junkHustler
7 years ago
VitalHub Selected to Showcase WellLinc Solution Among 40,000 International Attendees at HIMSS 2018
VitalHub Corp. (the “Company” or “VitalHub”) (TSXV:VHI) has been selected to present its proprietary “WellLinc” EHR interoperability solution at HIMSS 2018.
The Healthcare Information and Management Systems Society (“HIMSS”) is an American not-for-profit organization dedicated to leveraging the potential of digital health to improve both the health status of populations, as well as the quality, cost-effectiveness, access, and value of healthcare. HIMSS North America represents 70,000 individual members, 630 corporate members, and over 450 non-profit organizations.
The HIMSS Annual Conference & Exhibition brings together 40,000+ health IT professionals, clinicians, executives and vendors from around the world. VitalHub will be one of very few companies to showcase blockchain interoperability solutions at HIMSS 2018, demonstrating strong thought leadership and a commitment to tackling essential problems facing the healthcare sector. This year’s conference will be held March 5-9, 2018 in Las Vegas.
VitalHub has been selected as one of ten vendors to present in the Hyperledger booth 9900-C in the Innovation Live Zone at HIMSS 2018, showcasing products and services being developed using blockchain technologies to improve several high-impact healthcare use-cases. VitalHub’s WellLinc product is an EHR interoperability solution, powered by blockchain technology to enable the secure and interoperable exchange of critical patient health data, across the continuum of care.
"We're thrilled to have VitalHub join us at the Hyperledger booth this year at HIMSS," said Brian Behlendorf, Executive Director, Hyperledger. "It is now more important than ever to showcase production deployments of blockchain-based interoperability healthcare solutions and no better place to do it than at one of the largest and most well respected, health IT conferences. We truly value their support."
“We are excited to connect and engage with digital health industry leaders from around the world, as we showcase VitalHub’s WellLinc interoperability solution,” said Dan Matlow, CEO of VitalHub. “We are committed to improving patient outcomes and healthcare delivery across the continuum of care, creating globally scalable enterprise blockchain solutions.”
ABOUT VITALHUB:
VitalHub uses web, mobile, and Blockchain technology to create disruptive SaaS-based healthcare applications that solve industry-wide problems. VitalHub's aim is to create high-value, secured solutions that enable broad interoperability among existing health data systems. Vitalhub is primarily focused on working with organizations in the Mental Health and Long-Term Care space, to further extend organization's applications across the continuum of care, powered by the security, efficiency, and trust of Blockchain technology.
The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently, VitalHub serves 200+ clients across North America. VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The Company is publicly traded on the TSX Venture Exchange under the symbol "VHI".
junkHustler
7 years ago
VitalHub Introduces WellLinc Interoperability Solution
VitalHub Corp. (the “Company” or “VitalHub”) (TSXV:VHI) announced today the introduction of WellLinc, a proprietary electronic health record (“EHR") interoperability solution powered by blockchain technology.
WellLinc leverages blockchain technology to address multiple challenges associated with the exchange of health information across the continuum of care. A major problem exists wherein segregated records, lack of interoperability, and various security constraints prevent care providers from accessing critical information required to ensure informed and appropriate delivery of care.
VitalHub’s WellLinc solution targets this problem directly, using blockchain technology to enable the secure and interoperable exchange of critical patient health data, across the continuum of care.
The Company has chosen the mental health space as an initial area of focus, both due to the sheer size of the market opportunity, and having identified serious gaps in mental health care delivery that result from inadequate access to available patient health information. VitalHub has significant domain expertise building solutions for mental healthcare, and have numerous existing customers in need of such solutions.
Various research exists on the impact and cost of mental health conditions, such that "the global cost of illness for mental health conditions in 2010 was estimated at US $2.5 trillion, with the cost projected to surge to US $6.0 trillion by 2030." (The Global Economic Burden of Non-Communicable Diseases, World Economic Forum and the Harvard School of Public Health) VitalHub believes that blockchain solutions such as WellLinc hold the potential to significantly improve many of the challenges healthcare providers are currently facing across the mental health landscape, and digital health more broadly.
