Mr. Hamed Shahbazi reports

WELL HEALTH EXPANDS PRIMARY CARE NETWORK WITH ACQUISITION OF MCI ONEHEALTH'S ALBERTA CLINICAL OPERATIONS

Well Health Technologies Corp. has entered into a definitive share purchase agreement dated May 18, 2023, to acquire all of the issued and outstanding shares of MCI Medical Clinics (Alberta) Inc. (MCI Alberta) from MCI Onehealth Technologies Inc. (MCI). MCI Alberta owns and operates five primary care clinics in Calgary, Alta.

The five clinics, located in the greater Calgary area, offer a range of primary care services, including family medicine, women's health and other specialties. The acquisition brings more than 50 physicians to the Well family as part of the transaction, adding to Well's over 3,000 providers in its patient services business units across North America. These clinics will be integrated into Well's existing primary care clinic network.

"We are very pleased to announce the acquisition of additional primary care clinics in Calgary, as it represents an excellent opportunity for us to expand and bring our comprehensive practitioner enablement platform to more providers in Alberta," said Hamed Shahbazi, chief executive officer of Well. "We view primary care clinics as being strategically important because they serve as a gateway for patients to access health care services, and they provide a foundation for building long-term, multidisciplinary patient relationships that result in the best patient outcomes possible."

The acquisition of these well-known and -regarded primary care clinics in Calgary marks a significant milestone in Well's national clinic expansion strategy, and builds upon Well's previous acquisitions in Alberta, such as Inliv and CloudPractice. The five clinics are expected to collectively contribute approximately $10-million of annual revenue. Following the completion of the transaction, Well will integrate leading-edge software and workflows, such as Well AI Voice, from its practitioner enablement platform.

Transaction details

The consideration to be paid by Well in connection with the transaction is $2-million, with $1-million being paid in cash at signing, and the balance subject to customary postclosing adjustments and holdbacks. The transaction will be a debt-free deal. Closing of the transaction is expected in Q2 2023 and is subject to standard closing conditions.

Note: Well AI Voice is an artificial-intelligence-powered ambient scribe recently launched under the WellHealth.ai program. For more details, refer to the press release dated May 10, 2023.

About Well Health Technologies Corp.

Well is a practitioner-focused digital health care company. Well's overarching mission is to positively impact health outcomes by leveraging technology to empower health care practitioners and their patients globally. Well exists to enable health care practitioners with best-in-class technology and services. Well has built the most comprehensive end-to-end health care system across Canada, including the nation's largest network of clinics supporting primary care, specialized care and diagnostics services. In the United States, Well provides omnichannel health care services and solutions targeting specialized markets such as the gastrointestinal market, women's health, primary care and mental disorders. In addition to providing patient services, Well develops, integrates and sells its own suite of technology software and solutions to medical clinics and health care practitioners. Well's practitioner enablement platform includes: electronic medical records (EMR), telehealth platforms, practice management, billing, revenue cycle management (RCM), digital health apps and data protection solutions.