to Enter into Strategic Alliance with MCI Onehealth T.WELL - WELL is entering into a strategic alliance with MCI that includes the acquisition of certain clinic assets of MCI that are expected to generate annual revenues of more than $21M and contribute positive EBITDA in fiscal year 2024.
- WELL will also lead a new round of investment into MCI, which will be strategically focused on its leading AI, Data Science and Rare & Complex Disease Detection Platform.
- WELL and MCI will enter into a subsequent Strategic Alliance Agreement designed to offer WELL clinics and providers leading edge technology from MCI and better position MCI as a key national leader in the multi-billion dollar disease detection marketplace in Canada.
- As part of the Strategic Alliance, WELL will join the MCI Board of Directors and subject to satisfaction of certain conditions. WELL will also hold an option to acquire up to 30.8 million Class A shares and Class B shares in MCI Onehealth over time.
VANCOUVER, BC and TORONTO, July 20, 2023 /PRNewswire/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) ("WELL" or the "Company"), a digital health company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce that as of July 19, 2023 it has entered into an agreement to acquire clinic assets form MCI Medical clinics Inc., a subsidiary of MCI Onehealth Technologies Inc. (TSX: DRDR) ("MCI") and a subscription agreement for a convertible debenture financing in MCI which will strategically focus the MCI business around its leading AI, Data Science and Rare & Complex Disease Detection platform (the "Transaction").
WELL Health to Enter into Strategic Alliance with MCI Onehealth, Acquire Clinical Assets, and Invest in AI-Focused Data Science Business to help Doctors Improve Disease Detection (prnewswire.com)