“After extensive market analysis, and technological research and development, we believe we are pioneering and leading the way toward creating a globally viable enterprise solution that can make electronic mental health records interoperable across the continuum of care using blockchain technologies,” said Dan Matlow, CEO of VitalHub. “With an install base of over 300 organizations that use our mental health solutions, we believe we have the foundation to begin commercializing the WellLinc solution.”
Working in partnership with the Hyperledger Foundation, VitalHub is building WellLinc using the Hyperledger Fabric Platform.
ABOUT VITALHUB:
VitalHub uses web, mobile, and Blockchain technology to create disruptive SaaS-based healthcare applications that solve industry-wide problems. VitalHub's aim is to create high-value, secured solutions that enable broad interoperability among existing health data systems. Vitalhub is primarily focused on working with organizations in the Mental Health and Long-Term Care space, to further extend organization's applications across the continuum of care, powered by the security, efficiency, and trust of Blockchain technology.
The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently, VitalHub serves 200+ clients across North America. VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The Company is publicly traded on the TSX Venture Exchange under the symbol "VHI".
junkHustler
7 years ago
VitalHub Joins Hyperledger
TORONTO, Jan. 30, 2018 (GLOBE NEWSWIRE) -- VitalHub Corp. (the “Company” or “VitalHub”) (TSX-V:VHI) today announced it has joined Hyperledger (view Hyperledger Press Release). VitalHub joins an elite group of healthcare companies including Aetna, Change Healthcare, Eli Lilly & Company, and PwC, that are early adopters of Hyperledger technologies, and are building production deployments of Blockchain solutions across the healthcare sector.
Hyperledger is an open source global collaborative effort created to advance Blockchain technology hosted by The Linux Foundation that addresses important features for a cross-industry open standard for distributed ledgers. Hyperledger consists of more than 185 organizations including leaders in healthcare, finance, banking, IoT, supply chain, manufacturing and technology.
VitalHub has decided to join this industry-leading collaboration as Hyperledger has a declared commitment to helping the healthcare industry realize the full potential of open source Blockchain solutions, which hold the promise of unifying disparate processes, increasing data flow and liquidity, reducing costs and improving patient experience and outcomes. VitalHub shares in this commitment, and will bring strong healthcare domain expertise and leadership in developing and implementing Blockchain solutions.
VitalHub has formed a dedicated Blockchain development team headed by Vijit Coomara, VP of Technology, and has begun building interoperability solutions targeting the needs of its existing customers. VitalHub is utilizing the Hyperledger Fabric Platform as the foundation for its applications, which will enable health data to be accessed from individual, secured and replicated localized repositories, with no single point-of-failure, as is currently the case with centralized repositories.
"We welcome VitalHub's membership in the Hyperledger community, as they join a select group of healthcare companies that are building solutions using Hyperledger technologies," said Brian Behlendorf, Executive Director, Hyperledger. "We look forward to working with and supporting VitalHub as they build production deployments of Blockchain-based interoperability solutions for the healthcare sector."
“We are excited about the opportunity to work alongside world-leaders across the technology sector to develop commercially viable and scalable Blockchain solutions,” said Dan Matlow, CEO of VitalHub. “The combination of VitalHub’s healthcare domain expertise, along with Hyperledger’s depth and collaboration will enable us to develop healthcare Blockchain applications with global applicably and impact. We are well underway in our effort to build healthcare applications that leverage Blockchain technology and the Hyperledger Fabric Platform.”
ABOUT VITALHUB:
VitalHub uses web, mobile, and Blockchain technology to create disruptive SaaS-based healthcare applications that solve industry-wide problems. VitalHub's aim is to create high-value, secured solutions that enable broad interoperability among existing health data systems. Vitalhub is primarily focused on working with organizations in the Mental Health and Long-Term Care space, to further extend organization's applications across the continuum of care, powered by the security, efficiency, and trust of Blockchain technology.
The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently, VitalHub serves 200+ clients across North America. VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The Company is publicly traded on the TSX Venture Exchange under the symbol "VHI".
junkHustler
7 years ago
VitalHub Subsidiary B Sharp Technologies Signs Strategic Deal to Provide More Children Access to Critical Mental Health Support in Canada
B Sharp Technologies, a subsidiary of VitalHub Corp. (“VitalHub”) (TSXV:VHI), has signed a strategic reseller agreement with TELUS Health to distribute a white-labelled version of its mental health software platform, B Care, across Canada. Under the reseller agreement, TELUS Health will provide the technology to a leading Canadian mental health agency.
