VANCOUVER, BC, April 26,
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,
today announced that it has filed its Notice of Intention to Make a
Normal Course Issuer Bid ("NCIB") with the Toronto Stock
Exchange ("TSX").
The NCIB remains subject to approval by the TSX and would be a
renewal of its current NCIB expiring May 11,
2022. The NCIB renewal has been approved by WELL's Board of
Directors (the "Board"), but it is subject to acceptance by
the TSX, and if accepted, will be made in accordance with the
applicable rules and policies of the TSX and Canadian securities
laws. The commencement and termination dates for this NCIB and
confirmation of the exact number of Shares subject to the NCIB will
be announced once the NCIB has been approved by the TSX.
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
is expected to have 210,383,666 Shares issued and outstanding.
Under the NCIB, if approved by the TSX, the Company may acquire up
to 2.5% of the number of issued and outstanding Shares of the
Company over the next 12-month period, or an aggregate of
5,259,591 Shares based on the current number of issued and
outstanding Shares. The exact number of Shares that are
subject to the NCIB will be determined on the date of acceptance of
the 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.
Expiry of Current NCIB
The Company's current NCIB expires on May
11, 2022. The Board believes that the recent market prices
of the Shares do not properly reflect the underlying value of such
Shares. As a result, WELL recently purchased 50,000 Shares 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 current NCIB.
WELL HEALTH TECHNOLOGIES
CORP.
Per: "Hamed Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies
Corp.
WELL is a technology enabled 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. To learn more about
the Company, please visit: www.well.company.'
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 TSX will approve the
NCIB and that the Company will conduct the NCIB and its future
purpose. 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, 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.