VANCOUVER, British Columbia, April 26, 2022 (GLOBE NEWSWIRE) -- UniDoc Health Corp. (CSE: UDOC) (FRA: L7T) (OTCQB: UDOCF) (“UniDoc,” or the “Company”), an innovator in the telehealth sector, is pleased to announce, further to its news release dated April 5, 2022, that it has entered into a definitive master equipment deployment and services agreement (the “Agreement”) with the offices of Her Royal Highness, Nana Hemaa Kwasi Bozoma III, Ndweafo Royal Stool, Ekpu, Western Region, Republic of Ghana and Nana Angate Kpanyinli III (“the Partner”).
The Republic of Ghana provides access to a universal health care system under the National Health Insurance Scheme (NHIS). In 2012, over 12 million Ghanaian nationals were covered by the NHIS, with urban centres containing most of the hospitals, clinics, and pharmacies in Ghana. There are over 200 hospitals in Ghana and in 2014 there was an estimation of 11 physicians and 104 nurses per 100,000 persons with 5.2% of Ghana's GDP spent on healthcare (sources: NHIS Website, Ghana Ministry of Health).
Pursuant to the Agreement, the Company has agreed to a master deployment agreement and framework for the leasing of certain telehealth equipment and the licensing of related software including the Virtual Care Solutions Model (“VCSM”) kiosks from the Company to the Partner for monthly service fees. The VCSM is a proprietary customizable and comprehensive telehealth solution that is currently being developed by the Company and is being designed to integrate a range of physical products, web-based services, and analytical tools, along with access to the Company’s developing network of healthcare providers, pharmacies, and hospitals.
The Company and the Partner agreed to an initial equipment rollout of VCSM kiosks and minimum subscription model pursuant to the Agreement. The Partner anticipates these kiosks will be located at independent locations and other locations throughout the Republic of Ghana. The Agreement provides for an initial 10 VCSM kiosk locations and value of up to approximately US$2.8 million over the Agreement’s five year term based on this initial quantity of kiosks. The Agreement also provides for a ramp-up of up to 400 VCSM kiosk locations for a possible value of up to US$90 million over the Agreement’s five year term. The delivery of initial VCSM kiosks and any ramp-up of additional kiosk locations are all subject to the commercialization of the VCSM kiosk by the Company, completion of successful site studies by both parties and other customary conditions. As at the date of this news release, the VCSM remains under development by the Company and has not generated any revenues. There is no guarantee that any service fees will be paid to UniDoc under the Agreement or that the VCSM will generate any revenues at all.
The Company also agreed to provide certain data management and telecommunications services to be used by the Partner to provide in-suite telehealth and related services in its designated facilities. The software and telecommunications services will provide the Partner with access to an authentication service and on-line portal which permits secure, live-streaming videoconferencing and transmission of diagnostic data between on-site patients physically using individual kiosks units and remote healthcare professionals accessing the portal. Medical personnel for the VCSM kiosks will be coordinated by the Partner.
The Company has agreed to install the VCSM kiosks and perform initial functionality tests at locations to be specified by the Partner. The Company has also agreed to provide to the Partner on-site training, follow-up training, troubleshooting, and certain maintenance services and supplies including hardware support, software updates, data analysis (upon request), and annual on-site testing and maintenance. The Partner advises the Company that the initial VCSM kiosks will be located with the intent to serve patients outside Ghana’s urban centres.
The Agreement is for an initial period of five years and automatically renews for an additional five years unless terminated upon written notice by either of the parties. The payment of service fees to UniDoc by the Partner under the Agreement commences only upon delivery of the initial VCSM kiosks by UniDoc to the Partner. A further news release will follow if initial delivery of VCSM kiosks has been successfully made by the Company to the Partner.
UniDoc CEO Antonio Baldassare notes, “UniDoc is excited to take the next step with our Partner in providing accessible health care to the people of Ghana. We believe our Virtual Care Solutions Model will help to address Her Royal Highness’s aim to develop health care infrastructure within local communities.”
