Mednow Stories Q1 2022 Monetary Outcomes and Operational Mileston…

TORONTO–(BUSINESS WIRE)–Mednow Inc. (“Mednow” or the “Firm”) (TSXV:MNOW), Canada’s on-demand digital pharmacy, is happy to announce it has launched its monetary outcomes for the interval ending October 31^st, 2021 (“Q1 2022”). Mednow’s Monetary Statements and Administration, Dialogue & Evaluation can be found on sedar.com and on the Firm’s web site, https://traders.mednow.ca.

“I’m extraordinarily happy with our achievements simply 9 months into changing into a public firm, and our development trajectory is on-track as we proceed to construct out our digital pharmacies and interdisciplinary mannequin of care throughout Canada” stated Karim Nassar, Chief Government Officer at Mednow. “Thus far, we at the moment service greater than half of the inhabitants of Canada and count on to realize nationwide standing by the primary half of calendar 2022. Now we have continued our fast enlargement, with development by way of the launch of our digital pharmacies and telemedicine companies, the continuation of our efforts to extend affected person acquisition en masse by way of our institutional enterprise, Mednow for Enterprise, and agreements to amass two specialty pharmacies. Now we have additionally entered into partnerships with psychological well being and genetic testing firms and have an curiosity within the U.S. market by way of our funding with Doko Medical. Mednow is in a good place to proceed to develop and implement our strategic plan with loads of runway, given our money stability of roughly C$23M and no debt on the stability sheet.”

Key M&A, Partnerships and Milestones Throughout and Subsequent to Q1 2022:

• Key Acquisitions
  • On December 17, 2021, Mednow entered an settlement to amass London Pharmacare Inc. and Liver Care Canada Inc. (“Liver Specialty Group”), for an mixture money fee of C$650,000 and two subsequent earn-out funds within the quantity of 0.1x of the income generated by Liver Specialty Group in every of its 2022 and 2023 monetary years. Liver Specialty Group generated an mixture of C$21.3M in income and C$2.1M in gross revenue of their final fiscal yr. Liver Specialty Group focuses on the administration of hepatology.
  • Mednow acquired specialty pharmacy InfusiCare Canada Inc. (“InfusiCare”) on November 18, 2021, for a money fee of C$1.85M, which is anticipated to bolster the Firm’s experience in biologic medicine, the fastest-growing class of medication within the pharmaceutical trade. Annualized income of InfusiCare was C$9.3M and C$400,000 gross revenue in its newest fiscal yr.
  • On August 5, 2021, Mednow acquired Medvisit, a enterprise that gives in-home physician and affected person consultations in Ontario, for C$1.3M in money. Medvisit has roughly 30,000 affected person residence visits per yr and over 400,000 sufferers serviced since inception. Annualized income of Medvisit was C$3M and C$790,000
  • In October 2021, Mednow acquired 100% curiosity in “Mednow Pharmacy Inc.” (“Mednow West”). The walk-in and on-line pharmacy is open for enterprise, working below the commerce title Mednow Pharmacy, and companies the province of British Columbia, offering same-day supply companies to the Larger Vancouver Space and surrounding areas.
• Key Investments
  • On November 24, 2021, Mednow closed a C$500,000 funding in Doko Medical Inc. (“Doko Medical”) by the use of convertible debenture. If the convertible debenture is transformed to fairness, this may equate to a 2.8% fairness curiosity at a C$17.5M pre-money valuation. Doko Medical is a digital healthcare supplier working throughout the U.S. at the moment servicing 38 states; it has over 100 physicians and well being care staff engaged over its platform.
  • Mednow elevated its fairness curiosity in Life Assist Psychological Well being (LSMH) to 12.3% from 10.5% in October 2021, with a follow-on funding of C$250,000. In Q1, LSMH entered a partnership with a serious Canadian pharmacy chain, to supply its purchasers entry to LSMH’s Psychological Well being Test, reinforcing Mednow’s place that providing holistic companies supplies higher avenues to help sufferers.
  • On November 12, 2021, Mednow acquired the License and Unique Distribution Rights of TruDiagnostic™ for a two-year time period and a money fee of US$150,000 to broaden the Firm’s holistic healthcare choices on its digital platform. Mednow’s clients are anticipated to have the ability to order this epigenetic check within the first calendar quarter of 2022.
• Operational Milestones
  • Mednow launched Mednow Digital Care in September 2021, a proprietary platform to supply digital care and telemedicine companies, facilitated by way of the Mednow internet software and cellular software. Mednow Digital Care is at the moment out there within the province of Ontario and expects to broaden its protection to serve sufferers throughout Canada in calendar 2022.
  • Mednow continues to focus on giant institutional contracts by way of its Mednow For Enterprise division (“MFB”). MFB has been efficiently executing with present dealer channel companions and has obtained commitments from particular person plan sponsors and corporations to retain Mednow as their most popular pharmacy to help their staff.
  • In September 2021, Mednow obtained regulatory approvals from the Nova Scotia Faculty of Pharmacists and opened for enterprise below the commerce title Mednow Pharmacy. The pharmacy companies the province of Nova Scotia and may fill orders from walk-in sufferers in addition to on-line orders. Mednow Pharmacy supplies same-day supply companies to Halifax and surrounding areas.