The B Care platform features a suite of online modules designed to support healthcare professionals who are providing mental healthcare services, including in-patient and outpatient hospital programs and community-based agencies. Currently, TELUS Health and VitalHub have a licensing deal in place that will generate approximately $1 million in revenue upon the successful implementation of the B Care solution. This will help the company to advance its strategy to offer more innovative technology solutions to support the mental health community.
“We are excited for the opportunity this agreement will bring to the many Canadians who are dealing with mental health issues,” says Robert Lazar, CEO of B Sharp Technologies. “The B Care platform is proven to be effective in mental health settings, as demonstrated by the approximately 40 mental health organizations currently using the solution, and its ongoing use in the Canadian mental health marketplace. Working in conjunction with the TELUS Health team, we are confident there will be other significant opportunities to support children who are one of our most vulnerable populations.”
Addressing children’s mental health has become of vital importance and focus worldwide. In Canada, an estimated 1.2 million children and youth aged 5 to 24 are currently affected by mental illness according to The Mental Health Commission of Canada. The Canadian Institute for Health Research reports that up to 20 per cent of Canadian children and youth are at risk of developing a mental disorder. Recently, the Ontario Ministry of Health and Long Term Care increased funding targeted at Child and Youth mental health and will establish hubs where young people can receive walk-in, one-stop access to services.
Together, B Sharp Technologies and TELUS Health are supporting the mental health community in an effort to improve the quality of care Canadians receive, and supporting healthcare practitioners by enabling them to learn and improve the level of care they provide through the collection of quality data analytics.
For more information please visit: www.vitalhub.com, www.bsharp.com.
About B Sharp
Founded in 1998 and based in Toronto, B Sharp Technologies, a subsidiary of VitalHub Corp., develops and deploys client case management and electronic documentation solutions for healthcare, social services, and community care organizations. B Sharp Technologies also has software development operations in Sri Lanka, providing access to skilled and low cost developers. The products of B Sharp
Technologies are used by over 40 customers in 70 locations across Canada. B Sharp Technologies had total unaudited revenues from operations of over $1.8 million for the year-ended December 31, 2016.
About VitalHub
VitalHub (the "Company") uses web, mobile, and Blockchain technology to create disruptive SaaS-based healthcare applications that solve industry-wide problems. VitalHub's aim is to create high-value, secured solutions that enable broad interoperability among existing health data systems. Vitalhub is primarily focused on working with organizations in the Mental Health and Long-Term Care space, to further extend organization's applications across the continuum of care, powered by the security, efficiency, and trust of Blockchain technology.
The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently, VitalHub serves 200+ clients across North America. VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka.
The Company is publicly traded on the TSX Venture Exchange under the symbol "VHI".
junkHustler
7 years ago
Vitalhub Corp. Announces the Acquisition of Clarity Healthcare Solutions
Toronto, Ontario--(Newsfile Corp. - January 17, 2018) - VITALHUB CORP. (TSXV: VHI) (the "Company" or "Vitalhub"), is pleased to announce that it has acquired Clarity Healthcare Solutions and other selected assets of Clarity Health Inc. ("Clarity"), such assets having previously represented approximately $200,000 in revenue for Clarity in its last fiscal year (the "Acquisition") pursuant to an acquisition agreement (the "Agreement") dated January 17, 2018.
"We are excited to have the Clarity Healthcare Solution customers join the Vitalhub family of products," said Daniel Matlow, Chief Executive Officer of Vitalhub. "This is the third acquisition we have completed with similar solutions in the last three months. We continue to add synergistic and accretive solutions as we move forward with our M & A business plan."
The purchase price for the Acquisition is $353,883 satisfied by the delivery today, on closing of the Acquisition, of 2,527,735 common shares of Vitalhub ("Common Shares"), at a deemed price of $0.14 per Common Share (the "Share Purchase Price"), to Clarity.
