Mr. Hamed Shahbazi reports

WELL HEALTH PROVIDES CORPORATE UPDATE ON WELLSTAR REFLECTING ORGANIC AND INORGANIC GROWTH WINS

Well Health Technologies Corp. has provided a corporate update on its majority-owned platform subsidiary, Wellstar Technologies Corp., including recent developments related to OceanMD's e-referral platform, recent strategic acquisitions and the completion of a $62-million Series B financing round.

Amir Javidan, chief executive officer of Wellstar, commented: "The past 12 months have been transformational for Wellstar as we have firmly established ourselves as Canada's premier digital health platform for health care providers. The business has strong momentum, driven by steady organic growth, a growing base of recurring revenue, and increasing adoption of technologies such as OceanMD and Nexus AI across our platform. We are executing with discipline and advancing our strategy through continued organic expansion and targeted, high-impact acquisitions that strengthen our offering and extend our market reach. With a clear path toward a potential public listing in 2026, our mission is to empower clinicians with best-in-class digital tools while building a durable, high-growth business that delivers lasting value for shareholders."

OceanMD e-referral expansion

Following a comprehensive procurement and contracting process, OceanMD has been awarded a material e-referral contract to be the provincial referral management system (RMS). The province-wide request for proposals (RFP) sought vendors capable of delivering e-referral platforms that integrate seamlessly with existing provincial digital health assets as well as all major electronic medical record systems in both community and hospital settings. This is a new customer contract that immediately uplifts Wellstar's overall ARR (annual recurring revenue) by 16 per cent.

OceanMD now facilitates over 1.7 million e-referrals annually nationwide. The platform is trusted in Canada by more than 17,000 physicians and 2,500 clinics to send e-referrals and over 3,300 physicians and 1,300 clinics to receive them. Collectively, more than 20,000 physicians and 3,800 clinics participate in the program, reflecting the largest e-referral network in Canada.

Ocean e-referrals have delivered measurable improvements in patient care, including a 12-per-cent reduction in unnecessary MRIs (magnetic resonance images), a 20-per-cent reduction in surgical wait times and a 35-day decrease in central intake referral processing times. With built-in appropriateness criteria and clinical decision support tools, OceanMD ensures referrals are accurate, necessary and timely. These benefits are further reflected in patient outcomes, with 95 per cent of patients reporting improved referral experiences and 89 per cent noting satisfaction with wait times.

Jeff Kavanagh, co-founder and chief executive officer of OceanMD, commented: "We are honoured to be selected as the official RMS for another entire province. Winning this competitive procurement process demonstrates the strength, scalability and reliability of the Ocean platform. With Ocean e-referrals, we are committed to providing health care providers with a proven, scalable platform that reduces wait times, improves patient satisfaction and helps clinicians deliver better care. We are extremely proud and honoured by this new contract win, which reinforces how Ocean's e-referral platform has been established as Canada's leading e-referral platform."

Wellstar acquisitions

Wellstar has signed agreements to acquire two billing assets, including a leader in the Canadian medical billing marketplace. The acquisition is highly complementary to and synergistic with Wellstar's existing billing solutions and is subject to regulatory approval. The two billing assets are expected to generate approximately $4-million in annualized revenue, with margins exceeding 20 per cent.

On Nov. 1, 2025, Wellstar acquired Mutuo Health Solutions, the developer of the AutoScribe platform, which powers Wellstar's Nexus AI medical scribe. Mutuo's technology and engineering team will be fully integrated within Wellstar, ensuring tighter alignment of AI (artificial intelligence) development, deployment and clinical workflows. The acquisition strengthens Wellstar's ownership of key intellectual property already central to Nexus AI, and accelerates its ability to build new AI capabilities into its products. Moving Mutuo under Wellstar also aligns its provider-focused products with the business best positioned to commercialize them within clinics and health systems across Canada.

Q3 Wellstar financial performance

Well announced its quarterly financial results on Nov. 6, which highlighted another strong performance from its majority-owned subsidiary, Wellstar. Wellstar generated $18.3-million in revenue in Q3, an increase of 67 per cent compared with the prior year. Organic growth was 26 per cent year over year, reflecting strong adoption of Wellstar's digital and AI-enabled platforms and continued expansion within its existing customer base. ARR grew 63 per cent year over year, underscoring the scalability and durability of Wellstar's business model. With a highly recurring revenue base and disciplined execution across each of its operating segments, Wellstar enters 2026 with significant momentum and a clear path toward sustained growth and scale.

Wellstar Series B financing and future M&A (mergers and acquisitions)

Following the recently announced $62-million equity financing, Wellstar is entering its next phase of accelerated growth. The company is actively deploying capital to pursue a robust pipeline of strategic tuck-in acquisitions aimed at expanding its technology suite and driving revenue toward a $100-million annualized run rate. To support this effort, Wellstar has added a new member to its corporate development team and is aggressively advancing its M&A pipeline. With recent acquisitions such as Mutuo and the pending purchase of additional billing assets, Wellstar is building scale and strengthening its foundation as a leader in AI-enabled clinical and billing solutions. The company remains well positioned to pursue a public listing in 2026, subject to market conditions, as it continues to execute on its growth strategy and unlock value for Well shareholders.

About Well Health Technologies Corp.

Well's mission is to tech-enable health care providers. The company does this by developing the best technologies, services and support available, which ensures health care providers are empowered to positively impact patient outcomes. Well's comprehensive health care and digital platform includes extensive front- and back-office management software applications that help physicians run and secure their practices. Well's solutions enable more than 43,000 health care providers between the United States and Canada and power the largest owned and operated health care ecosystem in Canada with more than 220 clinics supporting primary care, specialized care and diagnostic services. In the United States, Well's solutions are focused on specialized markets such as the gastrointestinal market, women's health, primary care and mental health. Well is publicly traded on the Toronto Stock Exchange under the symbol WELL and on the OTC (over-the-counter) exchange under the symbol WHTCF.

About Wellstar Technologies Corp.

Wellstar is a leading health care technology company dedicated to reshaping health care through digital enablement. Wellstar provides a comprehensive, holistic solution for health care providers across Canada, with over 40 per cent of practitioners currently using its products and services. Wellstar's solutions serve primary care physicians, specialist physicians, health systems and public-sector organizations through a complete suite of solutions, including billing and practice management systems, electronic medical records (EMRs), digital health applications, and digital health network solutions. As a majority-owned subsidiary of Well Health, Wellstar continues to drive innovation and transformation in the Canadian health care landscape, reducing administrative burden and empowering providers to deliver better patient outcomes through advanced technology solutions.

We seek Safe Harbor.