On Behalf of the Board of Directors,
Sincerely,
~Antonio Baldassarre~
Antonio Baldassarre
CEO, President & Director
UniDoc Health Corp.
About UniDoc Health Corp. (CSE: UDOC) (FRA: L7T) (OTCQB: UDOCF)
UniDoc is developing a telehealth solution which is being designed as a self-contained remote virtual clinic within a private kiosk for patients to undergo full consultations as if they were present in a physician’s office. Telehealth opens the doors to a large segment of the population challenged by access, experience or understanding of online computer technology. It is the Company’s belief that physical accessibility is the key to its business proposition. UniDoc is dedicated to unlocking shareholder value by delivering an excellent product and sophisticated commercial network within an expedited timeframe. The UniDoc team encourages engagement, questions, and interest, so please stay in touch and invite anyone who might be interested in our story to visit our website at www.unidoctor.com and signup to receive the latest information with updates on our activities, events and progress. You are also invited to join us on social media with Facebook, Twitter or Instagram.
For further information, please contact
UniDoc Investor Relations
Tel: +1 778.383.6731
Email: info@unidoctor.com
Matt Chatterton, Director
Tel: +1 778.613.2082
Email: matt@unidoctor.com
Media Inquiries
media@unidoctor.com
Forward-Looking Statements
This news release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “will be”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the Company’s primary product offering and features thereof, the terms of the Agreement with the Partner and the products and services to be offered thereunder, the placement and location of the Company’s products across the Republic of Ghana, the population demographics and location of the Partner’s telehealth patients, the estimated initial value of the Agreement; the estimated value range of a ramp up of the Agreement; the number range of kiosks to be deployed under the Agreement, the business, operations, services and objectives of the Partner, the VCSM helping to develop infrastructure within local communities in the Republic of Ghana, the anticipated benefits of a partnership with the Partner, the expected delivery of initial kiosks by the Company to the Partner, additional news releases, and the Company’s commercialization and development of the VCSM telehealth platform.
Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; the Company successfully developing and commercializing the VCSM kiosks in a timely manner; sufficient manufacturing capacity being available to produce the number of contemplated kiosks under the Agreement; current and future global supply chain issues not having a material adverse effect on the production and manufacturing of the VCSM kiosks; the Company and the Partner completing successful site studies for the VCSM kiosks in the Republic of Ghana; the Partner having sufficient and adequate infrastructure to implement the VCSM kiosks in the Republic of Ghana; geopolitical risks in the Republic of Ghana not interfering with the installation and delivery of the VCSM kiosks; the Company and the Partner’s ability to secure additional financing on reasonable terms, as required; the competitive conditions of the industries in which the Company operates not increasing significantly; a continued demand for telehealth services over the duration of the Agreement; a continued working relationship between the Company and the Partner for the duration of the Agreement; and no changes to the laws applicable to the Company which would have a adverse material effect on the Company.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to successfully develop and commercialize VCSM kiosks for delivery to the Partner or develop and commercialize the VCSM at all; risks that the Company will not be able to produce or secure sufficient manufacturing capability to produce the quantity of VCSM kiosks requested by the Partner under the Agreement; risks that the site studies of the VCSM kiosk by the Partner will not be satisfactory to the Partner; risks that current and any future global supply chain issues will delay the development of the VCSM kiosks and ultimately the delivery of the VCSM kiosks to the Partner under the Agreement; risks that the Company and/or the Partner will not be able to secure required financing on reasonable terms or at all; geopolitical risks and other business risks associated with and specific to the Republic of Ghana; risks with respect to the implementation of laws and regulations that may impose restrictions on the Company’s product offering in the Republic of Ghana; as well as all of the other risks as described in the Company’s final prospectus dated December 2, 2021 under the heading “Risks Factors.” Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
