CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF,
Frankfurt: 6PH) (“
CloudMD” or the
“
Company”), a healthcare technology company
transforming the delivery of care, announced today that Daniel Lee
stepped down as Chief Financial Officer (“
CFO”),
effective January 31, 2022, for personal reasons. As part of a
planned transition, Daniel will remain available to the Company
through March 31, 2022 to support the smooth changeover. Sean Carr,
previously SVP Finance, has been appointed Interim Chief Financial
Officer and is currently working with Daniel to oversee CloudMD’s
annual audit and the comprehensive integration of its recent
acquisitions.
Sean has over 20 years of experience as Chief
Financial Officer of large healthcare and technology companies,
including the Canadian Addiction Treatment Centers, AIM Health
Group (which was sold to McKesson in 2013), and Venus Concept Inc.
(a NASDAQ-listed company, which operates in over 60 countries). In
addition, he has overseen multiple M&A transactions, leading
due diligence, negotiation, and successful integration. Sean was
already an integral part of CloudMD’s senior management team and,
as Interim CFO, he will be even more heavily involved in the
Company’s cost optimization project and part of the executive
management team focused on executing on cost synergies and cost
saving opportunities to drive profitability and growth.
“I’d like to thank Daniel for his dedication and
support over a time of incredible growth. As CFO during our
start-up phase, his hard work and entrepreneurial spirit were
invaluable and helped us put in place the foundation of our
connected healthcare ecosystem,” said Dr. Essam Hamza, CEO
of CloudMD. “Sean has extensive experience as CFO of
several large healthcare and technology companies. His track record
of executing multiple M&A deals and his proven ability to
integrate and generate synergies make him the perfect fit to lead
the Company’s finance function during this period. With the
acquisition of MindBeacon and the depth we’ve built up in our
finance and accounting team, now is the perfect time to begin our
search for a permanent CFO with experience in large public
companies, global expansion, M&A integration and driving cost
synergies.”
“I’m thrilled to be able to take on a bigger
role at CloudMD and leverage my experience in M&A integration
and cost control to bring CloudMD to the next level and a return to
profitability,” said Sean Carr, Interim CFO of
CloudMD. “CloudMD has created something special with their
integrated healthcare ecosystem and the coming years are going to
be an exciting time for the Company.”
The Company has grown incredibly quickly and to
support the next phase of growth, CloudMD will be initiating a
comprehensive executive search for a CFO who is an experienced
financial leader that will help execute on the integration of
MindBeacon, realization of cost synergies, global expansion, and
will be instrumental in shaping the long-term financial strategy of
the Company.
About CloudMD Software &
Services
CloudMD is transforming the delivery of
healthcare using technology and by providing a patient-centric
approach, with an emphasis on continuity of care. By leveraging
healthcare technology, the Company is building one, connected
platform that addresses all points of a patient’s healthcare
journey and provides better access to care and improved outcomes.
Through CloudMD’s proprietary technology, the Company delivers
quality healthcare through a holistic offering including hybrid
primary care clinics, specialist care, telemedicine, mental health
support, healthcare navigation, educational resources, and
artificial intelligence (AI). CloudMD’s business is separated into
three main divisions: Clinics and Pharmacies, Digital Solution and
Enterprise Health Solutions, the Company’s fastest growing
division. CloudMD’s Enterprise Health Solutions Division has built
a leading employer healthcare solutions, including its
Comprehensive Integrated Health Services Platform, which offers one
comprehensive, digitally connected platform for educational
institutions, corporations, insurers, and advisors to better manage
the health and wellness of their students, employees, and
customers.
CloudMD currently services a combined ecosystem
of over 7,000 psychiatrists, approximately 4,500 therapists and
counsellors, approximately 4,000 psychologists, over 22,000 family
physicians, over 34,000 medical specialists, over 1,500 allied
health professionals, over 500 clinics, and over 5 million
individuals across North America. For more information
visit: https://investors.cloudmd.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD"Chief Executive Officer
FOR ADDITIONAL INFORMATION CONTACT:
Julia Becker VP, Investor
Relationsjulia@cloudmd.ca(604)785-0850
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking
statements” and “forward-looking information” within the meaning of
Canadian securities laws. Forward-looking statements in this news
release include, but are not limited to, statements regarding: the
planned transition of the CFO and the Company’s plan, including in
respect of integration and cost optimization. These statements are
based upon information currently available to CloudMD’s management.
All information that is not clearly historical in nature may
constitute forward‐looking statements. In some cases,
forward‐looking statements may be identified by the use of terms
such as “forecast”, “assumption” and other similar expressions or
future or conditional terms such as “anticipate”, “believe”,
“could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”,
“project”, “will”, “would”, and “should”. Forward-looking
statements contained in this news release are based on certain
factors and assumptions made by management of CloudMD based on
their current expectations, estimates, projections, assumptions and
beliefs regarding their busines and CloudMD does not provide any
assurance that actual results will meet management’s expectations.
While management considers these assumptions to be reasonable based
on information currently available to them, they may prove to be
incorrect. Such forward‐looking statements are not guarantees of
future events or performance and by their nature involve known and
unknown risks, uncertainties and other factors, including those
risks described in the Company’s MD&A and most recent Annual
Information Form (which are filed under the Company’s issuer
profile on SEDAR and can be accessed at www.sedar.com), that may
cause the actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by such forward‐looking
statements. Although CloudMD has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward‐looking
statements, other factors may cause actions, events or results to
be different than anticipated, estimated or intended. There can be
no assurance that such statements will prove to be accurate as
actual results and future events could vary or differ materially
from those anticipated in such forward‐looking statements.
Accordingly, readers should not place undue reliance on
forward‐looking information. CloudMD does not undertake to update
any forward-looking information, whether as a result of new
information or future events or otherwise, except as may be
required by applicable securities laws.
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