CloudMD Announces CFO Transition and Succession Plan

• Daniel Lee is stepping down as CFO and will remain available to support the transition while CloudMD initiates a comprehensive executive search
  
• Sean Carr will assume the role of Interim Chief Financial Officer, bringing 20+ years of CFO experience in large, complex healthcare and technology companies

VANCOUVER, British Columbia, Feb. 01, 2022 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) (“CloudMD” or the “Company”), a healthcare technology company transforming the delivery of care, announced today that Daniel Lee stepped down as Chief Financial Officer (“CFO”), effective January 31, 2022, for personal reasons. As part of a planned transition, Daniel will remain available to the Company through March 31, 2022 to support the smooth changeover. Sean Carr, previously SVP Finance, has been appointed Interim Chief Financial Officer and is currently working with Daniel to oversee CloudMD’s annual audit and the comprehensive integration of its recent acquisitions.

Sean has over 20 years of experience as Chief Financial Officer of large healthcare and technology companies, including the Canadian Addiction Treatment Centers, AIM Health Group (which was sold to McKesson in 2013), and Venus Concept Inc. (a NASDAQ-listed company, which operates in over 60 countries). In addition, he has overseen multiple M&A transactions, leading due diligence, negotiation, and successful integration. Sean was already an integral part of CloudMD’s senior management team and, as Interim CFO, he will be even more heavily involved in the Company’s cost optimization project and part of the executive management team focused on executing on cost synergies and cost saving opportunities to drive profitability and growth.

“I’d like to thank Daniel for his dedication and support over a time of incredible growth. As CFO during our start-up phase, his hard work and entrepreneurial spirit were invaluable and helped us put in place the foundation of our connected healthcare ecosystem,” said Dr. Essam Hamza, CEO of CloudMD. “Sean has extensive experience as CFO of several large healthcare and technology companies. His track record of executing multiple M&A deals and his proven ability to integrate and generate synergies make him the perfect fit to lead the Company’s finance function during this period. With the acquisition of MindBeacon and the depth we’ve built up in our finance and accounting team, now is the perfect time to begin our search for a permanent CFO with experience in large public companies, global expansion, M&A integration and driving cost synergies.”

“I’m thrilled to be able to take on a bigger role at CloudMD and leverage my experience in M&A integration and cost control to bring CloudMD to the next level and a return to profitability,” said Sean Carr, Interim CFO of CloudMD. “CloudMD has created something special with their integrated healthcare ecosystem and the coming years are going to be an exciting time for the Company.”

The Company has grown incredibly quickly and to support the next phase of growth, CloudMD will be initiating a comprehensive executive search for a CFO who is an experienced financial leader that will help execute on the integration of MindBeacon, realization of cost synergies, global expansion, and will be instrumental in shaping the long-term financial strategy of the Company.

About CloudMD Software & Services

CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solutions, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.

CloudMD currently services a combined ecosystem of over 7,000 psychiatrists, approximately 4,500 therapists and counsellors, approximately 4,000 psychologists, over 22,000 family physicians, over 34,000 medical specialists, over 1,500 allied health professionals, over 500 clinics, and over 5 million individuals across North America. For more information visit: https://investors.cloudmd.ca.

ON BEHALF OF THE BOARD OF DIRECTORS

“Dr. Essam Hamza, MD"
Chief Executive Officer

FOR ADDITIONAL INFORMATION CONTACT:

Julia Becker
VP, Investor Relations
[email protected]
(604)785-0850

Neither 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 release.

FORWARD-LOOKING STATEMENTS

This news release contains “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities laws. Forward-looking statements in this news release include, but are not limited to, statements regarding: the planned transition of the CFO and the Company’s plan, including in respect of integration and cost optimization. These statements are based upon information currently available to CloudMD’s management. All information that is not clearly historical in nature may constitute forward‐looking statements. In some cases, forward‐looking statements may be identified by the use of terms such as “forecast”, “assumption” and other similar expressions or future or conditional terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and “should”. Forward-looking statements contained in this news release are based on certain factors and assumptions made by management of CloudMD based on their current expectations, estimates, projections, assumptions and beliefs regarding their busines and CloudMD does not provide any assurance that actual results will meet management’s expectations. While management considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Such forward‐looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Company’s MD&A and most recent Annual Information Form (which are filed under the Company’s issuer profile on SEDAR and can be accessed at www.sedar.com), that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. Although CloudMD has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward‐looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward‐looking statements. Accordingly, readers should not place undue reliance on forward‐looking information. CloudMD does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.