Medivolve Cancels Agreement to Acquire Karland Health; Completes Shares for Debt Settlement
Medivolve will host a webinar Monday, February 22nd at 1 pm ET with medical advisor Dr. Glenn Copeland to discuss Collection Sites telehealth strategy.
TORONTO, Feb. 19, 2021 (GLOBE NEWSWIRE) --
Medivolve Inc. (“Medivolve” or the “Company”) (NEO:MEDV; OTC:COPRF; FRA:4NC) announces the cancellation of the agreement to acquire 100% of Karland Health, LLC. As noted in the initial press release dated February 11
th, 2021, the completion of the transaction to acquire Karland Health was subject to customary closing conditions, including due diligence to the satisfaction of Medivolve. After completing further due diligence, management determined that the acquisition of Karland Health would not be sufficiently accretive for the Company.
“The letter of intent for Karland Health was signed to secure potential assets for the Company and to help the market understand Medivolve’s telehealth strategy,” says Doug Sommerville, CEO of Medivolve. “After completing further due diligence, we arrived at the conclusion that Karland Health did not sufficiently align with our strategy. We will be hosting a webinar next Monday to better elaborate on our telehealth plans and help investors understand the potential for the Company and its subsidiaries.”
Corporate Update Webinar Medivolve will be hosting a Corporate Update webinar,
Monday, February 22nd at 1 pm ET that will provide investors with an update on the Company's recent business developments and telehealth strategy.
Registration Link: https://us02web.zoom.us/webinar/register/WN_Nw7_20QGRqyn5BHMWlYZnQ Specifically, the webinar will feature Medivolve CEO Doug Sommerville and Dr. Glenn Copeland to discuss Collection Sites telehealth strategy. Dr. Glenn Copeland is a medical advisor to Medivolve and CEO of Glenco Medical, a Medivolve partner company. With Dr. Copeland’s guidance, Medivolve and Collection Sites are developing telehealth plans that include remote patient monitoring and virtual care, among other offerings. Collection Sites intends on leveraging its network of sites and large customer database to market these new services and launch a series of mobile clinics.
About Shares for Debt Settlement Medivolve is pleased to announce that it has completed its shares for debt settlements with certain creditors that were previously announced on February 11, 2021 (the “
Shares for Debt Settlement”) after being granted approval by the NEO Exchange.
Pursuant to the Shares for Debt Settlement, the Company has issued 10,958,024 common shares of the Company at a deemed price of $0.46 per share in satisfaction of outstanding debt of $5,040,691. The common shares issued pursuant to the Shares for Debt Settlement are subject to a four month and one day hold period expiring on June 19th, 2021.
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