TORONTO, May 15, 2023 (GLOBE NEWSWIRE) — Medivolve Inc. (“Medivolve” or the “Company”) (NEO: MEDV; OTC: MEDVF; FRA: 4NC) is pleased to announce that it has established Medivolve Management Services, LLC in Puerto Rico to serve as a management services organization (the “MSO”). The MSO has been organized by the Company in accordance with applicable rules governing the practice of medicine in the United States. The Company, through the MSO utilizing the telehealth platform currently in development, intends to coordinate physician/patient interactions, provide medical billing and practice management services, and facilitate access to diagnostic testing and pharmacy services in partnership with qualified health practitioners and in reliance on services provided by Medivolve’s wholly owned subsidiaries, Collection Sites and Medivolve Pharmacy. For this purpose, in late April 2023 the MSO entered into a management service and licensing agreement with a California medical corporation that is qualified to practice medicine in California (the “Physician Network”).
In early May 2023, the Physician Network acquired (the “Acquisition”) another California professional medical corporation, which is a fully licensed healthcare provider operating out of Brea, California that is duly credentialed with multiple insurance payors. The payor credentials are necessary to facilitate the reimbursement for services rendered through the telehealth platform and the Physician Network which is managed by the MSO. The US$400,000 purchase price (payable by way of an initial cash payment of US$200,000, with two additional tranches of US$100,000 payable on the 6 and 12-month anniversaries of the closing of the Acquisition) was funded by way of a loan from Collection Sites to the Physician Network.
In addition, the Company announces that it has closed all of its remaining COVID-19 testing locations in order to focus its resources on the telehealth platform rollout.
About Medivolve, Inc.
Medivolve, Inc. (NEO: MEDV; OTC: MEDVF; FRA: 4NC) is a Canadian healthcare technology company headquartered in Toronto, Canada. Medivolve provides comprehensive clinical laboratory testing for COVID-19 through a distributed network of retail collection sites. The Company’s mission is to improve health and lives by delivering world-class diagnostic solutions—starting with COVID-19—as well as to enable faster and better care to patients through innovative technology. Medivolve and its subsidiaries, Collection Sites and Marbella Pharmacy, operate a distributed network of six retail patient-care locations across the United States (five Collection Sites and one Marbella Pharmacy).
For investing inquiries, please contact: David Preiner, CEO, [email protected], 702-990-3737.
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company’s future plans, particularly the establishment of the MSO and the provision of services by it through the anticipated telehealth platform in collaboration with the Company’s subsidiaries and the Physician’s Network. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, and competitive risks; risks resulting from the emergence of disruptive technologies that may impact the demand for the Company’s products and services; the Company’s inability to develop and launch the telehealth platform; risks of not achieving expected expansion and/or market penetration; risks relating to partnerships with third parties; the risk that government regulations and licensing requirements may change; the risk of defects in or loss of intellectual property rights; the risk of the Company’s inability to acquire or license the intellectual property rights required to develop and launch the telehealth platform; the risk of the loss of key personnel and the Company’s inability to attract and retain qualified personnel; technology and cybersecurity failure risks; and other risks of the healthcare and technology industries. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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