Business
WELL Health Enters US Market with Completion of Majority Stake Acquisition of Circle Medical Technologies
WELL Health Enters US Market with Completion of Majority Stake Acquisition of Circle Medi...
About this update from Well Health Technologies Corp.
[{"type":"text","content":"\n \n \n \n WELL Health Enters US Market with Completion of Majority Stake Acquisition of Circle Medical Technologies\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n VANCOUVER, BC., Nov. 13, 2020\n \n \n \n \n \n \n \n Silicon Valley based Circle Medical Technologies, Inc. (\"\n \n Circle Medical\n \n \") is a National US telehealth provider that also operates two brick and mortar medical clinics in the\n \n San Francisco Bay Area\n \n .\n \n \n WELL's aggregate control investment of approximately\n \n US$14.3M\n \n in Circle Medical included a subscription of\n \n US$5.0M\n \n in shares from Circle Medical's treasury and the purchase of shares from existing shareholders of Circle Medical in exchange for WELL shares and cash consideration.\n \n \n Circle Medical's current revenue run rate is approximately\n \n US$5.7M\n \n per year and growing quickly having recently experienced double-digit monthly growth rates. WELL's cash investment and shared services support are anticipated to help the company significantly scale its growth over the coming quarters.\n \n \n \n \n VANCOUVER, BC\n \n .,\n \n Nov. 13, 2020\n \n /CNW/ - WELL Health Technologies Corp. (TSX: WELL) (\"\n \n WELL\n \n \" or the \"\n \n Company\n \n \"), a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, announces that, further to its news release dated\n \n September 1, 2020\n \n , it has completed its acquisition of a majority interest in Circle Medical (the \"\n \n Transaction\n \n \").  The existing shareholders of Circle Medical will continue to own the outstanding minority stake and will be responsible for the ongoing operation of the business.\n \n \n \n \n \n \n \n \n \n \"This highly accretive transaction is a key milestone for WELL as it expands our reach into the telehealth and physical medical clinic market in the US,\" said\n \n Hamed Shahbazi\n \n , Chairman & CEO of WELL.  \"The Circle Medical team has done an incredible job expanding its telehealth service since the start of the CO...