CARESPAN HEALTH, INC. ANNOUNCES SOFTWARE-AS-A-SERVICE AGREEMENT WITH GOLDEN CARE SOLUTIONS, A NATIONAL MEDICAL PRACTICE
VANCOUVER, BC, Aug. 30, 2023 /CNW/ - CareSpan Health, Inc. (TSXV: CSPN) (the "Company" or "CareSpan"), a company addressing the shortage in primary care and mental health through its provider networks, American-APN and American-Med Psych, and its leading "Clinic-in-the-Cloud" integrated digital care platform, is pleased to announce a new Software-as-a-Service (SaaS) agreement for the use of its digital care platform.
Golden Care Solutions ("GCS") is a national medical practice that collaborates with other practices and providers nationwide to provide comprehensive preventive services built on Annual Wellness Visits, Remote Patient Monitoring, and Chronic Care Management.
Damon Kenton, GCS CEO comments, "We help improve outcomes for patients nationwide by identifying and addressing gaps in care. GCS clinicians improve patient outcomes and increase engagement while helping families reduce their cost of care. We selected CareSpan because it is easy to learn and utilize while meeting all our requirements, it accepts standardized datasets from our clients' existing EHRs, and it will reduce our internal development expenditure."
Carespan's platform will be used to support GCS's clinicians as they launch services with client practices in the next month.
According to Darrell Messersmith, CareSpan Chief Operating Officer, "As we collaborate with Golden Care Solutions, our team at CareSpan is eager to be able to work with GCS to implement our digital care platform with their providers. We firmly believe in our platform's capability to reshape healthcare delivery, and this partnership is another testament to that vision. The SaaS nature of the agreement also allows us to diversify and expand revenue sources that support margin growth."
Further to its news release dated February 22, 2023, the Company has reduced the exercise price of certain common share purchase warrants (the "Warrants") issued on September 14, 2022 pursuant to the closing of a non-brokered private placement of units of the Company (for further details on such private placement see the Company's news release dated on September 14, 2022). The exercise price of the Warrants from $0.40 to $0.17 per common share (the "Warrant Repricing"), in accordance with the policies of the TSX Venture Exchange (the "TSXV").
Certain individuals who were/are each considered a "related party" (as such term is defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions ("MI 61-101")) hold the class of Warrants which were subject to the Warrant Repricing:
Related Party |
Warrants Held |
Rembert de Villa (Chief Executive Officer) |
260,700 |
William Bradford White |
1,200,000 |
ICME International AG* |
263,157 |
James Becker |
208,560 |
* ICME International AG is a healthcare consulting organization based in Germany and Switzerland, |
.
The Warrant Repricing constitutes a related party transaction as defined under MI 61-101. Such transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Warrants held by the interested party, nor the consideration for the Warrants paid by such interested party, exceed 25% of the Company's market capitalization.
Pursuant to the policies of the TSXV, because Rembert de Villa, Holger Micheel-Sprenger, and James Becker beneficially own, in the aggregate, more than 10% of the Warrants subject to the Warrant Repricing, the aggregate number of their Warrants that could be repriced was limited to 10% of the total number of repriced Warrants.
CareSpan is a healthcare technology and services company incorporated in British Columbia. CareSpan's proprietary "Clinic-in-the Cloud" is a clinical workflow driven platform designed by doctors that integrates remote patient monitoring, diagnostic tools, the patient's electronic health record, care collaboration capabilities, patient engagement and e-prescribing and lab ordering. CareSpan's platform seamlessly supports both in-person and virtual/telehealth care. CareSpan is using this platform combined with essential business services to build provider networks across the U.S. that deliver primary and chronic care, and urgent care as well as behavioral health care.
Golden Care Solutions (GCS) is a national medical practice that collaborates with other practices and providers nationwide to provide comprehensive preventive services built upon the basics of Annual Wellness Visits, Remote Patient Monitoring, and Chronic Care Management. GCS has been proven to increase provider revenue, reduce care expenses and increase patient engagement in their ongoing care. Doctors make more revenue, insurance carriers and patients spend less, and patients get better care.
For further information please visit:
http://www.carespanhealth.com, http://www.americanapn.com and
http://www.americanmedpsych.com
This news contains "forward-looking statements" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements") which reflect the current expectations of management of the company's future growth, results of operations, performance, and business prospects and opportunities, Forward-looking statements are frequently, but not always, identified by words such as "may", "would", "could", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential for", "intend" and similar expressions or the negative of these terms or other comparable terminology, although these words may not be present in all forward-looking statements.
Forward-looking statements are based on management's assumptions as at the date of the forward-looking statements are provided. Though management believes that its assumptions are reasonable in the circumstances, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to differ materially from all or any of the future results, performance or achievements expressed or implied by forward-looking statements. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements.
Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. Except as required by law, the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CareSpan Health, Inc.
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