Medivolve Achieves Significant Milestone by Establishing Management Services Organization

TORONTO, May 15, 2023 (GLOBE NEWSWIRE) -- Medivolve Inc. (“Medivolve” or the “Company”) (NEO: MEDV; OTC: MEDVF; FRA: 4NC) is pleased to announce that it has established Medivolve Management Services, LLC in Puerto Rico to serve as a management services organization (the “MSO”). The MSO has been organized by the Company in accordance with applicable rules governing the practice of medicine in the United States. The Company, through the MSO utilizing the telehealth platform currently in development, intends to coordinate physician/patient interactions, provide medical billing and practice management services, and facilitate access to diagnostic testing and pharmacy services in partnership with qualified health practitioners and in reliance on services provided by Medivolve’s wholly owned subsidiaries, Collection Sites and Medivolve Pharmacy. For this purpose, in late April 2023 the MSO entered into a management service and licensing agreement with a California medical corporation that is qualified to practice medicine in California (the “Physician Network”).

In early May 2023, the Physician Network acquired (the “Acquisition”) another California professional medical corporation, which is a fully licensed healthcare provider operating out of Brea, California that is duly credentialed with multiple insurance payors. The payor credentials are necessary to facilitate the reimbursement for services rendered through the telehealth platform and the Physician Network which is managed by the MSO. The US$400,000 purchase price (payable by way of an initial cash payment of US$200,000, with two additional tranches of US$100,000 payable on the 6 and 12-month anniversaries of the closing of the Acquisition) was funded by way of a loan from Collection Sites to the Physician Network.

In addition, the Company announces that it has closed all of its remaining COVID-19 testing locations in order to focus its resources on the telehealth platform rollout.

About Medivolve, Inc.

Medivolve, Inc. (NEO: MEDV; OTC: MEDVF; FRA: 4NC) is a Canadian healthcare technology company headquartered in Toronto, Canada. Medivolve provides comprehensive clinical laboratory testing for COVID-19 through a distributed network of retail collection sites. The Company’s mission is to improve health and lives by delivering world-class diagnostic solutions—starting with COVID-19—as well as to enable faster and better care to patients through innovative technology. Medivolve and its subsidiaries, Collection Sites and Marbella Pharmacy, operate a distributed network of six retail patient-care locations across the United States (five Collection Sites and one Marbella Pharmacy).