VANCOUVER, BC, May 30, 2022
/CNW/ - WELL Health Technologies Corp. (TSX: WELL)
(the "Company" or "WELL"), a company focused on
positively impacting health outcomes by leveraging technology to
empower practitioners and their patients globally, is pleased to
announce that the Notice of Intention to Make a Normal Course
Issuer Bid ("NCIB") it filed with the Toronto Stock Exchange
("TSX") has been approved by the TSX. The NCIB is a renewal
of its NCIB that expired on May 11,
2022.
WELL believes that purchases of its common shares (the
"Shares") 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 Shares begin trading in a price range that does not
adequately reflect their underlying value based on WELL's business
prospects and financial position, WELL may purchase Shares pursuant
to the NCIB. Depending upon future price movements and other
factors, WELL believes that its outstanding Shares represent an
attractive investment and a desirable use of a portion of its
corporate funds.
At the opening of the stock market on today's date, the Company
had 222,215,443 Shares issued and outstanding. Under the NCIB, the
Company may acquire up to an aggregate of 5,555,386 Shares over the
next 12-month period, representing approximately 2.5% of the issued
and outstanding Shares of the Company. In accordance with TSX
rules, daily purchases made by the Company on the TSX will not
exceed 276,932 Shares, subject to certain prescribed exemptions,
being 25% of the average daily trading volume over the preceding
six calendar months of 1,107,730 Shares. The NCIB will be effective
from June 1, 2022 to May 31, 2023.
Although the Company was eligible to purchase up to 4,879,031
Shares pursuant to its NCIB that expired on May 11, 2022, the Company's board of directors
has only recently believed that market prices of the Shares do not
properly reflect the underlying value of such Shares. As a result,
WELL purchased 50,000 Shares through the facilities of the TSX in
the period following release of the Company's fourth quarter
results on March 31, 2022, at an
average price of $4.85 on the TSX
pursuant to its previous NCIB.
Purchases subject to this NCIB will be made on the open market
through the facilities of the TSX and any alternative trading
systems in Canada by a broker on
behalf of the Company in accordance with applicable regulatory
requirements. All 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 or any of their associates currently
intends to sell any 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.
WELL HEALTH TECHNOLOGIES
CORP.
Per: "Hamed
Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies
Corp.
WELL is a practitioner focused digital healthcare company whose
overarching objective is to positively impact health outcomes to
empower and support healthcare practitioners and their patients.
WELL has built an innovative practitioner enablement platform that
includes comprehensive end to end practice management tools
inclusive of virtual care and digital patient engagement
capabilities as well as Electronic Medical Records (EMR), Revenue
Cycle Management (RCM) and data protection services. WELL uses this
platform to power healthcare practitioners both inside and outside
of WELL's own omni-channel patient services offerings. As such,
WELL owns and operates Canada's
largest network of outpatient medical clinics serving primary and
specialized healthcare services and is the provider of a leading
multi-national, multi-disciplinary telehealth offering. WELL is
publicly traded on the Toronto Stock Exchange under the symbol
"WELL" and is part of the TSX Composite Index. The Company
also trades on the OTCQX Markets under the symbol "WHTCF".
To learn more about the Company, please visit:
www.well.company.
Notice Regarding Forward-Looking
Information
This news release contains "Forward-Looking Information" within
the meaning of applicable Canadian securities laws, including,
without limitation, the expectation that the Company will conduct
an NCIB and purchase the maximum number of Shares permissible
thereunder as described in this news release. Forward-Looking
Information is 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. Forward-Looking Information
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 Information
involves 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
Information and the Forward-Looking Information is not a guarantee
of future performance. WELL's statements expressed or implied by
the Forward-Looking Information is 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 Information is qualified in their
entirety by inherent risks and uncertainties surrounding the NCIB,
including: direct and indirect material adverse effects from the
COVID-19 pandemic; adverse market conditions; risks inherent in the
primary healthcare sector in general; regulatory and legislative
changes; that future results may vary from historical results; that
market competition may affect the business, results and financial
condition of WELL and other risk factors identified in documents
filed by WELL under its profile at www.sedar.com, including its
most recent Annual Information Form. Except as required by
securities law, WELL does not assume any obligation to update or
revise any Forward-Looking Information, whether as a result of new
information, events or otherwise.
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SOURCE WELL Health Technologies Corp.