.

The acquisition is in alignment with the part of the telemedicine firm's national growth strategy that is to partner with medical groups in major provinces with established brick-and-mortar patient facilities. West Mississuaga Medical, with eight family physicians and four specialists, serves more than 100,000 patients. Last year, the clinic generated revenue of more than $1.8 million and achieved an EBITDA margin of more than 11%.

CloudMD intends to integrate West Mississauga Medical into its electronic medical records platform, and the clinic's medical professionals will start serving CloudMD's registered users and patients in Ontario immediately.

Also, the Vancouver, British Columbia-based healthcare firm announced in a separate news release that it appointed the medical director of West Mississauga Medical, Dr. Sohal Goyal, as CloudMD's head of corporate development in Ontario. Goyal will lead CloudMD's expansion in that province.

The company noted that Dr. Goyal has a career in the industry that spans 18 years and is a key healthcare opinion leader. He now is a lead physician in a large family health practice and assistant clinical professor of family medicine at McMaster University. He has held numerous leadership positions at various health organizations, has acted as an adviser to numerous public and private companies and has built numerous relationships.

"Having Dr. Goyal on the ground, with his established network, will be extremely valuable for the company's future corporate development," the release noted.

Dr. Essam Hamza, CEO of CloudMD, stated, "We are very excited with this partnership and it represents a major milestone as our company expands nationally. We want to bring access to healthcare to all Canadians while maintaining continuity of care. We are of the view that a platform of strategic, well-established clinics allows us to best leverage our capital for the purpose of on-boarding patients for the digital delivery of healthcare. Dr. Goyal and his team at West Mississauga Medical are pioneers and we are proud to have them join our team. We look forward to his leadership on the ground in Ontario."

"Our goal is to provide a strong, centralized patient base and footprint across the country, and having Dr. Goyal deeply-rooted in the Ontario Healthcare sector will greatly help us in achieving our goal. Dr. Goyals integrated, patient-centric approach to delivering healthcare aligns well with CloudMD's strategy and we look forward to working together moving forward," Dr. Hamza said.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with CloudMD Software & Services Inc. Please click here for more information.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of CloudMD Software & Services Inc., a company mentioned in this article.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.




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