TORONTO, May 03, 2022 (GLOBE NEWSWIRE) -- Medivolve, Inc. (“Medivolve” or the “Company”) (NEO: MEDV; OTC: COPRF; FRA: 4NC) is pleased to announce its intention to commence a Normal Course Issuer Bid (“NCIB”) to buy back common shares of the Company (the “Common Shares”) through the facilities of NEO Exchange Inc. (the “Exchange”) and/or other Canadian alternative trading platforms. The actual number of Common Shares that may be purchased under the NCIB and the exact timing of such purchases will be determined by the Company.
The Company is undertaking the NCIB because its management believes that, currently, and from time to time, the market price of its Common Shares may not reflect the underlying value of the Company’s business and prospects. Management believes that, at such times, the purchase of Common Shares for cancellation would be in the best interests of the Company’s shareholders and an appropriate use of its cash on hand.
The NCIB has been approved by the Company’s board of directors and accepted by the Exchange and will be executed in accordance with the applicable rules and policies of the Exchange and any applicable Canadian securities laws. The NCIB shall commence on May 5, 2022 and run through May 3, 2023 or on such earlier date as the NCIB is complete.
Under the terms of the NCIB, the Company may, if considered advisable, purchase its Common Shares in open market transactions through the facilities of the Exchange and/or other Canadian alternative trading platforms not to exceed up to 10% of the public float for the Common Shares as of May 3, 2022, or 38,449,060 Common Shares, purchased in aggregate. The price that the Company will pay for the Common Shares shall be the prevailing market price at the time of purchase and all purchased Common Shares will be cancelled by the Company. In accordance with Exchange rules, daily purchases (other than pursuant to a block purchase exception) on the Exchange under the NCIB cannot exceed 25% of the average daily trading volume on the Exchange as measured from November 3, 2021 to May 3, 2022.
The Company has appointed PI Financial Corp. to coordinate and facilitate purchases under the NCIB.
About Medivolve, Inc.
Medivolve, Inc. (NEO: MEDV; OTC: COPRF; FRA: 4NC) is a healthcare technology company that seeks to reinvent the US healthcare system by leveraging a bespoke telehealth platform, a clinical diagnostic network, and a data-driven AI framework to improve patient care.
The Company was born out of the healthcare crisis; to rethink, relearn and ultimately, reimagine a better way for the healthcare system to operate. Our network of retail collection sites play an important role in recovery by giving all Americans access to fast, accurate, and inexpensive clinical services when and where they need it. These centers will also play a pivotal role in diagnostic testing, vaccinations, and other point-of-care services. We are building disruptive technologies to make it easier and faster to identify, treat, and prevent medical issues. In doing so, we are working to give patients a holistic and empowered view of their personal health.
Our long-term mission is to permanently fix systemic issues in the nation's fragmented, overly complex, and expensive healthcare system. Medivolve's next phase of growth is about pivoting the model and putting the pieces together to build a profitable, SaaS-based health-tech company. We are bringing data-driven clinical diagnostics, physician recommendations, and prescription medications directly to people, all powered by a singular, streamlined technology network. Our team is united by a powerful, singular purpose: harnessing the transformative power of technology to create healthier lives.
Underpinned by a bespoke, AI-driven platform, we're developing a stealth system that constantly gets smarter, takes the guesswork out of diagnostics, and flags critical health issues immediately to deliver an unparalleled level of personalization for each patient. We are determined to push the boundaries of what's possible—not just for our business and our shareholders, but for physicians and patients, and for the future of healthcare. We are striving to achieve a continuity of care never seen before, a game changer for our business and for patients in the communities we serve.
For investing inquiries, please contact: David Preiner, info@medivolve.ca, 702-990-3737.
Cautionary note regarding forward-looking information:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the NCIB; the terms of such NCIB, including the price and number of Common Shares that may be purchased; the deployment of the Company’s AI technology platform and patient portal, and the effectiveness of the Company’s testing programs. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; accidents, labour disputes and shortages and other risks of the healthcare industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking in-formation, there may be other factors that cause results not to be as anticipated, 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 such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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