TORONTO, Jan. 03, 2020 (GLOBE NEWSWIRE) -- VITALHUB CORP. (TSXV: VHI) (the “Company” or “VitalHub”), today announces implementation of the consolidation of its share capital on a 10 for 1 basis, consolidating its currently issued and outstanding shares to 18,017,916 (the "Consolidation"). Shareholder authorization to effect the share consolidation was approved pursuant to a special resolution passed by shareholders on June 27, 2019. In accordance with the constating documents of the Company and the aforementioned shareholder approval, the board of directors of the Company passed a resolution authorizing the Consolidation.
The Company's shares will continue to be traded on the TSX Venture Exchange (the "Exchange") under the symbol "VHI" on a post-consolidation basis and under a new CUSIP number — 92847V501 / ISIN number — CA92847V5018.
The Company's common shares are scheduled to begin trading on a post-consolidation basis on the Exchange at market open on January 6, 2020. A letter of transmittal will be mailed to all registered shareholders with instructions on how to exchange existing share certificate(s) for new share certificate(s). Until surrendered, each certificate formerly representing common shares of the Company will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the Consolidation.
No fractional post-consolidation common shares will be issued. Where the consolidation will result in a fractional share that is less than one half of a post-consolidation common share, such fractional share will be cancelled, without further compensation. Where the consolidation will result in a fractional share that is one-half of a post-consolidation common share or more, such share will be rounded up to one whole post-consolidation common share.
Further details with respect to the Consolidation are contained in the Company's management information circular dated June 27, 2019, a copy of which is available on SEDAR at www.sedar.com.
The exercise price and number of shares of the Company issuable upon the exercise of any outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the Consolidation.
ABOUT VITALHUB
VitalHub develops and supports mission-critical information systems in the Social Service, Mental Health (Child, Youth and Adult), Long Term Care, Community Health Service, Home Health and Hospital sectors. VitalHub technologies include Blockchain, Mobile, and Web-Based Assessment, Client Management and Electronic Health Record solutions.
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 innovation hub in Sri Lanka. The Company is publicly traded on the TSX Venture Exchange under the symbol "VHI".
CAUTIONARY STATEMENT
The TSX Venture Exchange has in no way passed upon the merits of the transactions and has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
CONTACT INFORMATION
VitalHub
Dan Matlow
Chief Executive Officer, Director
(416) 727-9061
dan.matlow@vitalhub.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer's business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer's prospective financial performance or financial position.
The forward-looking information in this news release includes reference to disclosure about the terms of the Acquisition and about Oculys. VitalHub made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the ability of VitalHub and Oculys to execute and achieve its business objectives, to develop the forward-looking information in this news release. There can be no assurance that such statements 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 statements.
Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include, but are not limited to: adverse market conditions; the inability of VitalHub and Oculys to successfully integrate operations; reliance on key and qualified personnel; and regulatory and other risks associated with the medical and technology industries in general. The foregoing list of material risk factors and assumptions is not exhaustive.
VitalHub assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.