Medivolve Enters into Agreement to Acquire Karland Health, Enabling its Wholly Owned Subsidiary, Collection Sites, to Expand Services Beyond COVID-19 Testing with Telehealth and Remote Patient Monitoring
Medivolve Also Strengthens its Balance Sheet via Shares for Debt Settlements
TORONTO, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Medivolve Inc. (“Medivolve” or the “Company”) (NEO:MEDV; OTC:COPRF; FRA:4NC) is pleased to announce that it has signed a binding
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 conjunction with Alcala Testing
and Analysis Services, a CLIA registered high complexity laboratory based in San Diego, California. Collection Sites opened their first testing location on August 8, 2020 and has grown
substantially since with January tests conducted of 73,973 at an average price of US$96 per test. Appointments and payments are handled through an online portal www.testbeforeyougo.com.
Under the terms set out in the agreement, Medivolve is to issue a total of 20 million Medivolve common shares to the shareholders of Karland Health in exchange for a 100% interest in Karland Health, LLC. The 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 a definitive agreement and NEO Stock Exchange approval. No finder fees are payable in connection with, and no change of control of Medivolve will result from, the transaction.
Through Karland Health and associated partnerships, Collection Sites will be equipped with instant telehealth solutions, utilizing integrated hardware and software telemedicine technologies to provide virtual care and remote patient observation. In addition to Covid-19 antigen and antibody testing, prevention and wellness services to be offered at Collection Sites will include screening and monitoring for diabetes, high blood pressure, high cholesterol, and more. In addition, Collection Sites certified nurse practitioners and physician assistants will be able to diagnose, treat and write prescriptions when medically appropriate.
“Our new model will help increase access to high-quality, affordable health care for people who live, work and attend school around Collection Sites locations,” says Doug Sommerville, CEO of Medivolve. “We’re excited to bring our growing suite of health care services to the communities, and we look forward to being a health care resource for residents, when and where they need us.”
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