RENNOVA COMPLETES AGREEMENT TO SEPARATE ITS SOFTWARE AND GENETIC DIAGNOSTICS INTERPRETATION DIVISIONS INTO INNOVAQOR, INC. (OTC: INOQ) [UPDATED]

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[{"type":"text","content":"\n WEST PALM BEACH, Fla., Jan. 06, 2021 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA), (OTC: RNVAW) (“Rennova” or the “Company”), an owner and operator of rural hospitals in Tennessee, announces that on December 31. 2020, it completed an agreement with InnovaQor, Inc. (OTC: INOQ) (InnovaQor) a CO based public company, to merge its software and genetic testing interpretation divisions, Health Technology Solutions, Inc. (HTS) and Advanced Molecular Services Group, Inc., (AMSG) and their subsidiaries into InnovaQor. After closing these entities will operate as wholly owned subsidiaries of InnovaQor. Closing is subject to a number of customary conditions for a transaction of this nature and is intended to happen on or before January 31. 2021. InnovaQor has previously completed a license agreement giving it certain rights to assets and technology from TPT Global Tech, Inc’s. (OTC: TPTW) proprietary live streaming communication technology. As part of the License agreement InnovaQor and TPT have agreed a development project to create a next generation telehealth type platform. It is intended to combine the TPT and Rennova assets and technology into a smart phone and computer accessible healthcare platform to facilitate a patient’s immediate access to healthcare and their local hospital or doctors office, for initial consultation, scheduling of appointments and follow on care and other added value services that may be one off or recurring. InnovaQor has agreed to complete the necessary steps and SEC filings with the intent to facilitate TPT shareholders receiving approximately 2,500,000 shares in InnovaQor, and Rennova Health, Inc. shareholders receiving approximately $5M of Preference shares which will be converted to common shares. As described in the agreement TPT will retain direct ownership of a further 2,500,000 shares and Rennova will retain ownership of an additional $17.5M of Preference shares with certain conversion rights and restrictions, in InnovaQor. An additional 1,000,000 shares in InnovaQor will be allocated to TPT or its’ assignees as an incentive to assist in product development. “Rennova has previously disclosed its intention to separate its technology and software divisions. This agreement with InnovaQor finalizes these plans and the technology being contributed...

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