/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR
DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES./
VANCOUVER, March 23, 2020 /CNW/ - WELL Health
Technologies Corp. (TSX: WELL) ("WELL" or the
"Company"), a company focused on consolidating and
modernizing clinical and digital assets within the primary
healthcare sector, today announced that the Toronto Stock Exchange
("TSX") has accepted its Notice of an Intention to Make a Normal
Course Issuer Bid ("NCIB") which shall commence on March 25, 2020 and terminate on March 24, 2021, or such earlier date if the
maximum number of shares are purchased.
![TSX: WELL (CNW Group/WELL Health Technologies Corp.) TSX: WELL (CNW Group/WELL Health Technologies Corp.)](https://mma.prnewswire.com/media/1136440/WELL_Health_Technologies_Corp__WELL_Health_Announces_Normal_Cour.jpg)
At the opening of the stock market on today's date, the Company
is expected to have 118,876,458 common shares issued and
outstanding. Under the NCIB, the Company may acquire up to an
aggregate of 5,943,822 common shares over the next 12-month period,
representing approximately 5% of the issued and outstanding common
shares of the Company. In accordance with TSX rules, daily
purchases made by the Company on the TSX will not
exceed 71,079 common shares, or 25% of WELL's average daily
trading volume on TSX and TSX Venture for the six calendar months
preceding the date of the acceptance of the original notice,
subject to certain prescribed exemptions.
The NCIB previously announced on October
11, 2019 while the Company was listed on the TSX Venture
Exchange has been terminated as a result of the Company's
graduation from the TSX Venture Exchange to the TSX Exchange.
No shares were purchased pursuant to the previous bid on the TSX
Venture Exchange.
WELL believes that share purchases pursuant to the NCIB will
contribute to the facilitation of an orderly market and be in the
best interests of the Company and its shareholders. In the
event that WELL believes that its common shares begin trading in a
price range that does not adequately reflect their underlying value
based on WELL's business prospects and strong financial position,
WELL may purchase shares pursuant to the NCIB. Depending upon
future price movements and other factors, WELL believes that its
outstanding common shares represent an attractive investment and a
desirable use of a portion of its corporate funds.
Purchases subject to this NCIB will be carried out pursuant to
open market transactions through the facilities of the TSX and any
other available markets and alternative trading systems in
Canada by Stifel Nicolaus Canada
Inc. on behalf of the Company in accordance with applicable
regulatory requirements. All common shares purchased by the
Company under the NCIB will be returned to treasury and
cancelled.
To the knowledge of the Company, no director, senior officer or
other insider of the Company currently intends to sell any common
shares under this bid. However, sales by such persons through
the facilities of the TSX or any other available market or
alternative trading system in Canada may occur if the personal circumstances
of any such person change or if any such person makes a decision
unrelated to these normal course purchases. The
benefits to any such person whose shares are purchased would be the
same as the benefits available to all other holders whose shares
are purchased.
US Disclaimer
This new release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any state securities laws and may
not be offered or sold within the United
States or to or for the account or benefit of a U.S. person
(as defined in Regulation S under the U.S. Securities Act) unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL
WELL is a unique company that operates Primary Healthcare
Facilities, is the third largest digital Electronic Medical Records
(EMR) supplier in Canada and is a
provider of telehealth services. WELL owns and operates 20
medical clinics, provides digital EMR software and services to
1,446 medical clinics across Canada, and is a majority owner of SleepWorks
Medical. WELL's overarching objective is to empower doctors
to provide the best and most advanced care possible while
leveraging the latest trends in digital health. WELL is an
acquisitive company that has completed nine acquisitions and one
equity investment. WELL is publicly traded on the Toronto
Stock Exchange under the symbol "WELL.T". WELL was recognized
as a TSX Venture 50 Company three years in a row in 2018, 2019 and
2020.
Forward-Looking Statements
This news release may contain "forward-looking statements"
within the meaning of applicable Canadian securities laws,
including, without limitation, the expectation that the Company
will conduct a Normal Course Issuer Bid and purchase the maximum
number of common shares permissible thereunder as described in this
news release. Forward-looking statements are necessarily based upon
a number of estimates and assumptions that, while considered
reasonable by management, are inherently subject to significant
business, economic and competitive uncertainties, and
contingencies. These statements generally can be identified by the
use of forward-looking words such as "may", "should", "will",
"could", "intend", "estimate", "plan", "anticipate", "expect",
"believe" or "continue", or the negative thereof or similar
variations. Forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause future
results, performance or achievements to be materially different
from the estimated future results, performance or achievements
expressed or implied by those forward-looking statements and the
forward-looking statements are not guarantees of future
performance. WELL's statements expressed or implied by these
forward-looking statements are subject to a number of risks,
uncertainties, and conditions, many of which are outside of WELL 's
control, and undue reliance should not be placed on such
statements. Forward-looking statements are qualified in their
entirety by the inherent risks and uncertainties surrounding the
NCIB, including: that WELL's assumptions in making forward-looking
statements may prove to be incorrect; adverse market conditions;
risks inherent in the primary healthcare sector in general; that
future results may vary from historical results; and that market
competition may affect the outcome of the business, results and
financial condition of WELL. Except as required by securities
law, WELL does not assume any obligation to update or revise any
forward-looking statements, whether as a result of new information,
events or otherwise.
Neither the TSX nor its Regulation Services Provider (as that
term is defined in policies of the TSX Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE WELL Health Technologies Corp.