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Medivolve enters into an agreement to acquire Karland Health that will enable its wholly owned subsidiary, Collection Points, to extend services beyond COVID-19 testing with telemedicine and remote patient monitoring
Medivolve Also Strengthens Its Balance Sheet On Debt settlement TORONTO, Feb. 11, 2021 (GLOBE NEWSWIRE) – Medivolve Inc. (“Medivolve” or the “Company”) (NEO: MEDV; OTC: COPRF; FRA: 4NC) is excited to inform you that you have signed a letter of intent to acquire 100% of Karland Health, LLC. In 2020, Medivolve’s wholly owned subsidiary, Collection Sites LLC, launched COVID-19 testing services in partnership with Alcala Testing and Analysis Services, a highly complex laboratory registered by CLIA based in San Diego, California. The collection points opened their first test location on August 8, 2020 and have grown significantly since then. Since then, 73,973 tests have been run in January at an average price of $ 96 per test. Appointments and payments are processed via an online portal www.testbeforeyougo.com. Under the terms of the agreement, Medivolve will issue a total of 20 million Medivolve common shares to Karland Health shareholders in order to obtain a 100% interest in Karland Health, LLC. Completion of the transaction to acquire 100% of Collection Sites, LLC is subject to customary closing conditions, including due diligence to the satisfaction of Medivolve, the parties entering into a definitive agreement, and approval by the NEO Stock Exchange. There are no finder fees associated with the transaction and there is no change of control at Medivolve. Through Karland Health and related partnerships, collection sites are providing instant telemedicine solutions that use integrated hardware and software telemedicine technologies to enable virtual patient care and remote monitoring. In addition to the Covid-19 antigen and antibody tests, the prevention and wellness services offered at the collection points include screening and monitoring for diabetes, high blood pressure, high cholesterol, and more. In addition, Collection Sites certified nurses and medical assistants can diagnose, treat, and write medical prescriptions as needed. “Our new model will help improve access to quality, affordable health care for people who live, work and school in Collection Sites locations,” said Doug Sommerville, CEO of Medivolve. “We are excited to bring our growing range of health services to communities and look forward to being a resource for providing health care to residents when and where they need us.” Shares for Debt Medivolve also announces that it has entered into agreements to settle US $ 5,040,691 of its outstanding cash debt to various creditors by issuing 10,958,024 common shares of the Company (the “Common Shares”) at an effective price per share of 0, $ 46. In accordance with applicable securities laws, the common shares issued are subject to a four month and one day holding period and approval by the NEO Exchange. Collection Point Information Collection Points COVID-19 test centers provide convenient access to rapid antibody and antigen tests – it takes 8 to 10 minutes to manage and provides results in less than 24 hours. The locations also offer regular RT-PCR. The test centers are operated by Alcala Testing and Analysis Services, a CLIA licensed laboratory in San Diego, California. All tests can be done with insurance coverage options. Test results can be sent by text or email and provided with a health certificate using a HIPAA-compliant smartphone application. Please visit www.testbeforeyougo.com for more information on the pop-up labs, available websites and services. About Medivolve Inc. Medivolve Inc. (NEO: MEDV; OTC: COPRF; FRA: 4NC) seeks disruptive technology, breakthrough innovations, and exclusive partnerships to fight COVID-19 and generate remarkable risk-adjusted returns for investors. In particular, Medivolve offers investors a diversified investment in the COVID-19 medical field in three areas. Prevention, detection and treatment. Medivolve has a team of renowned global medical and business advisors who have developed their own business strategy to capitalize on high margin opportunities in the COVID-19 space. This body consists of the well-known immunologists Dr. Lawrence Steinman and Dr. Glenn Copeland, who have over 45 years of experience in orthopedic care, foot and ankle care, and sports medicine. Medivolve’s primary focus is to provide convenient and assessable medical services for testing the COVID-19 virus to fight the pandemic. This is achieved primarily through two acquisitions: 100% from Collection Sites, LLC and 28% from Colombian Sanaty IPS. Collection Sites is setting up a number of COVID-19 test sites in the United States. Appointments and payments are processed via the online portal www.testbeforeyougo.com. Sanaty is setting up a number of full service medical clinics offering a full COVID-19 testing solution. For more information, please contact: Doug Sommerville, [email protected] For investment inquiries, please contact: Evan Veryard [email protected] For US media inquiries, please contact: Veronica Welchveronica @ vewprmedia.com + 1- 508-643-8000 Forward-Looking Information Caution This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, among other things, statements regarding the expansion of the acquisition of Karland Health. The telehealth services to be provided by Karland Health and Collection Sites include the settlement of the Company’s outstanding cash debt and the issuance of common stock in connection with the Company’s business and operations and the Company’s ability to execute its business plan. In general, forward-looking information can be identified by using forward-looking terminology such as “plans,” “expected,” “not expected,” “expected,” “budget,” “planned,” “estimates”. “Predicts,” “intends,” “anticipates,” or “does not anticipate” or “believes” or variations of such words and phrases or indicates that certain actions, events or outcomes “may,” “might,” “would,” ” could be “or is taken”, “occurs” or “reached”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, level of activity, performance, or performance to differ materially from those expressed or implied by such forward-looking information. While the company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that could cause results not to be as expected, estimated or intended . 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 these statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. The company makes no undertaking to update any forward-looking information except in accordance with applicable securities laws. NEITHER ANY EXCHANGE OR ITS REGULATORY SERVICE PROVIDER HAS REVIEWED OR ASSUMED RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.