CloudMD to Acquire Snapclarity Inc., an Enterprise Mental Health Platform, Expanding Telehealth Offering to Include Mental Wellness

• A silent mental health crisis existed before the COVID-19 pandemic and has now been brought to the forefront as a crisis on its own.
  
• COVID 19 has created a global focus on mental and physical health.
• Snapclarity is a revolutionary digital mental health platform built on a multi-disciplinary, evidence based and outcome driven approach to wellbeing. 
• The Snapclarity team has deep and extensive experience in mental health and the enterprise products market.
• CloudMD’s acquisition of Snapclarity supports two key objectives: 1) Strengthens CloudMD’s suite of virtual care solutions with the addition of a proven mental wellness solution and 2) Provides a direct and existing pathway into offering the suite of solutions to enterprise clients, including large insurers and employers, across Canada.

VANCOUVER, British Columbia, July 16, 2020 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telehealth company seeking to revolutionize the delivery of healthcare to patients, is pleased to announce that it has signed a binding term sheet (“Term Sheet”) to acquire 100% of Snapclarity Inc. (“Snapclarity”). 

Snapclarity is a mental healthcare pioneer. Their on demand digital platform provides an assessment for an individual’s personal risk of mental health disorders resulting in a personalized care plan, access to online resources, a clinical health care team and the ability to match to the right therapists. Snapclarity’s product offering is a connected, collaborative model that leaves individuals feeling empowered, motivated and supported throughout their entire treatment journey. 

“The COVID-19 pandemic is the most serious public health emergency of our lifetime and it has further deepened the mental health crisis we were already facing,” said Dr. Essam Hamza, CEO of CloudMD. “Recent data tells us that over 56% of Canadians said the pandemic is having a negative impact on their mental health, with social isolation being the top contributing factor. This acquisition of Snapclarity is a transformational addition to CloudMD as we continue to strengthen our suite of virtual care solutions and make it easier for Canadians to get help from home. As a primary care physician for the past 20 years the importance of providing a viable tool for the mental health crisis is a deeply personal motivation for me.”