Apr 7, 2022 CloudMD Software & Services Inc.

CloudMD Announces CEO Succession

 
CloudMD Software

Dr. Essam Hamza stepping down as CEO and President, Karen Adams appointed as Interim CEO

VANCOUVER, British Columbia, April 06, 2022 — CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) (“CloudMD” or the “Company”), a healthcare technology and innovative health services company transforming the delivery of care, today announced that the Company’s founder, Dr. Essam Hamza, will be stepping down as Chief Executive Officer (“CEO”) as of Monday, May 2, 2022. Dr. Hamza will remain on the Board of Directors and act as a strategic advisor to the Company. The Board of Directors unanimously appointed President, Karen Adams to assume the role of Interim CEO until a successor is appointed.

Over the last five years, Dr. Hamza has led CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) through significant growth and transformation, resulting in the company that CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) is today: a comprehensive, connected healthcare ecosystem with over 800 employees across North America. The founding principles that have guided CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) through its aggressive growth phase will continue to be the Company’s guiding light as it transforms the way healthcare is delivered.

“On behalf of the Board, I want to thank Essam for his entrepreneurial leadership and his hard work these past years, building an organization that is leading the industry in access to healthcare services,” said Mark Kohler, Chair of the Board of Directors of CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF). “Under Essam’s leadership, CloudMD Software & Services Inc.’s (TSXV:DOC)(OTCQB:DOCRF) business and revenue have increased in an extraordinary way. Essam has also gathered an impressive team with operational management depth throughout the organization, giving me confidence in the Company’s ability to transition to new leadership seamlessly, capitalize on strategic opportunities, and deliver value to all stakeholders.”

The Company’s Board of Directors unanimously appointed CloudMD Software & Services Inc.’s (TSXV:DOC)(OTCQB:DOCRF) current President, Karen Adams, to assume the role of Interim CEO effective Monday, May 2, 2022, until the permanent CEO is appointed to lead the Company. The Board has initiated a process to identify the permanent CEO. Ms. Adams has been with CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) for the last two years, being appointed to the role of President in June 2021 and joining the Board of Directors in November 2021. She has over 25 years of senior executive experience in transforming companies, building brands, scaling organizations, and driving change and improvement in the healthcare solutions industry. During her time with CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF), Ms. Adams has built the Company’s strategic road map within its Enterprise Health Division, Digital Health Services Division, and mental health support solutions, and has significantly increased revenues, driven cost optimizations and launched geographic expansion. Prior to joining the Company, Ms. Adams held executive roles with Forum Corporation, Cira Health Solutions (SCM Insurance Services) and Morneau Shepell (Lifeworks) where she rebuilt brands, business strategies and positioned these companies for long term for growth.

Dr. Essam Hamza, CloudMD Software & Services Inc.’s (TSXV:DOC)(OTCQB:DOCRF) transitioning CEO comments, “Over the last few years, CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) has gone through significant growth including the completion of over 15 acquisitions, which are expected to add over $100 million in annual revenue. The business has changed from a connected network of clinics to a leading comprehensive healthcare provider, and I could not be prouder of the team on their ability to execute. It is time for the Company to move away from its founder, and I will be stepping down as CEO and passing the baton so a new CEO can lead the Company through its next phase of growth. I look forward to supporting the entire executive team through the Company’s next stage.”

Karen Adams, CloudMD Software & Services Inc.’s (TSXV:DOC)(OTCQB:DOCRF) Interim CEO said, “I am honoured that the Board has the confidence in me to begin to lead CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) into our next phase of growth. I am excited to work with the whole team to build the business, leveraging our differentiators to deliver results for our shareholders and stakeholders, including clients, network providers, and employees. The team will continue developing existing and additional capabilities underpinned by technology. We will continue investing in our employees through learning and development and create more opportunities for each employee to have a voice in new ideas, products, and services. I have worked alongside Essam for the last two years through the Company’s transformation and I am proud of what the Company has accomplished during that time.”

About CloudMD Software & Services

CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD Software & Services Inc.’s (TSXV:DOC)(OTCQB:DOCRF) proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD Software & Services Inc.’s (TSXV:DOC)(OTCQB:DOCRF) business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD Software & Services Inc.’s (TSXV:DOC)(OTCQB:DOCRF) Enterprise Health Solutions Division has built a leading employer healthcare solutions, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.

CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals and over 5 million individuals across North America. For more information visit: https://investors.cloudmd.ca.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS

This news release contains “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities laws. Forward-looking statements in this news release include, but are not limited to, statements regarding: the planned transition of the CEO; the addition of revenue as a result of the Company’s 15+ acquisitions; the Company’s plans and expectations with respect to the business; and the impact of such plans. These statements are based upon information currently available to CloudMD Software & Services Inc.’s (TSXV:DOC)(OTCQB:DOCRF) management. All information that is not clearly historical in nature may constitute forward‐looking statements. In some cases, forward‐looking statements may be identified by the use of terms such as “forecast”, “assumption” and other similar expressions or future or conditional terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and “should”. Forward-looking statements contained in this news release are based on certain factors and assumptions made by management of CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) based on their current expectations, estimates, projections, assumptions and beliefs regarding their business and CloudMD does not provide any assurance that actual results will meet management’s expectations. While management considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Such forward‐looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Company’s MD&A and most recent Annual Information Form (which are filed under the Company’s issuer profile on SEDAR and can be accessed at www.sedar.com), that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. Although CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward‐looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward‐looking statements. Accordingly, readers should not place undue reliance on forward‐looking information. CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF) does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.

SOURCE CloudMD Software & Services Inc. (TSXV:DOC)(OTCQB:DOCRF)

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding CloudMD Software & Services Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to CloudMD Software & Services Inc.’s industry; (b) market opportunity; (c) CloudMD Software & Services Inc.’s business plans and strategies; (d) services that CloudMD Software & Services Inc. intends to offer; (e) CloudMD Software & Services Inc.’s milestone projections and targets; (f) CloudMD Software & Services Inc.’s expectations regarding receipt of approval for regulatory applications; (g) CloudMD Software & Services Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) CloudMD Software & Services Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute CloudMD Software & Services Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) CloudMD Software & Services Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) CloudMD Software & Services Inc.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) CloudMD Software & Services Inc.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of CloudMD Software & Services Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) CloudMD Software & Services Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact CloudMD Software & Services Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing CloudMD Software & Services Inc.’s business operations (e) CloudMD Software & Services Inc. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, CloudMD Software & Services Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does CloudMD Software & Services Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither CloudMD Software & Services Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of CloudMD Software & Services Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of CloudMD Software & Services Inc. or such entities and are not necessarily indicative of future performance of CloudMD Software & Services Inc. or such entities.