VANCOUVER, BC, May 31, 2023
/CNW/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF)
("WELL" or the "Company"), a digital health company
focused on positively impacting health outcomes by leveraging
technology to empower healthcare 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 expires May 31, 2023.
WELL believes that purchases of its common shares (the
"Shares") pursuant to the NCIB may 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 may represent an
attractive investment and a desirable use of a portion of its
corporate funds.
As of the opening of the stock market on today's date, the
Company had 235,383,589 Shares issued and outstanding. Under
the NCIB, the Company may acquire up to an aggregate of
5,884,589 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 213,962 Shares, subject to
certain prescribed exemptions, being 25% of the average daily
trading volume over the preceding six calendar months of 855,850
Shares. The NCIB will be effective from June
1, 2023, to May 31, 2024.
Although the Company was eligible to purchase up to 5,555,386
Shares pursuant to its NCIB that expires on May 31, 2023, the Company's board of directors
chose to allocate funds to alternative capital allocation
opportunities to provide greater returns to shareholders. As a
result, WELL did not purchase any Shares through 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.
WELL's overarching mission is to positively impact health outcomes
by leveraging technology to empower healthcare practitioners and
their patients globally. WELL exists to enable healthcare
practitioners with best-in-class technology and services. WELL has
built the most comprehensive end-to-end healthcare system across
Canada including the nation's
largest network of clinics supporting primary care, specialized
care, and diagnostics services. In the
United States, WELL provides omni-channel healthcare
services and solutions targeting specialized markets such as the
gastrointestinal market, women's health, primary care, and mental
disorders. In addition to providing patient services, WELL
develops, integrates, and sells its own suite of technology
software and solutions to medical clinics and healthcare
practitioners. WELL's practitioner enablement platform includes:
Electronic Medical Records ("EMR"), telehealth platforms, practice
management, billing, Revenue Cycle Management ("RCM"), digital
health apps and data protection solutions. WELL is publicly traded
on the Toronto Stock Exchange under the symbol "WELL" and on the
OTC Exchange under the symbol "WHTCF". To learn more about the
Company, please visit: www.well.company.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/well-health-announces-approval-of-normal-course-issuer-bid--may-2023-301838439.html
SOURCE WELL Health Technologies Corp.