TORONTO, May 06, 2019 (GLOBE NEWSWIRE) — VitalHub Corp. (the “Company”) (TSXV: VHI) is pleased to announce that Francis Shen, founder, former Chairman and co-CEO of Aastra Technologies Limited (“Aastra”) has been officially approved and appointed to the Company’s Board of Directors.
On January 18, 2019, the Company announced the completion of a non-brokered private placement (the “Offering”) led by the former founders and management team of Aastra (the “Investors”), being Francis and Tony Shen, Allen Brett, CFO of The Descartes Systems Group Inc., and John Tobia, VP–M&A and General Counsel of Sangoma Technologies Corp.
In conjunction with the closing of the Offering and having received approval form the TSX Venture Exchange, Francis Shen has been appointed to the VitalHub Board of Directors, and Tony Shen has been appointed an observer of the Board. The Company is pleased to report that it has also formed and struck a new committee of the Board to examine M&A strategy and initiatives (the “M&A Committee”). The M&A Committee is chaired by Francis Shen, and includes a non-Board advisory group made up of the Investors, VitalHub CEO Dan Matlow, and VitalHub CFO Brian Goffenberg.
The Company would also like to announce that Mohan Plakkot has resigned from his position as a director on the Board.
“We would like to thank Mohan for his involvement with VitalHub,” said Dan Matlow, CEO of VitalHub Corp. “His M&A expertise and insights were very helpful as we started to build the Company, and we wish him continued success into the future. I would also like to welcome Francis Shen to the Board, and extend welcome to his brother Tony Shen, along with Allen Brett and John Tobia for their ongoing involvement in our M&A Committee. Not only have the Shens, Allen and John contributed from an investment perspective; their expertise in technology operations and global M&A has already proven to be helpful. We are excited to have such a great team as part of our company.”
VitalHub is also pleased to announce that on April 23, 2019 it granted an aggregate of 700,000 stock options to certain of its existing employees (the “Options”), each of whom are not “insiders” of VitalHub, pursuant to the terms of the Corporation’s incentive stock option plan. Each Option is exercisable for one common share of the Corporation at an exercise price of $0.18 per share, and expires on the date that is five years from the date of grant. The Options will vest as follows: one-third vesting on the 1st anniversary of the grant date, and two-thirds vesting, in equal monthly installments, between the 1st anniversary of the grant date to the 3rd anniversary of the grant date.
VitalHub develops and supports mission-critical healthcare information systems in the Mental Health (Child, Youth and Adult), Long Term Care, Community Health Service, Home Health and Hospital sectors. VitalHub technologies include Blockchain, Mobile, and Web-Based Assessment and EHR solutions.
VitalHub’s aim is to create high-value, secured solutions enabling interoperability among existing health data systems. VitalHub is primarily focused on working with organizations in the Mental Health, Acute and Long-Term Care space, to further extend organization’s applications across the continuum of care, powered by the security, efficiency, and trust of Blockchain technology.
The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently, VitalHub serves 200+ participants across North America. VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The Company is publicly traded on the TSX Venture Exchange under the symbol “VHI”.
The TSX Venture Exchange has in no way passed upon the merits of the transactions and has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release includes forward-looking statements regarding the Company and its business, which may include, but is not limited to, statements with respect to the appointment of a new directors. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity, and are based on assumptions and subject to risks and uncertainties. Although the management of each entity believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release, including the Company’s M&A Committee and strategy, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding failure to obtain approvals, market conditions, economic factors, trends in the technologies industry, the equity markets generally and risks associated with growth and competition. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Chief Executive Officer, Director