The acquisition will give Medivolve immediate access to pharmaceutical distribution and CalVax licensing throughout California; Short-term COVID-19 immunization allowances to track
TORONTO, May 17, 2021 (GLOBE NEWSWIRE) – Medivolve Inc. (“Medivolve”) (NEO: MEDV; OTC: COPRF; FRA: 4NC) a healthcare technology and services company, today announced that it has signed a binding agreement to acquire 100% of all outstanding shares of Marbella, a non-sterile pharmacy made up of the state of California licensed and assured. This acquisition advances Medivolve’s growth strategy and expands its ability to provide patient care with immediate access to pharmaceutical distribution throughout the state of California.
âThe acquisition of Marbella Pharmacy is an important step in the execution of our strategic growth strategy,â said David Preiner, CEO of Medivolve. âWith Marbella, we have access to the distribution of pharmaceuticals and soon to COVID-19 vaccines in the world’s fifth largest economy. We will continue to invest in the resources and partnerships that advance our mission to harness the transformative power of technology to help more people live healthier lives.
Located in San Juan Capistrano, California, Marbella is an open-door retail pharmacy specializing in traditional medicines and non-sterile compound products, immunizations, and specialty and maintenance drugs. The Marbella Pharmacy also provides a toll-free door-to-door prescription delivery service and is renowned for its service to underserved patients and workplace accidents. The pharmacy is approved by CalVax and is eligible to participate in the COVID-19 vaccination in California. He is in the process of obtaining vaccine allowances from the State of California.
âObtaining the CalVax license was an important step in allowing us to administer vaccines to our immediate clientele in the San Juan Capistrano area. Now, in partnership with Medivolve, we can expand our medical care, diagnostic testing and immunization services across the state of California virtually overnight, âsaid James Harmon, CEO and owner of the Marbella Pharmacy. “We are pleased to partner with Medivolve on a joint mission to increase the accessibility, reliability and efficiency of healthcare for more people at this critical time in our history.”
The news follows two key announcements of the company’s strategic growth plans last week. First, Medivolve announced, with Marvel Diagnostics, that BlowFISH, a non-invasive exhaled breath diagnostic technology for COVID-19, has successfully completed first-stage clinical testing. The company believes the technology has implications for a variety of respiratory diseases and is aligned with its goal of finding massively deployable solutions that improve long-term human health. Medivolve also announced that it has signed an agreement to acquire a 100% stake in the Electronic Health Record application and all associated intellectual property from Myosin. According to Medivolve, app development is key to the company’s goal of creating a subscription model where users and clinicians can access a single health management platform under the umbrella. of Medivolve.
Medivolve is also announcing the cancellation of the previously announced binding letter of intent to acquire a 100% stake in Modern Rx LLC (see the company’s press release dated March 16, 2021). Medivolve has determined that the acquisition of the Marbella Pharmacy would be better suited to the company’s future operations.
About the transaction
Medivolve will acquire 100% of all outstanding shares of Marbella Pharmacy from the shareholders of the company. In consideration for the acquisition of the Marbella shares, Medivolve will pay the shareholders of Marbella Pharmacy: (i) a cash payment of US $ 200,000 payable 60 days after closing; (ii) a cash working capital payment of US $ 75,000 payable 75 days after closing; and (iii) the issuance of 2,000,000 common shares of Medivolve. Completion of the transaction to acquire 100% of the Marbella pharmacy is subject to customary closing conditions and approval by the NEO Stock Exchange. No finder’s fees are payable in connection with the transaction and no change of control of Medivolve will result from this transaction.
About Medivolve Inc.
Medivolve Inc. (NEO: MEDV; OTC: COPRF; FRA: 4NC) focuses on the research and development of disruptive technologies, breakthrough innovations and exclusive partnerships to help fight COVID-19 and transform the human health management. This includes the provision of convenient and accessible medical services for testing, prevention and treatment. Medivolve is comprised of a team of renowned medical and business advisors around the world who are committed to helping fulfill Medivolve’s mission to research and invest in science, technology, research or disruptive resolutions for promote the improvement of humanity. This panel includes the eminent Stanford neurologist and immunologist, Dr. Lawrence Steinman, as well as Dr. Glenn Copeland, one of the foremost specialists in orthopedic therapy and sports medicine in North America.
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Caution 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 relating to the acquisition of the Marbella Pharmacy; the cancellation of the Modern Rx pharmacy acquisition transaction; the advantages and opportunities associated with the Marbella pharmacy; Medivolve’s search for opportunities; and the merits or potential returns from such opportunities, including the Company’s investment in Marvel Diagnostics. Generally, forward-looking information can be identified through the use of forward-looking terms such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “planned” , “estimates”, “anticipates”, “intends”, “anticipates” or “does not foresee”, or “believes”, or variations of these words and expressions or indicate that certain actions, events or results “may “,” could “,” would be “,” could “or” will be taken “,” will occur “or” will be achieved “. Forward-looking information is subject to risks, uncertainties and other known and unknown factors which may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to differ materially from those expressed or implied by this forward-looking information. Although the company has attempted to identify material factors which could cause actual results to differ materially from those contained in forward-looking information, there may be other factors which cause actual results to differ. than anticipated, estimated or expected. 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 forward-looking information, except in accordance with applicable securities laws.
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