Business
Kovo Announces Acquisition of Right to Acquire Assets of AccelVue
Vancouver, British Columbia--(Newsfile Corp. - September 30, 2024) - Kovo HealthTech Corporation ...
About this update from Kovo+ Holdings Inc
[{"type":"text","content":"Kovo Announces Acquisition of Right to Acquire Assets of AccelVueVancouver, British Columbia--(Newsfile Corp. - September 30, 2024) - Kovo HealthTech Corporation (TSXV: KOVO) (\"Kovo\" or the \"Company\") is pleased to announce that it has entered into an asset purchase agreement dated September 30, 2024 (the \"Asset Purchase Agreement\") with HEAL USA, Inc. (\"HEAL USA\") pursuant to which the Company will acquire from HEAL USA the exclusive right to purchase certain contractual assets of Coredynamex, LLC, the Utah limited liability company (doing business as \"AccelVue\") (the \"Proposed Transaction\") pursuant to a executed term sheet (the \"LOI\") dated December 4, 2023 (as amended on September 8, 2024) and between HEAL USA and AccelVue. The LOI currently grants HEAL USA the exclusive right to acquire certain assets of AccelVue, which include: (i) a business development contract with an EMR (Electronic Medical Record) SaaS company that aggregates 20,000 medical providers in the USA; (ii) an exclusive contract with a private Ai vendor to use its technology and services across the EMR healthcare industry sector; and (iii) an exclusive agreement with a bookkeeping platform as a service provider to service medical providers/practices aggregated through EMR company channels. The contracts and relationships will be coupled with Kovo's current practice offerings and leveraged to increase sales in new and existing channels. The purchase price for the transfer of the AccelVue assets to HEAL USA under the LOI is USD$50,000.HEAL USA, is a Delaware corporation controlled by Avonlea-Drewry Holdings Inc. (\"ADH\"). Mr. Michael Steele, a current director and controlling indirect shareholder of the Company, is a director of HEAL USA and is a director, officer and indirect shareholder of ADH, but does not control ADH. Mr. Robert Galarza, a director of the Company, is also an officer of HEAL USA. Therefore, as no related party of Kovo controls HEAL USA, directly or indirectly, HEAL USA is not a \"related party\" to the Company and the Proposed Transaction is not subject to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") which regulates transactions that raise the potential for conflicts of interest, including transactions involving parties who are \"related parties\"...