In advance of closing the Acquisition, the Company had 122,357,974 Common Shares issued and outstanding. Upon delivery of the Share Purchase Price, the Company now has a total 124,885,709 issued and outstanding Common Shares. The Share Purchase Price is subject to escrow and is to be released in four equal amounts over the period of twelve (12) months beginning with the date that is three (3) months after the date of closing.
Concurrent with today's closing of the Acquisition, Clarity's principal, Saverio Rinaldi, has entered into a consulting agreement with Vitalhub to assist with the transition of Clarity Healthcare Solutions into Vitalhub's own suite of products.
"We are excited to be a part of Vitalhub, knowing that our clients will continue to be well served as we move forward together," said Saverio Rinaldi, Chief Executive Officer of Clarity Health Inc.
About Clarity Health Inc.
Clarity is a Canadian Healthcare software and consulting services company specializing in patient centric solutions. Clarity Healthcare Solutions a web-based interface and data entry solution used by leading healthcare organizations to perform in-patient assessments, as it streamlines resident assessments and reporting for complex continuing and long-term care providers. Its applications include Mental Health, Rehab and Homecare assessments.
About Vitalhub
Vitalhub delivers an innovate platform for the creation of mobile health applications that increases productivity within healthcare settings. The Vitalhub platform provides the ability to integrate existing individual healthcare applications while maintaining the control, security and privacy essential in healthcare. Vitalhub's applications are focused on the fast-growing mental health and long term care markets and the company plans to strategically acquire and grow business in these areas. Currently over 50 healthcare institutions across Canada use products from Vitalhub and its subsidiaries.
junkHustler
7 years ago
VitalHub Formally Enters Healthcare Blockchain Market
TORONTO, Jan. 11, 2018 (GLOBE NEWSWIRE) -- VitalHub Corp. (the “Company” or “VitalHub”) (TSXV:VHI), is pleased to announce its entrance into the Healthcare Blockchain market. After extensive research and consultation, the Company believes it is strategically positioned to capitalize on the sizeable opportunity to implement disruptive solutions into the fragmented digital health landscape. Over the past year, the application of Blockchain technology in the Healthcare sector has experienced significant traction and endorsement, as “Blockchain technology (…) holds the potential to save billions of dollars by optimizing current workflows and disintermediating some high-cost gatekeepers.” (“Blockchain Technology in Global Healthcare, 2017-2025,” Frost & Sullivan, June 2017.)
The Blockchain market is demonstrating appreciable growth across the Healthcare sector, and is expected to experience continued wide-spread adoption and use. “Industry projections expect the global market to grow to $2.3 billion by 2021, up from roughly $340 million in 2017.” (“Blockchain Poised for More Growth in 2018,” Decision Research Group, December 2017.)
The Company believes it is well-suited to seize this market opportunity as it possesses: (i) comprehensive domain expertise and understanding of the digital healthcare marketplace, (ii) a management team with a proven track record of delivering and implementing large-scale projects, and scaling healthcare business internationally, (iii) a strong and growing customer base of 200+ customers who can immediately be sold value-added Blockchain solutions, and (iv) is supported by its experienced technology team, who have an established record building innovative healthcare software solutions.
VitalHub’s strategy as it embarks upon this opportunity is to build applications that address the interoperability of Healthcare applications across the continuum of care, and are immediately saleable to its existing customers. According to Frost & Sullivan, “Lack of interoperability costs 150,000 lives and $18.6 billion per year.” The Company plans to partner with global consulting groups who are leading the charge in the proliferation of Blockchain technology throughout the Healthcare ecosystem, and aims to establish an international presence as a leader in Healthcare Blockchain solutions. Vitalhub plans to build its Blockchain business and will continue to pursue its aggressive M&A strategy that is successfully underway.
“Following our review of Healthcare delivery challenges, we’ve decided that Blockchain represents a great opportunity for growth and believe that VitalHub, because of its technology, customer base, management team, and healthcare domain expertise, has the ability to successfully execute on an international basis. We are excited to continue this journey,” said Dan Matlow, CEO of VitalHub.
