TORONTO, May 17, 2021 (GLOBE NEWSWIRE) -- VITALHUB CORP. (TSXV: VHI) (the “Company” or “VitalHub”), is pleased to announce today it has completed the acquisition (the “Acquisition”) of the on-premise hospital queue management business segment (“Jayex System”) of Jayex Healthcare Limited (ASX: JHL) (“Jayex”), a leading UK and Australian e-health provider of integrated SaaS healthcare services delivery platforms.
Total consideration paid by VitalHub is £1.3M (the “Purchase Price”). Jayex received the Purchase Price as (i) £1.04M in cash and (ii) £0.26M in VitalHub common shares (the “Shares”). The Shares were issued at CAD$2.915 per Share, and resulted in 150,078 Shares being issued.
In addition, for 24 months after closing of the Acquisition, Jayex may receive an earn-out based on earned revenues of the Jayex System, capped at a total of £1M.
The Company had 36,471,462 Common Shares issued and outstanding. Upon delivery of the Shares, the Company now has a total 36,621,540 issued and outstanding Common Shares.
ABOUT THE JAYEX SYSTEM
The Jayex System is an on-premise hospital queue management system, much like VitalHub’s “Intouch with Health” product offering, and is installed at almost 60 customer sites in the UK and Australia, representing recurring annual software revenue of approximately £420k.
ABOUT VITALHUB
Software for Health and Human Services providers designed to simplify the user experience & optimize outcomes.
VitalHub provides technology to Health and Human Services providers including; Hospitals, Regional Health Authorities, Mental Health, Long Term Care, Home Health, Community and Social Services. VitalHub solutions span the categories of Electronic Health Record (EHR), Case Management, Care Coordination, Patient Flow & Operational Visibility, and DOCit Mobile Apps.
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 275+ clients across Canada, USA, UK, Australia, Qatar, and Latvia. 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”.
CAUTIONARY STATEMENT
This press release includes forward-looking statements regarding the Corporation and its business, which may include, but is not limited to, statements with respect to the appointment of a new directors. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity and are based on assumptions and subject to risks and uncertainties. Although the management of each entity believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the technology industry, failure to obtain regulatory or shareholder approvals, market conditions, economic factors, the equity markets generally and risks associated with growth and competition. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
CONTACT INFORMATION
Dan Matlow
Chief Executive Officer, Director
(416) 727-9061
dan.matlow@vitalhub.com