WELL Health Expands Primary Care Network with Acquisition of MCI Onehealth's Alberta Clinical Operations

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May 19, 2023, 07:00 ET

WELL Health is acquiring five multi-disciplinary primary care clinics based in Calgary, Alberta from MCI Onehealth.
The five clinics include over 50 physicians and based on historical results, WELL expects the assets to contribute approximately $10M in revenue.
WELL will pay $2.0 million, subject to post-closing adjustments and holdbacks.

VANCOUVER, BC, May 19, 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 it has entered into a definitive share purchase agreement (the "Transaction") dated May 18, 2023 to acquire all of the issued and outstanding shares of MCI Medical Clinics (Alberta) Inc. ("MCI AB") from MCI Onehealth Technologies Inc. (TSX: DRDR) ("MCI"). MCI AB owns and operates five primary care clinics in Calgary, Alberta.

The five clinics, located in in the greater Calgary area, offer a range of primary care services, including family medicine, women's health, and other specialties. The acquisition brings more than 50 physicians to the WELL family as part of the Transaction, adding to WELL's over 3,000 providers in WELL's patient services business units across North America. These clinics will be integrated into WELL's existing primary care clinic network.

"We are very pleased to announce the acquisition of additional primary care clinics in Calgary, as it represents an excellent opportunity for us to expand and bring our comprehensive practitioner enablement platform to more providers in Alberta" said Hamed Shahbazi, CEO of WELL. "We view primary care clinics as being strategically important because they serve as a gateway for patients to access healthcare services, and they provide a foundation for building long-term, multi-disciplinary patient relationships that result in the best patient outcomes possible."

The acquisition of these well-known and regarded primary care clinics in Calgary marks a significant milestone in WELL's national clinic expansion strategy, and builds upon WELL's previous acquisitions in Alberta, such as Inliv and CloudPractice. The five clinics are expected to collectively contribute approximately $10 million of annual revenue. Following the completion of the Transaction, WELL will integrate leading edge software and workflows, such as WELL AI Voice¹, from its Practitioner Enablement Platform.

Transaction Details:

The consideration to be paid by WELL in connection with the Transaction is $2,000,000, with $1,000,000 being paid in cash at signing, and the balance subject to customary post-closing adjustments and holdbacks. The Transaction will be a debt free deal. Closing of the Transaction is expected in Q2 2023 and is subject to standard closing conditions.

Footnotes:

WELL AI Voice is an AI-powered ambient scribe recently launched under the WELLHealth.ai program. For more details, refer to the press release dated May 10^th, 2023.

WELL HEALTH TECHNOLOGIES CORP.

Per: "Hamed Shahbazi"

Hamed Shahbazi

Chief Executive Officer, Chairman and Director

About WELL Health Technologies Corp.

WELL is a practitioner-focused digital healthcare company. WELL's overarching mission is to positively impact health outcomes by leveraging technology to empower healthcare practitioners and their patients globally. WELL exists to enable healthcare practitioners with best-in-class technology and services. WELL has built the most comprehensive end-to-end healthcare system across Canada including the nation's largest network of clinics supporting primary care, specialized care, and diagnostics services. In the United States, WELL provides omni-channel healthcare services and solutions targeting specialized markets such as the gastrointestinal market, women's health, primary care, and mental disorders. In addition to providing patient services, WELL develops, integrates, and sells its own suite of technology software and solutions to medical clinics and healthcare practitioners. WELL's practitioner enablement platform includes: Electronic Medical Records ("EMR"), telehealth platforms, practice management, billing, Revenue Cycle Management ("RCM"), digital health apps and data protection solutions. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on the OTC Exchange under the symbol "WHTCF". To learn more about the Company, please visit: www.well.company.

SOURCE WELL Health Technologies Corp.