CloudMD Strengthens Board with New Director Nominations and Announces Change of Auditors

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VANCOUVER, British Columbia, Sept. 28, 2021 (GLOBE NEWSWIRE) — CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a healthcare technology company transforming the delivery of care, is excited to announce that the Company will be nominating two new, experienced business leaders to its Board of Directors for the 2021 annual general meeting of shareholders scheduled for November 9th, 2021. The new Board of Directors will consist of five directors, including two new nominees for election.

The new nominees for the Board of Directors are:

Duncan Hannay (Independent Director)

Mr. Hannay is currently the Chief Executive Officer of the Ontario Lottery and Gaming Corporation (“OLG”) and brings more than 25 years of experience growing businesses across industries, channels and locations around the world. Before joining OLG, he was President and CEO of Street Capital Group Inc, a Canadian public company offering best-in-class retail banking products through its Schedule I bank platform. He previously served as Chief Operating Officer at Finastra, a global leader in software solutions for retail banking, transaction banking, lending, and treasury and capital markets. He also served as an executive leader at the Canadian-based financial technology provider D+H, as President of Global Lending Solutions and as President of D+H Canada. In addition, Duncan has held senior executive positions with global financial services providers Scotiabank and E*TRADE Financial. Mr. Hannay holds a Bachelor of Engineering degree from McMaster University.

Karen Adams (President and Director)

Ms. Adams is currently President of CloudMD as well as its Global Head, Enterprise Health Solutions. She is a senior executive with more than 20 years of creating growth through innovation, people, process and technology in the employee wellbeing market. Karen has experience in the evolution of healthcare in mental and physical health through innovation and evidence-based outcomes for employers, employees, insurers, advisors and consumers. Karen has worked in senior executive positions at Warren Shepell, Shepell.fgi, Morneau Shepell, SCM Insurance, Snapclarity and current director and past Chair of Ontario Shores Centre for Mental Health Sciences foundation.

The three incumbent directors for re-election are Mark Kohler (Chairman), Christopher Cherry (Independent) and Essam Hamza (CEO).

Dr. Essam Hamza, CEO of CloudMD commented, “We are thrilled to welcome Duncan and Karen to our Board of Directors as their collective experience and leadership will be extremely valuable to the continued growth of our Company. Their experience in governance, advisory, and executive leadership strengthens and complements our incumbent Board of Directors. Each of these outstanding individuals brings valuable expertise and insight that will help position CloudMD for long-term success as an innovative healthcare company.”

Change of Auditors

The Company also announces that is has appointed KPMG LLP, Chartered Professional Accountants (“KPMG”) as the Company’s independent auditors to hold office until the end of the next annual general meeting of shareholders.

Effective September 9th, 2021, at the request of the Company, CloudMD’s predecessor auditors, Harbourside LLP, Chartered Professional Accountant (“Harbourside”), resigned as auditors and KPMG was appointed to fill their vacancy for the fiscal year ended December 31, 2021.

In accordance with the requirements of National Instrument 51-102 of the Canadian Securities Administrators (51-102), a notice of change of auditor dated September 9th, 2021 with an effective date of September 9th, 2021 (the “Notice of Change”) was sent to KPMG and Harbourside, each of whom have provided a letter to the securities regulatory authorities in each of the jurisdictions where the Company is a reporting issuer stating that they agree with the statement made in the Notice of Change.

Stock Options and Restricted Share Unit Grants

The Company has granted stock options and restricted share units (“RSU’s”) in the ordinary course to certain directors and officers, under its Stock Option Plan and RSU Plan to purchase an aggregate of 1,250,000 common shares of the Company. The exercise price of the stock options granted was set at $1.75 per share. The stock options and restricted share units are subject to the terms of the Company’s Stock Option Plan and RSU Plan and any necessary regulatory approvals.

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 Enterprise Health Solutions Division includes one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for corporations, insurers and advisors to better manage the health and wellness of their 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 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 Relations
julia@cloudmd.ca
(604) 785-0850

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. 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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