VitalHub Corp. Announces Closing of Oculys Health Informatics Inc. Acquisition
Toronto, Ontario--(Newsfile Corp. - November 21, 2019) - VITALHUB CORP. (TSXV: VHI) (the "Company" or "VitalHub") is pleased to announce today it has closed the acquisition of all of the issued and outstanding shares (the "Acquisition") of Oculys Health Informatics Inc. ("Oculys").
Total consideration paid by VitalHub, after a closing net equity adjustment, was approximately $4,227,000 (the "Purchase Price"). The Purchase Price is composed of a $2,200,000 (the "Share Component") issuance of common shares of VitalHub ("Common Shares") and a cash payment (the "Cash Component") equal to the difference between the Purchase Price and the Share Component, which VitalHub was approximately $2,027,000.
Further details of the Acquisition are available in the Company's press release of October 21, 2019.
Upon issuance of the Share Component the Company currently has 177,584,881 issued and outstanding Common Shares.
ABOUT OCULYS HEALTH INFORMATICS INC.
Oculys provides a real-time and predictive operational management system for hospitals, focusing on the efficiency and effectiveness of patient care. Oculys reduces patient management bottlenecks by tapping into the disconnected silos of hospital administration systems and electronic medical record systems, and develops practical operational visibility solutions for healthcare professionals. Oculys' vision is to deliver unprecedented real-time visibility through technology that profoundly improves the patient experience and operational performance in healthcare.
VitalHub develops and supports mission-critical information systems in the Social Service, Mental Health (Child, Youth and Adult), Long Term Care, Community Health Service, Home Health and Hospital sectors. VitalHub technologies include Blockchain, Mobile, and Web-Based Assessment, Client Management and Electronic Health Record solutions.
The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently, VitalHub serves 200+ clients across North America. VitalHub is based in Toronto, Canada, with an offshore innovation hub in Sri Lanka. The Company is publicly traded on the TSX Venture Exchange under the symbol "VHI".
The TSX Venture Exchange has in no way passed upon the merits of the transactions and has neither approved nor disapproved the contents of this press release. Neither the 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 press release.
Chief Executive Officer, Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer's business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer's prospective financial performance or financial position.
The forward-looking information in this news release includes reference to disclosure about the terms of the Acquisition and about Oculys. VitalHub made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the ability of VitalHub and Oculys to execute and achieve its business objectives, to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include, but are not limited to: adverse market conditions; the inability of VitalHub and Oculys to successfully integrate operations; reliance on key and qualified personnel; and regulatory and other risks associated with the medical and technology industries in general. The foregoing list of material risk factors and assumptions is not exhaustive.
VitalHub assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49975