CloudMD Announces US $ 13 Million Takeover Offer Canadian Stock Exchange: DOC.CN

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THIS PRESS RELEASE IS FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES

VANCOUVER, British Columbia, Sep 01, 2020 (GLOBE NEWSWIRE) – CloudMD Software & Services Inc. (TSXV: DOC, OTCQB: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a revolutionary telemedicine company healthcare delivery to patients, is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. and Beacon Securities Limited on behalf of a syndicate of underwriters (the “Underwriters”). The Underwriters have agreed to purchase, on a bought deal basis pursuant to the filing of a short form prospectus, a total of 9,430,000 common shares (the “Shares”) at a price of $ 1.38 per. share (the “Offering Price”) for the aggregate gross proceeds for the Company of approximately $ 13 million (the “Offering”).

The Company has granted the underwriter an option (the “Over-Allotment Option”) allowing him to purchase up to 1,414,500 additional shares at a price of $ 1.38 per share, exercisable at any time, for a period of 30 days after and including the closing date. , which would result in additional proceeds of $ 1,952,010.

The shares will be offered by means of a simplified prospectus which will be filed in all provinces of Canada except Quebec. The offering is expected to close on September 22, 2020 and is subject to certain conditions, including, but not limited to, receipt of all necessary regulatory and market approvals, including the approval of the TSX Venture Exchange (” TSXV ”) and applicable securities regulatory authorities.

The Company will do its best to obtain the necessary approvals to list the shares on TSXV.

CloudMD intends to use the proceeds of the Offering for general corporate purposes.

About Cloud® Software and Services

CloudMD digitizes healthcare delivery by enabling patients to access all points of their care from their phone, tablet or desktop. The company provides SAAS-based health technology solutions to medical clinics across Canada and has developed proprietary technology that delivers quality health care through the combination of connected primary care clinics, telemedicine and artificial intelligence ( IA). CloudMD currently provides services to a combined ecosystem of 376 clinics, over 3,000 licensed practitioners, and nearly 3 million patient records on its servers.

ON BEHALF OF THE BOARD OF DIRECTORS

«Dr. Essam Hamza, MD  »
General manager
FOR MORE INFORMATION, CONTACT:

CloudMD Software & Services Inc.
investisseurs.cloudmd.ca
Email: [email protected]

Forward-looking statements

This press release contains forward-looking statements 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. Although CloudMD believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual 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 assumes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, except as otherwise provided by the law.

The TSX Venture Exchange accepts no responsibility for the adequacy or accuracy of this release.

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