Vancouver, British Columbia--(Newsfile Corp. - June 4, 2021) - Kovo HealthTech Corporation (TSXV: KOVO) ("Kovo" or the "Company"), a leader in Revenue Cycle Management ("RCM") and healthcare technology, is pleased to announce that its common shares will commence trading on the TSX Venture Exchange (the "TSXV") at the open of the market on June 4, 2021 under the symbol "KOVO".
Kovo is a growing healthcare technology and services company that specializes in RCM services and software for US healthcare clinics, hospitals and private practices. RCM is a process used by healthcare providers in the US and globally to digitally track and manage patient care registration, services, billing and payments in a seamless way. Effective RCM practices are essential to ensure health care settings maintain the financial viability that allows them to provide ongoing quality care for their patients.
The Company's focus is organic growth of its core RCM business and acquiring profitable RCM related businesses, services and systems within the US. Kovo optimizes acquired businesses by leveraging its over 20 years of operating experience and unique technology.
To date, Kovo has completed seven successful acquisitions and achieved approximately 366% revenue growth on its RCM revenue in the last fiscal year. Currently, Kovo processes approximately $71M USD annually in RCM claims and its customers service approximately 2.6 million patients.
Vision: Improve the Healthcare Experience
"Kovo's vision is to create, acquire and grow businesses to better the healthcare experience within the patient encounter continuum," explains CEO Greg Noble. "All around the globe, healthcare is experiencing a digital transformation to help make healthcare billing, record keeping, scheduling and treatment more efficient and empowering for patients and physicians," he says. "Our team is inspired by the potential to help health care providers to embrace and navigate this important shift in healthcare," says Noble.
Joining Noble on the Kovo management team are Chief Marketing Officer Jon Marshall and Chief Compliance Officer Jeana Noble. Inder Saini, a CPA with extensive healthcare expertise and former CFO of Neighbourly Pharmacy, is the Chief Financial Officer of the Company. The Kovo board of directors is headed-up by Executive Chairman Dr. Peter Bak, Greg Noble and Independent Directors Steve Parry, Miriam Tuerk and Harp Gahunia.
The Company currently has 31,889,290 common shares outstanding, as well as options and warrants to purchase an aggregate of 4,426,610 common shares. Additional information concerning the Company can be found in the final prospectus of the Company dated May 26, 2021, a copy of which is available on the Company's profile on SEDAR at www.sedar.com. Upon receipt of the TSXV's final approval, it is anticipated that the Company will be classified as a Tier 2 technology issuer on the TSXV.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or unless an exemption from registration is available.
About Kovo HealthTech Corporation
Kovo is a leader in healthcare technology and Revenue Cycle Management services. Kovo creates, acquires and grows businesses to better the healthcare experience within the patient encounter continuum. To learn more about Kovo and to keep up-to-date on Kovo news, visit www.kovo.co.
For more information:
Greg Noble, CEO
Forward-Looking Information and Statements
This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") concerning the Company and its subsidiaries within the meaning of applicable securities laws. Forward-looking information may relate to the future financial outlook and anticipated events or results of the Company and may include information regarding the Company's financial position, business strategy, growth strategies, acquisition prospects and plans, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "budgets", "scheduled", "estimates", "outlook", "forecasts", "projects", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances.
Many factors could cause the Company's actual results, performance, or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking information, including, without limitation, those listed in the "Risk Factors" section of the final prospectus of the Company dated May 26, 2021. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this press release.
Forward-looking information, by its nature, is based on the Company's opinions, estimates and assumptions in light of management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate and reasonable in the circumstances. Those factors should not be construed as exhaustive. Despite a careful process to prepare and review forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking information. Although the Company bases its forward-looking information on assumptions that it believes were reasonable when made, which include, but are not limited to, assumptions with respect to the Company's future growth potential, results of operations, future prospects and opportunities, execution of the Company's business strategy, there being no material variations in the current tax and regulatory environments, future levels of indebtedness and current economic conditions remaining unchanged, the Company cautions readers that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which the Company operates may differ materially from the forward-looking statements contained in this press release. In addition, even if the Company's results of operations, financial condition and liquidity, and the development of the industry in which it operates are consistent with the forward-looking information contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.
Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made (or as of the date they are otherwise stated to be made). Any forward-looking statement that is made in this press release speaks only as of the date of such statement.
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.
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