Medivolve Achieves Significant Milestone by Establishing Management Services Organization
16 May 2023 - 8:00AM
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, info@medivolve.ca,
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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