CloudMD Appoints Dr. Sohal Goyal as Head of Corporate Development in Ontario
Vancouver, BC, June 18, 2020 - CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a telemedicine company revolutionizing the delivery of healthcare to patients, is excited to announce that it has appointed Dr. Sohal Goyal as Head of Corporate Development in Ontario. Dr. Goyal is currently the Medical Director of West Mississauga Medical and the appointment comes off the recent announcement of CloudMD’s intent to acquire a majority interest in the integrated medical clinic.
Dr. Goyal is a respected healthcare thought leader in Ontario and over his 18-year career has established a vast network of healthcare relationships. Dr. Goyal graduated from the University of Toronto Faculty of Medicine and is a Fellow of the College of Family Physicians. He is an assistant clinical professor with McMaster University Department of Family Medicine and is currently the Lead Physician of one of the largest Family Health Groups, which includes over 130 physicians. Dr. Goyal has held numerous leadership roles with the Ontario Medical Association and is currently chair of both District 5 and the local Primary Care Network. In addition, he has acted as an advisor for many public and private companies.
As part of CloudMD’s expansion plans, it is important to have a secure footprint in each major province and having Dr. Goyal on the ground, with his established network, will be extremely valuable for the Company’s future corporate development. Ontario is the largest province in Canada with a population of 14.6 million, and Dr. Goyal will lead CloudMD’s further expansion into the province. He will liaise with the Ontario medical community, Provincial Government and associations on behalf of the Company. Dr. Goyal will help identify and close strategic acquisitions and opportunities within the province. Additionally, Dr. Goyal will lead recruiting and onboarding of Ontario based physicians and allied health professionals to the CloudMD telemedicine platform.
Dr. Sohal Goyal, Medical Director of West Mississauga Medical commented, “I am excited to work closely with Dr. Essam Hamza and the CloudMD team. This role gives me the opportunity to assist in the integration of virtual medicine and the hybrid clinic model in Ontario and enhance the delivery of healthcare for patients in the province. CloudMD is a patient-centred company and I look forward to working with them to increase Ontario’s access to virtual medicine.”
Dr. Essam Hamza, CEO of CloudMD commented, “We are thrilled to welcome Dr. Goyal as Head of Corporate Development in Ontario. His expertise, and network of healthcare relationships will be extremely valuable for us as we continue our rapid expansion in Ontario and across North America. Our goal is to provide a strong, centralized patient base and footprint across the country, and having Dr. Goyal deeply-rooted in the Ontario Healthcare sector will greatly help us in achieving our goal. Dr. Goyal’s integrated, patient-centric approach to delivering healthcare aligns well with CloudMD’s strategy and we look forward to working together moving forward.”
Pursuant to the policies of the TSX Venture Exchange and the terms of the contractor services agreement (the “Agreement”) with Dr. Goyal, the Company will issue $500,000 in common shares of the Company to Dr. Goyal which equates to 699,301 common shares (the “Shares”). The Shares issued are subject to escrow over a 2-year period and will be released on a quarterly basis. The deemed price of the Shares is $0.715, which was calculated by using the volume weighted average closing share price on the last 10 trading days prior to the date of the Agreement.
All securities issued pursuant to the Agreement remain subject to the approval by the TSX Venture Exchange.
About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare by providing patients access to all points of their care from their phone, tablet or desktop computer. The Company offers SAAS based health technology solutions to medical clinics across Canada and has developed proprietary technology that delivers quality healthcare through the combination of connected primary care clinics, telemedicine, and artificial intelligence (AI). CloudMD currently provides service to a combined ecosystem of 376 clinics, over 3000 licensed practitioners and almost 3 million patient charts across its servers.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dr. Essam Hamza, MD”
Chief Executive Officer
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CloudMD Software & Services Inc.
Forward Looking Statements
This news release contains forward-looking statements that are based on CloudMD’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to its business plans and its intended use of the proceeds of the Offering. Although CloudMD believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and CloudMD undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.