Abstract of Monetary Outcomes

		Three months ended October 31,								Yr Ended July 31,
		2021				2020				2021
Income		$	570,343			$	41,400			$	414,000
Web loss and complete loss			(4,446,652	)			(509,097	)			(8,953,835	)
Complete belongings			32,935,825				5,121,398				34,171,322
Complete liabilities			3,770,586				244,391				1,684,582
Primary and diluted internet loss and complete loss per frequent share		$	(0.21	)		$	(0.03	)		$	(0.49	)
Supply: Mednow’s MD&A as of October 31, 2021

Regular Course Issuer Bid Replace

As of October 31, 2021, the Firm bought and canceled a life-to-date complete of 309,100 frequent shares for C$865,955 of money consideration. The life-to-date weighted common price of the canceled shares totaled C$455,233 leading to a loss on cancellation of C$410,821 allotted to the deficit. The Firm didn’t buy frequent shares through the interval ended October 31, 2021.

Mednow continues to have a first-mover benefit within the digital pharmacy market, because it completes its technological and logistical infrastructure. Through the subsequent 12 months, the Firm is heading in the right direction to construct and open retail pharmacies within the provinces of Manitoba, Alberta and Quebec, and expects to amass a pharmacy based mostly in Toronto, from associated events of Mednow. Mednow expects to personal and function brick-and-mortar retail pharmacies in these provinces throughout Canada, which can permit the Firm to additional develop model presence, serve walk-in sufferers in addition to serve nearly all of orders by way of residence supply of medicines ordered through the online and cellular purposes. Its current acquisitions and partnerships have elevated its holistic providing and positions itself to be a frontrunner, offering best-in-class service to each particular person residing in Canada.

About Mednow Inc.

Mednow is a healthcare expertise firm providing digital entry with distinctive care. Designed with entry and high quality care in thoughts, Mednow.ca supplies digital pharmacy and telemedicine companies, in addition to physician residence visits, with comfort and thru an interdisciplinary strategy to healthcare that’s centered on the affected person expertise. Mednow’s companies embrace free at-home supply of medicines, a user-friendly interface for simple add, switch, and refill of prescriptions, entry to healthcare professionals by way of an intuitive chat expertise, a specialised PillSmart™ system that packages prescriptions, and nutritional vitamins by date and time, and physician consultations.

To study extra, comply with Mednow on LinkedIn, Twitter, Fb, and Instagram, in addition to go to https://traders.mednow.ca/

Neither TSX Enterprise Trade nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) accepts accountability for the adequacy or accuracy of this launch.

