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WELL Health to Expand into US Market with Proposed Majority Stake in US Telehealth Leader Circle Medical and Announces $23M CAD Offering with Group of Investors Led by Mr. Li Ka-shing
WELL Health to Expand into US Market with Proposed Majority Stake in US Telehealth Leader ...
About this update from Well Health Technologies Corp.
[{"type":"text","content":"\n\n\n\nWELL Health to Expand into US Market with Proposed Majority Stake in US Telehealth Leader Circle Medical and Announces $23M CAD Offering with Group of Investors Led by Mr. Li Ka-shing\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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnbcc{\nBORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, Sept. 1, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\nSilicon Valley based Circle Medical is a National US telehealth provider who has delivered virtual primary healthcare services in 35 states in the past 100 days and plans to extend its telehealth services to the majority of the remaining states within the next few months. Circle Medical also owns and operates two California based brick and mortar clinics. Circle Medical has \"payer\" agreements with most of the major health insurance carriers in the United states. This allows the company's service to be in-network and accessible by ~200M Americans who can use the patient-centric Circle Medical \"app\" anytime for either no cost or a small co-pay. WELL also announces it has received commitments for the sale of $23M CAD of its common shares as part of a private placement led by Mr. Li Ka-shing to support the deal and WELL's entrance into the US market. WELL's $14M USD control investment in Circle Medical includes a subscription of $5M USD worth of shares from Circle Medical's treasury and stock swap with WELL stock for up to $9M USD. Circle Medical's current revenue run rate is almost $5M USD per year and growing quickly having recently experienced double-digit monthly growth rates since the start of the COVID-19 pandemic. WELL's cash investment and shared services support are anticipated to help the company significantly scale its growth over the coming quarters. VANCOUVER,...