ABOUT VITALHUB:
VitalHub (the "Company") uses web, mobile, and Blockchain technology to create disruptive SaaS-based healthcare applications that solve industry-wide problems. VitalHub's aim is to create high-value, secured solutions that enable broad interoperability among existing health data systems. Vitalhub is primarily focused on working with organizations in the Mental Health and Long-Term Care space, to further extend organization's applications across the continuum of care, powered by the security, efficiency, and trust of Blockchain technology.
The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently, VitalHub serves 200+ clients across North America. VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The Company is publicly traded on the TSX Venture Exchange under the symbol "VHI".
junkHustler
7 years ago
Vitalhub Corp. Announces Completion of the Acquisition of H.I. Next Inc.
Toronto, Ontario--(Newsfile Corp. - January 10, 2018) - VITALHUB CORP. (TSXV: VHI) (the "Company" or "Vitalhub"), is pleased to announce that it has completed the acquisition of H.I. Next Inc. ("HI Next") through the purchase of all of the issued and outstanding securities of HI Next (the "Acquisition") pursuant to an acquisition agreement (the "Agreement") dated December 21, 2017 with all of the shareholders of HI Next.
"We are pleased to welcome the HI Next team and its customers to Vitalhub and are extremely excited as to the potential created by the combination of Vitalhub, HI Next and the recently-acquired B Sharp Technologies," said Dan Matlow, CEO of Vitalhub. "We have brought together great technology, great people and great customers to establish a Canadian mental health software company with a robust offering of products and services."
"Our acquisition by VitalHub is a strong endorsement of our leadership in specialty electronic health records for Mental Health, Addictions and Community Support organizations. It recognizes the value of the HI Next team and our focus on innovation and service to the healthcare industry over the last decade," said Peter Catford, Co-founder and CEO of HI Next. "We're really looking forward to the very positive impact that this will have on our growth, customer value and expansion of our products."
The purchase price for the Acquisition shall be up to $6,612,512 satisfied by (i) a cash payment of $550,000 (the "Cash Purchase Price") paid on closing, (ii) the delivery of a total of 19,500,000 common shares of Vitalhub ("Common Shares"), at a deemed price of $0.1275 per Common Share (the "Share Purchase Price"), to the shareholders of HI Next on closing, and (iii) subject to the exercise of an option by a customer of HI Next on or after closing of the Acquisition, cash payments equal to certain fee(s) actually paid by such customer to HI Next pursuant to an existing agreement between such customer and HI Next, the aggregate of such payments not to exceed $2,784,817 (USD).
In advance of closing the Acquisition, the Company had 102,857,974 Common Shares issued and outstanding. Upon delivery of the Share Purchase Price, the Company now has a total 122,357,974 issued and outstanding Common Shares. The principal shareholders of HI Next, Peter Catford and Ellen Catford (the "Principals") received 9,078,876 and 8,722,840 Common Shares, respectively. Peter Catford and Ellen Catford are therefore received Common Shares of the Company such that they hold approximately 7.42% and 7.13%, respectively, and 14.55% taken together, of the total issued and outstanding Common Shares.
A portion of the Cash Purchase Price, being $150,000, is subject to escrow for the purposes of use against future indemnity claims or purchase price adjustments and will be held for a period of nine (9) months from the date of closing of the Acquisition. A portion of the Share Purchase Price paid to the Principals, being 17,801,720 Common Shares, is subject to escrow and is to be released bi-annually in six equal amounts over the period of three (3) years beginning with the date that is six (6) months after the date of closing.
Mr. Catford joins Vitalhub's management team as Chief Strategist.
About HI Next
HI Next is a growing company which has historical revenues of $2.695 million, $3.329 million and $3.572 million for the previous three fiscal years (2015, 2016 and 2017), respectively with expenses for the corresponding periods of $2.530 million, $2,.953 million and $3.657 million. HI Next's fiscal year end is September 30.
HI Next offers a complete suite of industry proven, peer reviewed tools to identify and address the full range of behavioral, medical, and social problems affecting the seriously mental ill. Providers can document, share, and collaborate patient results, care plans, and progress notes with peer providers in real-time.