Cautionary Be aware Concerning Ahead-Trying Statements:

This launch consists of sure statements and knowledge that will represent forward-looking data inside the which means of relevant Canadian securities legal guidelines. All statements on this information launch, aside from statements of historic details, together with statements relating to future estimates, plans, targets, timing, assumptions or expectations of future efficiency, together with with out limitation, the assertion that the Firm expects to realize nationwide standing by the primary half of calendar 2022, Mednow is in a good place to proceed to develop and implement its strategic plan, Mednow’s clients are anticipated to have the ability to order the epigenetic check in calendar first quarter of 2022, the acquisition of InfusiCare bolstering the Firm’s experience in biologic medicine and increasing Mednow’s logistical infrastructure in Southwestern Ontario, how the proceeds of the Doko Medical funding are anticipated for use by Doko Medical, Mednow’s strategic funding in Doko Medical fueling Doko Medical’s future development, that the acquisition of Liver Specialty Group will full as anticipated by administration, the Firm’s 12 month plans, together with constructing and opening retail pharmacies within the provinces of Manitoba, Alberta and Quebec, the acquisition of a pharmacy based mostly in Toronto, Mednow proudly owning and working brick-and-mortar retail pharmacies in three provinces throughout Canada which can additional develop model presence, serve walk-in sufferers in addition to serve nearly all of orders by way of residence supply of medicines ordered through the online and cellular purposes and Mednow positioned as a frontrunner offering best-in-class service to each particular person residing in Canada are forward-looking statements and comprise forward-looking data. Usually, forward-looking statements and knowledge might be recognized by means of forward-looking terminology comparable to “intends” or “anticipates”, or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “might”, “may”, “ought to”, “would” or “happen”. Ahead-looking statements are based mostly on sure materials assumptions and evaluation made by the Firm and the opinions and estimates of administration as of the date of this press launch, together with that the Firm is in a good place to proceed to develop, the Firm having the ability to implement its strategic plans, the acquisition of Liver Specialty Group, the Firm will obtain the required company and regulatory approvals, together with TSX Enterprise Trade approval for the acquisition of Liver Specialty Group, Mednow will broaden its infrastructure in Southwestern Ontario, the acquisition of InfusiCare will bolster the Firm’s experience in organic medicine, how the proceeds of the Doko Medical funding are anticipated for use by Doko Medical, Mednow’s strategic funding in Doko Medical will gasoline Doko Medical’s future development, Mednow reaching its 12 month plans, together with constructing and opening retail pharmacies within the provinces of Manitoba, Alberta and Quebec, the acquisition of a pharmacy based mostly in Toronto, Mednow proudly owning and working brick-and-mortar retail pharmacies in three provinces throughout Canada. These forward-looking statements are topic to recognized and unknown dangers, uncertainties and different components that will trigger the precise outcomes, stage of exercise, efficiency, or achievements of the Firm to be materially totally different from these expressed or implied by such forward-looking statements or forward-looking data. Vital components that will trigger precise outcomes to fluctuate, embrace, with out limitation, that the acquisition of Liver Specialty Group won’t full as anticipated by administration, the Firm doesn’t obtain the required company and regulatory approvals, together with TSX Enterprise Trade approval, that the Firm will be unable to implement its strategic plans, the acquisition of InfusiCare won’t bolster the corporate’s experience in organic medicine, the Firm won’t broaden its logistical infrastructure in Southwestern Ontario, Doko Medical won’t use the proceeds from the Doko Medical funding as anticipated, the Firm won’t obtain its 12 month plans, together with constructing and opening retail pharmacies within the provinces of Manitoba, Alberta and Quebec, buying a pharmacy based mostly in Toronto and proudly owning and working brick-and-mortar retail pharmacies in three provinces throughout Canada. Though administration of the Firm has tried to determine vital components that might trigger precise outcomes to vary materially from these contained in forward-looking statements or forward-looking data, there could also be different components that trigger outcomes to not be as anticipated, estimated or supposed. There might be no assurance that such statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, readers mustn’t place undue reliance on forward-looking statements and forward-looking data. Readers are cautioned that reliance on such data will not be applicable for different functions. The Firm doesn’t undertake to replace any forward-looking assertion, forward-looking data or monetary out-look which might be included by reference herein, besides in accordance with relevant securities legal guidelines.