CloudMD Announces Leadership Change
Vancouver, BC, June 7, 2023 – CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), an innovative health services company transforming the delivery of care, announced today that John Plunkett is transitioning to a new role as EVP, Corporate Development and Integration. Prakash Patel, currently the Chief Accounting Officer of Elevation Capital, will join CloudMD as CFO on July 11, 2023. John will remain in the role of CFO until his successor arrives.
Prakash brings senior executive experience in finance and accounting, including designing and implementing end-to-end financial reporting structures for TSX-listed companies. Most recently at Elevation Capital, Prakash was providing strategic direction and oversight of the company's finances, with a focus on building the financial planning and analysis function including the quarterly reporting process.
“Our company's continued focus on building financial strength is essential to deliver on our purpose and create long term value for our stakeholders,” said Karen Adams, CEO of CloudMD. “Prakash brings deep financial experience with a track record of implementing KPI-driven decision making and integrated financial reporting structures. He has the experience to lead our financial organization and deliver on a comprehensive financial strategy that will enable growth and a path to profitability. The Board and I want to thank John for his significant contributions over the last year in strengthening the financial position of CloudMD, and I am pleased that he will assume a new role focused on key strategic priorities to continue the acceleration of integration and profitability.
“I am proud of the progress that we have made in improving CloudMD’s financials over the past year, driven by a refocused strategy, divestment of our non-core businesses, acquisition integration, and cost realignment across the organization. I am looking forward to focusing my attention and expertise on key strategic initiatives that will unlock value for shareholders,” said John Plunkett, CFO.
“CloudMD is a company that is empowering healthier lives and making a difference in the way people access healthcare. I look forward to joining the executive team and doing my part in continuing to strengthen the balance sheet and accelerating our path to profitability. It is a fantastic opportunity to join Karen and the CloudMD team in executing the strategic plan and delivering better health outcomes for hundreds of thousands of people,” said Prakash Patel, incoming CFO of CloudMD.
Prakash has worked at public companies including Extendicare Inc. and Brookfield Infrastructure Partners, where he was responsible for financial management. Throughout his career, he has successfully delivered profitability improvements, implemented rigorous KPI-driven strategic frameworks, and built cross-functional teams. Prakash earned a Masters degree in Accounting from the University of Waterloo and has a CPA designation.
The company reaffirms its guidance, provided on Q1 2023 earnings call dated May 30th.
About CloudMD Software & Services
CloudMD is an innovative North American healthcare service provider focused on empowering healthier living by combining leading edge technology with an exceptional national network of healthcare professionals. Every day, our employees and health care providers live our values of delivering excellence, collaboration, connected communication and accountability to solve complex health problems. CloudMD’ s industry leading workplace health and wellbeing solution, Kii, supports members and their families with a personalized and connected healthcare experience across mental, physical, and occupational health. Kii delivers superior clinical health outcomes, consistent high engagement, and measurable ROI for payers such as employers, educational institutions, associations, governments, and insurers. CloudMD is also a market leader in workplace absence management through data-driven prevention, intervention and return to work programs.
In addition, the Company sells health and productivity tools to hospitals, clinics, and other healthcare service providers to empower them to deliver better care. Visit www.cloudmd.ca to learn more about the Company’s comprehensive healthcare offerings.
Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities laws, including statements about the Company’s growth strategy and profitability. These statements are based upon information currently available to CloudMD’s management. All information that is not clearly historical in nature may constitute forward‐looking statements. In some cases, forward‐looking statements may be identified by the use of terms such as “forecast,” “assumption” and other similar expressions or future or conditional terms such as “anticipate,” “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and “should”. Forward-looking statements contained in this news release are based on certain factors and assumptions made by management of CloudMD based on their current expectations, estimates, projections, assumptions, and beliefs regarding their business and CloudMD does not provide any assurance that actual results will meet management’s expectations. While management considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Such forward‐looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Company’s MD&A (which is filed under the Company’s issuer profile on SEDAR and can be accessed at www.sedar.com), that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. Although CloudMD has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward‐looking statements, other factors may cause actions, events, or results to be different than anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward‐looking statements. Accordingly, readers should not place undue reliance on forward‐looking information. CloudMD does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.