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CloudMD Further Supports Expansion and Growth with Appointment of Global Head, Corporate Development and New Chief Financial Officer

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VANCOUVER, British Columbia, Oct. 19, 2020 (GLOBE NEWSWIRE) — CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telemedicine company revolutionizing the delivery of healthcare to patients, is pleased to announce that it has appointed Mena Beshay, the Company’s current Chief Financial Officer (“CFO”), to a newly created, more focused role of Global Head, Corporate Development, where he will be responsible for leading the Company’s corporate development activities which includes global mergers and acquisitions (“M&A”) and its organic growth strategy. Mena’s financial and operational experience will be valuable in leading the execution of the Company’s growth strategy, while putting an even greater emphasis on M&A.

CloudMD has appointed Daniel Lee, an experienced capital markets and technology financial executive as its new CFO. Daniel’s expertise and financial operations experience are important for CloudMD’s strategic priorities to scale and grow the business globally with the proper financial frameworks in place. The appointment adds strength and depth to CloudMD’s executive team which is imperative to support the rapid growth and integration of the business.

Daniel Lee, CFO

Daniel is an accomplished financial executive with nearly 20 years of experience. Daniel has held senior leadership positions for publicly-listed technology companies, including CFO and Corporate Secretary at Photon Control, and Director of Finance at BSM Technologies and Webtech Wireless. In these roles, Daniel was instrumental in creating long-term shareholder value by improving the financial performance of these businesses, successfully completing numerous M&A transactions, and building and transforming Finance and Accounting functions and framework. Daniel is a Chartered Accountant, having earned his Bachelor of Business Administration degree from Simon Fraser University, and completed the CFO Leadership Program from the Rotman School of Management at University of Toronto.

The Company is committed to revolutionizing and disrupting the current delivery of healthcare with a patient–centric approach and focus on continuity of care. As CloudMD continues to grow, its organizational structure is taking on a more focused approach within departments, and throughout its leadership team. CloudMD plans to continue building out its management team by adding proven leaders to help facilitate ongoing integration and growth. By focusing on key areas, the Company believes there is a significant opportunity to add shareholder and partner value by having a defined growth strategy and seamless integration plan.

Dr. Essam Hamza, CEO of CloudMD commented, “We are excited to welcome Daniel to our team as CFO. His extensive experience within the technology sector, coupled with his expertise in successfully scaling finance and accounting functions for growth, will be extremely valuable for us. I would also like to congratulate Mena on his appointment as Global Head, Corporate Development and look forward to him adding continued value in this new role. Mena has been an integral part of our growth over the last two years, and I thank him for that.” He adds,As we continue to execute our strategy, its absolutely imperative for us to support the growth with strategic resources, underpinned by a strong infrastructure. Equally important to our growth strategy, is our continued investment in our team and the operational framework to streamline the integration process and manage our aggressive M&A strategy. Our business is expanding quickly, and that requires us to focus on our organizational matrix and key departments, starting at the leadership level. I am proud of our team and growth to date and I look forward to the future success under the leadership of our experienced management team.

About CloudMD Software & Services

CloudMD is digitizing the delivery of healthcare by providing patients access to all points of their care from their phone, tablet or desktop computer. The Company offers SAAS based health technology solutions to medical clinics across Canada and has developed proprietary technology that delivers quality healthcare through the combination of connected primary care clinics, telemedicine, and artificial intelligence (AI). CloudMD currently provides service to a combined ecosystem of 376 clinics, over 3000 licensed practitioners and almost 3 million patient charts across its servers.

ON BEHALF OF THE BOARD OF DIRECTORS

“Dr. Essam Hamza, MD”
Chief Executive Officer

FOR ADDITIONAL INFORMATION CONTACT:

Julia Becker
VP, Investor Relations
julia@cloudmd.ca

Forward Looking Statements

This news release contains forward-looking statements that are based on CloudMD’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to its business plans and its intended use of the proceeds of the Offering. Although CloudMD believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and CloudMD undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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