CloudMD Announces Leadership Change

VANCOUVER, British Columbia, June 07, 2023 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), an innovative health services company transforming the delivery of care, announced today that John Plunkett is transitioning to a new role as EVP, Corporate Development and Integration. Prakash Patel, currently the Chief Accounting Officer of Elevation Capital, will join CloudMD as CFO on July 11, 2023. John will remain in the role of CFO until his successor arrives.

Prakash brings senior executive experience in finance and accounting, including designing and implementing end-to-end financial reporting structures for TSX-listed companies. Most recently at Elevation Capital, Prakash was providing strategic direction and oversight of the company's finances, with a focus on building the financial planning and analysis function including the quarterly reporting process.

“Our company's continued focus on building financial strength is essential to deliver on our purpose and create long term value for our stakeholders,” said Karen Adams, CEO of CloudMD. “Prakash brings deep financial experience with a track record of implementing KPI-driven decision making and integrated financial reporting structures. He has the experience to lead our financial organization and deliver on a comprehensive financial strategy that will enable growth and a path to profitability. The Board and I want to thank John for his significant contributions over the last year in strengthening the financial position of CloudMD, and I am pleased that he will assume a new role focused on key strategic priorities to continue the acceleration of integration and profitability.”

“I am proud of the progress that we have made in improving CloudMD’s financials over the past year, driven by a refocused strategy, divestment of our non-core businesses, acquisition integration, and cost realignment across the organization. I am looking forward to focusing my attention and expertise on key strategic initiatives that will unlock value for shareholders,” said John Plunkett, CFO.

“CloudMD is a company that is empowering healthier lives and making a difference in the way people access healthcare. I look forward to joining the executive team and doing my part in continuing to strengthen the balance sheet and accelerating our path to profitability. It is a fantastic opportunity to join Karen and the CloudMD team in executing the strategic plan and delivering better health outcomes for hundreds of thousands of people,” said Prakash Patel, incoming CFO of CloudMD.