Mr. Hamed Shahbazi reports

WELL HEALTH SUBSIDIARY WELLSTAR EXPANDS NATIONAL BILLING PLATFORM WITH TWO STRATEGIC ACQUISITIONS, NOW SERVING SIX PROVINCES

Well Health Technologies Corp.'s majority-owned subsidiary, Wellstar Technologies Corp., has completed two strategic medical billing acquisitions: PatientServ Corp. in Ontario and Lambert Medico Factures Inc. in Quebec.

The total consideration paid for these two transactions is approximately $4.8-million, including the assumption of certain indebtedness and subject to customary holdbacks and working capital adjustments, with up to an additional $6.3-million of future milestone or performance-based payouts. Together, these transactions expand Wellstar's presence in Canada's largest provincial health care markets and strengthen Wellstar's position as the most comprehensive clinical operations partner for physicians in Canada. The two medical billing assets, PatientServ and Lambert, are expected to collectively generate approximately $5-million in annual revenue with EBITDA (earnings before interest, taxes, depreciation and amortization) margins approaching 20 per cent. Inclusive of these two acquisitions, Wellstar is now at an annualized revenue run rate of approximately $84-million.

Amir Javidan, chief executive officer of Wellstar, commented: "Taken together, these transactions represent a major step forward in our mission to build Canada's most complete and physician-centred clinical operations platform. Collectively, these moves deepen our provincial reach, broaden our service offerings and position Wellstar to deliver scalable, high-impact operational improvements to physicians across our entire ecosystem. With the previously announced $62-million equity financing, Wellstar is well-funded to continue to execute on its capital allocation strategy as we continue to target a $100-million-revenue-run-rate goal by the end of this year."

Mr. Javidan further added: "Physician billing is one of several operational processes that Wellstar is digitizing and optimizing through automation, advanced analytics and emerging AI [artificial intelligence] capabilities. By integrating experienced billing teams with modern technology platforms, Wellstar helps improve claim accuracy, reduce administrative friction, and support efficient participation in provincial and territorial health care programs. Reducing administrative burden for physicians is increasingly important as health care systems across Canada face ongoing physician shortages and growing health care needs. By streamlining processes such as billing, documentation workflows and revenue cycle management, Wellstar enables physicians and care teams to spend less time navigating complex administrative requirements and more time focusing on patient care."

Hamed Shahbazi, chief executive officer and chairman of Well Health, commented: "Well remains fully committed to the planned spinout of Wellstar and to unlocking the significant value embedded in this technology asset. We believe Wellstar is fundamentally differentiated from the broader software and SaaS [software-as-a-service] sector, even as that sector faces market headwinds. That differentiation comes down to four powerful competitive moats: first, its rapid evolution from system of record to system of action, with Nexus AI capabilities increasingly embedding Wellstar in the daily economics of care delivery and creating deep operational dependency; second, its data and context intelligence, built on a uniquely comprehensive view of patient, provider and billing data accumulated through serving over 40 per cent of Canada's practitioner base; third, its brand and trust, earned over years of proven performance in regulated health care environments; and fourth, network effects, where every new clinic and connection compounds the intelligence and value of the entire platform. Together, these moats make Wellstar resilient, durable and increasingly valuable."

Building Canada's most comprehensive medical billing services offering

On a daily basis, physicians navigate a myriad of provincial medical billing rules, fee schedules and compliance requirements for both insured medical services covered by provincial health plans and the growing volume of uninsured and third party services they must collect independently. As these rules evolve and administrative pressures mount, many physicians find themselves spending an increasing amount of valuable time and resources managing billing complexity rather than focusing on patient care. Wellstar is addressing this challenge by strategically expanding its billing capabilities to reduce administrative burden and enable physicians to receive the compensation they deserve for their work.

Acquisition of PatientServ: expanding uninsured medical billing services

On Dec. 1, 2025, Wellstar completed the acquisition of PatientServ, Ontario's leading platform and an Ontario Medical Association (OMA) partner, for uninsured and third party medical billing. PatientServ strengthens Wellstar's strategy to offer a fully unified billing ecosystem and solidify its position as Canada's most complete and scalable platform for modernizing uninsured medical billing.

Uninsured medical services are activities not covered by provincial health insurance plans, leaving physicians responsible for setting and collecting appropriate fees and increasing their administrative burden. PatientServ solves this challenge by automating billing workflows, helping physicians capture revenue they would otherwise miss.

Acquisition of Lambert Medico Factures: entry into Quebec and national billing expansion

On Feb. 1, 2026, Wellstar completed the majority ownership acquisition of Lambert, a Quebec-based medical billing provider and one of the province's most established agencies, marking Wellstar's formal entry into Canada's second-largest provincial physician market. This acquisition extends Wellstar's medical billing coverage to six provinces, reinforcing its position as the most comprehensive billing services partner for Canadian physicians. By integrating Lambert's long-standing presence and deep expertise in Quebec's complex health care environment, Wellstar gains an immediate and strategic foothold in the province. Lambert's offerings also broaden Wellstar's service portfolio and create new opportunities for cross-selling bundled services and building deeper customer relationships across Quebec and nationally.

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 platforms include 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 250 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 behavioural 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, specialists, health systems and public sector organizations through a comprehensive suite, 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.

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