Press Release

Medivolve Announces CAN $1.2 Million Convertible Note Financing and CAN $1.4 Million Equity Private Placement


Proposed Investments Would Provide the Capital to Accelerate the Runway for Growth Across Business Units and Continue Medivolve’s Mission to Deliver Value to Shareholders

TORONTO, Aug. 26, 2021 – Medivolve Inc. (“Medivolve” or the “Company“) (NEO: MEDV) (FRA: 4NC), a healthcare technology and services company, today announced a secured convertible note financing in the amount of up to CAN $1.2 million and an equity private placement in the amount of up to CAN $1.4 million.

“This round of funding demonstrates Medivolve’s ability to secure long-term capital partners who are committed to achieving the Medivolve vision of profitability, free cash flow, and scaling,” says David Preiner, CEO of Medivolve. “The value of our assets, the support investors are providing to the management team, and the opportunity for Medivolve’s strategic positioning to unlock that value are all reflected in this investment.”

CAN $1.2 Million Secured Convertible Notes

This investment will be in the form of secured convertible notes (the “Notes”) offering for aggregate gross proceeds of up to CAN $1.2 million.  Each Note will have a term of 18 months and will be convertible, at the option of the holder, into units (the “Units”) at a price of $0.07 per Unit. The Note financing is subject to the completion of due diligence and definitive legal documentation and is anticipated to close on or about August 27, 2021.

Each Unit will consist of one common share of the Company and one common share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder there of to acquire one common share of the Company at a price of $0.08 for a period of five years following the closing date of the Financing.

The convertible Notes each have a term of 24 months and the accounts receivables of the Company will secure the Notes to a ratio of 200% of the Notes.

CAN $1.4 Million Equity Private Placement

This investment will be in the form of a non-brokered private placement offering of units (the “Equity Units”) at a price of $0.07 per Equity Unit for aggregate gross proceeds of up to $1.4 million (the “Offering”). Each Equity Unit will consist of one common share of the Company and one common share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder thereof to acquire one common share of the Company at a price of $0.08 for a period of five years following the closing date of the Offering. The Offering is expected to close on or about September 9, 2021, and may close in tranches.

All securities issued in connection with the secured convertible Notes and with the Offering will be subject to a statutory hold period of four-months and one day. Each financing remains subject to a number of conditions, including final approval of the Neo Stock Exchange.  Funds from each financing will be used for general working capital and to advance the Medivolve business. 

Finder’s fees may be paid to eligible finders in accordance with the policies of the Neo Exchange, consisting of a cash commission of up to 7% of the gross proceeds raised.

“In just the last few months, Medivolve has achieved a number of milestones including transitioning from a cash pay business model to primarily insurance reimbursements, optimizing operations through the implementation of our new EHR technology, establishing hiring initiatives, and successfully deploying on-site testing services,” explains Preiner. “Also, we have already executed critical cost-cutting measures across the organization to ensure that this new capital is utilized the most fiscally responsible way. With access to up to CAN $2.6 Million, Medivolve can pursue both organic and acquisition-based growth opportunities, reach profitability, and become cash flow positive, further solidifying our plans to become a top SaaS-based health-tech company.”

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

About Medivolve, Inc.

Medivolve, Inc. (NEO:MEDV; OTC: COPRF; FRA:4NC) is a healthcare technology company that seeks to reinvent the US healthcare system by leveraging a bespoke telehealth platform, a clinical diagnostic network, and a data-driven AI framework to improve patient care.

The company was born out of the healthcare crisis; to rethink, relearn and ultimately, reimagine a better way for the healthcare system to operate. Our network of retail collection sites plays an important role in recovery by giving all Americans access to fast, accurate, and inexpensive clinical services when and where they need them. These centers will also play a pivotal role in diagnostic testing, vaccinations, and other point-of-care services. We are building disruptive technologies to make it easier and faster to identify, treat, and prevent medical issues. In doing so, we are working to give patients a holistic and empowered view of their personal health.

Our long-term mission is to permanently fix systemic issues in the nation’s fragmented, overly complex, and expensive healthcare system. Medivolve’s next phase of growth is about pivoting the model and putting the pieces together to build a profitable, SaaS-based health-tech company. We are bringing data-driven clinical diagnostics, physician recommendations, and prescription medications directly to people, all powered by a singular, streamlined technology network. Our team is united by a powerful, singular purpose: harnessing the transformative power of technology to create healthier lives.

Underpinned by a bespoke, AI-driven platform, we’re developing a stealth system that constantly gets smarter, takes the guesswork out of diagnostics, and flags critical health issues immediately to deliver an unparalleled level of personalization for each patient. We are determined to push the boundaries of what’s possible—not just for our business and our shareholders, but for physicians and patients, and for the future of healthcare. We are striving to achieve a continuity of care never seen before, a game-changer for our business and for patients in the communities we serve.

Cautionary Note Regarding Forward-looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Note financing or the Offering, and in particular the expected use of proceeds of the Offering and Note financing. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or 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”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.