​Toronto, Ontario, June 25, 2020 – CareRx Corporation (formerly Centric Health Corporation) (“CareRx” or the “Company”) (TSX: CRRX), Canada’s leading provider of specialty pharmacy services to seniors, completed its corporate rebrand today. CareRx also launched its new website at www.carerx.ca as well as its new logo and social media accounts on LinkedIn, Twitter and Facebook (@CareRxCorp).
 
“I am excited about our new brand and what it represents,” said David Murphy, President and CEO of CareRx. “Our new name perfectly encapsulates the common set of values and aspirations that our team shares as it relates to “caring” for all of our stakeholders – the residents that we serve, our home operator partners and their staff, and our employees.”
 
The new www.carerx.ca website offers users a welcoming and refreshed look, with easy navigation to essential information about CareRx’s business and service offerings tailored towards home operator partners, residents and their families, prospective employees and investors.
 
Over the next few months, the Company will be working to roll out the CareRx brand across all of its pharmacy banners as it seeks to create a unified, national organization.

The rebranding follows the Company's acquisition of Remedy Holdings Inc. and the Remedy'sRx Specialty Pharmacy business back in May. 
 
ABOUT CARERX CORPORATION
 
CareRx (formerly Centric Health Corporation) is Canada’s leading provider of specialty pharmacy services to seniors. We serve more than 50,000 residents in over 850 seniors and other communities (long-term care homes, retirement homes, assisted living facilities, and group homes). We are a national organization with a large network of pharmacy fulfillment centres strategically located across the country. This allows us to deliver medications in a timely and cost-effective manner and quickly respond to routine changes in medication management. We take an active role in working with our home operator partners to promote resident health, staff education, and medication system quality and efficiency.

• Indivica provides fully hosted Electronic Medical Records (“EMR”) software and services to 390 clinics serving over 2,000 physicians and medical practitioners in Ontario.
• With the acquisition of Indivica, WELL expands its EMR services footprint to approximately 1,900 primary health medical clinics and 10,000 physicians across Canada.
• Indivica has a talented in-house development team that has built extensive intellectual property around making OSCAR(1) EMR systems more secure and capable in a fully hosted environment.
• Indivica is WELL’s seventh EMR acquisition, further strengthening the Company’s footprint as the third largest EMR service provider in Canada.

VANCOUVER, B.C., June 1, 2020 - WELL Health Technologies Corp. (TSX: WELL) (the “Company” or “WELL”), a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, is pleased to announce that is has closed the previously announced acquisition of Indivica Inc. (“Indivica”), whereby the Company has acquired all of the issued and outstanding shares of Indivica (the “Transaction”). With the acquisition of Indivica, WELL expands its EMR services footprint to approximately 1,900 primary health medical clinics and 10,000 physicians across Canada.

“We are very pleased to welcome the talented team at Indivica to our WELL EMR Group,” said Hamed Shahbazi, Chairman and CEO of WELL.  “Indivica is a proven and well-respected OntarioMD certified EMR vendor that has developed unique intellectual property to secure and support electronic records for medical clinics across Ontario.”

Indivica, founded in 2008 and based out of Toronto, Ontario, is a provider of fully hosted EMR software and services to 390 clinics serving over 2,000 physicians and medical practitioners in Ontario.  Indivica has been a true innovator developing extensive intellectual property as it relates to innovative technological solutions related to appointment notification, patient communication, patient data federation amongst disparate clinics, automated submission and retrieval of Ontario Health Insurance Plan (OHIP) billings and reports, and real-time health card and fee service code reports. In the past twelve months, Indivica generated approximately $1.8M in revenue.  It is expected that Indivica will produce, at minimum, double digit percentage EBITDA margin(2) with non-speculative post-acquisition synergies. Indivica’s CEO, Neil Baimel, will assist WELL with the transition of operations for a period of time following closing of the Transaction.

“We are delighted to complete this transaction and join the WELL Health family,” said Neil Baimel, CEO of Indivica.  “We feel WELL shares our vision for innovation in the EMR market in Canada, and we believe this is a win for our customers.”

The total consideration paid by the Company in connection with its acquisition of Indivica is $6,200,000, subject to certain adjustments, and consisting of the following: (i)$3,410,000 paid in cash; (ii) $1,550,000 paid in common shares in the capital of the Company at a price of $3.10 per share; and (iii) a time-based cash earn-out of $1,240,000 payable within 120 days of the close of the Transaction. The Transaction was financed with cash on hand.

Source: WELL Health Technologies Corp.