HI Next owns TREAT, a Web-based EHR and care coordination platform built for health care providers. TREAT's integrated solutions are tailored to many sectors of care, including Behavioral and Mental Health, Community, & more. With over 100 clinical assessment tools, coordinated care planning, progress notes, practice management and an easy-to-use design, TREAT provides a complete system that will help health care providers to improve overall patient care.
Currently more than 80 organizations across North America benefit from using TREAT's integrated health care solutions every day.
About Peter Catford
Peter is the founder of HI Next, the developer of TREAT, an electronic health record software system that is installed in 85 organizations across North America. HI Next's current feature project is the implementation of 16 mental health, addictions and harm reduction organizations in New York State known as the HCBS (Home and Community Based Services) project.
Peter has enjoyed decades of involvement in health care information systems development, consulting and management. He has focused on healthcare leadership and information technology innovation holding a number of senior positions within the academic teaching hospital complex in Toronto. Peter is adjunct faculty at the University of Toronto and past Chair of Ontario's Health Informatics Standards Council (OHISC).
About VitalHub
VitalHub delivers an innovate platform for the creation of mobile health applications that increases productivity within healthcare settings. The VitalHub platform provides the ability to integrate existing individual healthcare applications while maintaining the control, security and privacy essential in healthcare. VitalHub's applications are focused on the fast-growing mental health and long term care markets and the company plans to strategically acquire and grow business in these areas. Currently over 50 healthcare institutions across Canada use products from VitalHub and its subsidiaries.
junkHustler
7 years ago
Vitalhub Corp. Announces Grant of Stock Options
Toronto, Ontario--(Newsfile Corp. - January 9, 2018) - Vitalhub Corp. (the "Corporation" or "Vitalhub"), is pleased to announce that on January 3, 2018 it granted an aggregate of 975,000 stock options to certain of its employees (the "Options"), each of whom are not "insiders" of Vitalhub, pursuant to the terms of the Corporation's incentive stock option plan. Each Option is exercisable for one common share of the Corporation at an exercise price of $0.195 per share, the closing price of the common shares of the Corporation on January 2, 2018, and expires on the date that is five years from the date of grant. The Options will vest as follows: one-third vesting on the 1st anniversary of the grant date, and two-thirds vesting, in equal monthly installments, between the 1st anniversary of the grant date to the 3rd anniversary of the grant date.
For further information please contact:
Dan Matlow
Chief Executive Officer, and Director
(416) 727-9061
dan.matlow@vitalhub.com
junkHustler
7 years ago
Vitalhub Corp. Announces Signing of Definitive Agreement for Acquisition of H.I. Next Inc.
Toronto, Ontario--(Newsfile Corp. - December 22, 2017) - VITALHUB CORP. (TSXV: VHI) (the "Company" or "Vitalhub"), is pleased to announce that it has entered into a definitive acquisition agreement (the "Agreement") dated December 21, 2017 with all of the shareholders of H.I. Next Inc. ("HI Next") to purchase all of the issued and outstanding securities of HI Next (the "Acquisition"). The Acquisition is expected to close on or about December 29, 2017.
The purchase price for the Acquisition shall be up to $6,612,512 (the "Purchase Price"), satisfied by (i) a cash payment of $550,000 (the "Cash Purchase Price"), (ii) the delivery of a total of 19,500,000 common shares of Vitalhub ("Common Shares"), at a deemed price of $0.1275 per Common Share (the "Share Purchase Price"), to the shareholders of HI Next, and (iii) subject to the exercise of an option by a customer of HI Next on or after closing of the Acquisition, cash payments equal to certain fee(s) actually paid by such customer to HI Next pursuant to an existing agreement between such customer and HI Next, the aggregate of such payments not to exceed $2,784,817 (USD).
The Company currently has 102,857,974 Common Shares issued and outstanding. Upon delivery of the Share Purchase Price, the Company will have a total 122,357,974 issued and outstanding Common Shares. The principal shareholders of HI Next, Peter Catford and Ellen Catford (the "Principals") shall receive 9,078,876 and 8,722,840 Common Shares, respectively. Peter Catford and Ellen Catford are therefore receiving Common Shares of the Company such that they will hold approximately 7.42% and 7.13%, respectively, and 14.55% taken together, of the total issued and outstanding Common Shares on consummation of the Acquisition.
