Mr. Marshall Gunter reports
DATAMETREX ANNOUNCES ACQUISITION OF TELEMEDICINE COMPANY, MEDI-CALL INC.
Further to its press release of March 23, 2021, Datametrex AI Ltd. has completed the acquisition of Medi-Call Inc., an arm's-length, B.C.-based private telemedicine company.
The acquisition of Medi-Call was completed by way of a share exchange agreement dated June 18, 2021, between the company, Medi-Call and the shareholders of Medi-Call, pursuant to which the company acquired all of the issued and outstanding shares of Medi-Call for an aggregate purchase price of $12-million satisfied through the issuance of 60 million units of the company at a deemed price of 20 cents per consideration unit.
Each consideration unit consists of one common share in the capital of the company and one common share purchase warrant, each consideration warrant entitling holder to acquire one common share in the capital of the corporation at an exercise price of 26 cents per share for a period of 24 months from date of issuance.
As a result of the acquisition, Medi-Call is now a wholly owned subsidiary of the company.
Issuance of the consideration units and their underlying securities shall be subject to the receipt of regulatory approvals including, without limitation, the final approval of the TSX Venture Exchange and other conditions.
Datametrex has not assumed any debt of Medi-Call, and the proposed acquisition will not constitute a fundamental change or result in a change of business for the company, nor is it expected to result in a change of control of the company within the meaning of applicable securities laws and defined in the polices of the TSX-V.
Dr. Omar Sharif, president of Medi-Call, stated: "This is an exciting development for Medi-Call and with the global impact of COVID-19 has been unprecedented, resulting in telemedicine witnessing a massive demand, it made sense to team up with a larger company to roll out more services and locations in B.C. and eventually across Canada. The demand for multibillion-dollar digital health services has emerged as a powerful new business and health care model for doctors like me in assessing patients quickly and efficiently but is also aiding in reducing the cost burden to regional health authorities. I look forward to driving the telemedicine business with help of the team at Datametrex."
Marshall Gunter, chief executive officer of the company, stated: "The past 18 months with the pandemic has transformed our behavioural habits related to our health and well-being and including seeing a doctor. With the acquisition of Medi-Call comes the addition of key medical staff and enhanced capability in the field of on-line medicine. With the increased capacity to screen patients on an on-line basis for underlying health issues prior to undertaking an ER visit in a hospital, Medi-Call is furthering its commitment to patients that require immediate acute assessment or frequent visits to a doctor's office for consultation for underlying conditions. With today's tech-savvy generation, preference towards the adoption of on-line shopping and services, the delivery for on-line medical consultation is on the surge."
About Medi-Call
Medi-Call is a telemedicine company providing technology driven e-health or m-health care services including prescriptions, launching initially in British Columbia, and then expanding across Canada. The objectives of Medi-Call include making health care accessible to people who live in rural or isolated communities and making services more readily available or convenient for people with limited time, mobility or transportation choices. Medi-Call is driven to improve coordination and communication of treatment among members of a health care team and its patients.
About Datametrex AI Ltd.
Datametrex AI is a technology-focused with exposure to artificial intelligence and machine learning through its wholly owned subsidiary, Nexalogy. Datametrex's mission is to provide tools that support companies in fulfilling their operational goals, including health and safety, with predictive and preventive technologies. By working with companies to set a new standard of protocols through artificial intelligence and health diagnostics, the company provides progressive solutions to support the supply chain.
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