A portion of the Cash Purchase Price, being $150,000, will be subject to escrow for the purposes of use against future indemnity claims or purchase price adjustments and will be held for a period of nine (9) months from the date of closing of the Acquisition. A portion of the Share Purchase Price paid to the Principals, being 17,801,720 Common Shares, will be subject to escrow and is to be released bi-annually in six equal amounts over the period of three (3) years beginning with the date that is six (6) months after the date of closing.
The Agreement was negotiated at arm's length, and includes contains customary representations, warranties and closing conditions.
On closing of the Acquisition, Mr. Catford is to join Vitalhub's management as Chief Strategist.
The Acquisition remains subject to requisite regulatory approval, including the approval of the TSX Venture Exchange (the "TSXV") and satisfaction of closing conditions contained in the Agreement.
About HI Next
HI Next is a growing company which has historical revenues of $2.695 million, $3.329 million and $3.572 million for the previous three fiscal years (2015, 2016 and 2017), respectively with expenses for the corresponding periods of $2.530 million, $2,.953 million and $3.657 million. HI Next's fiscal year end is September 30.
HI Next offers a complete suite of industry proven, peer reviewed tools to identify and address the full range of behavioral, medical, and social problems affecting the seriously mental ill. Providers can document, share, and collaborate patient results, care plans, and progress notes with peer providers in real-time.
HI Next owns TREAT, a Web-based EHR and care coordination platform built for health care providers. TREAT's integrated solutions are tailored to many sectors of care, including Behavioral and Mental Health, Community, & more. With over 100 clinical assessment tools, coordinated care planning, progress notes, practice management and an easy-to-use design, TREAT provides a complete system that will help health care providers to improve overall patient care.
Currently more than 80 organizations across North America benefit from using TREAT's integrated health care solutions every day.
About VitalHub
VitalHub delivers an innovate platform for the creation of mobile health applications that increases productivity within healthcare settings. The VitalHub platform provides the ability to integrate existing individual healthcare applications while maintaining the control, security and privacy essential in healthcare. VitalHub's applications are focused on the fast-growing mental health and long term care markets and the company plans to strategically acquire and grow business in these areas. Currently over 50 healthcare institutions across Canada use products from VitalHub and its subsidiaries. of-definitive-agreement-for-acquisition-of-h-i#bV8RZfsjXkvfMl1l.99
junkHustler
7 years ago
Vitalhub Corp. Announces Closing Of $2,000,000 Private Placement
Toronto, Ontario--(Newsfile Corp. - December 19, 2017) - VITALHUB CORP. (TSXV: VHI) (the "Company" or "Vitalhub"), is pleased to announce that it has completed the previously announced non-brokered private placement (the "Offering") of units (the "Units") at a price of $0.115 per Unit, for total gross proceeds of $2,000,000. Each Unit consisted of one common share (each, a "Common Share") and one half of one Common Share purchase warrant (each a "Warrant"). Each Warrant is exercisable into one Common Share at an exercise price of $0.18 per Common Share, for a period of two (2) years from the date of issuance.
Pursuant to the Offering, the Company issued a total of 17,389,352 Common Shares and 8,694,676 Warrants. In connection with the Offering, the Company paid finder's fees totaling $120,185.77 and issued a total of 1,045,055 finder's warrants (each a "Finder Warrant") to certain persons responsible for facilitating subscribers to the Offering. The Finder's Warrants are non-transferable common share purchase warrants which entitle the holder to exercise into one Common Share at an exercise price of $0.18 per Common Share, for a period of two (2) years from the date of issuance.
The Company intends to use the net proceeds of the Offering for general working capital purposes.
All securities issued in connection with the Offering are subject to a four month hold period expiring April 20, 2018.
About VitalHub
VitalHub delivers an innovate platform for the creation of mobile health applications that increases productivity within healthcare settings. The VitalHub platform provides the ability to integrate existing individual healthcare applications while maintaining the control, security and privacy essential in healthcare. VitalHub's applications are focused on the fast-growing mental health and long term care markets and the company plans to strategically acquire and grow business in these areas. Currently over 50 healthcare institutions across Canada use products from VitalHub and its subsidiaries.
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