CloudMD Announces Results of 2023 AGM
CloudMD Software & Services Inc. (TSXV: DOC) (OTCQX: DOCRF) (FSE: 6PH) held its Annual and Special Meeting of Shareholders on December 15, 2023. Shareholders approved setting the number of directors at seven, re-appointing KPMG LLP as auditors, and re-approving the Company's omnibus equity incentive plan. However, shareholders did not approve the consolidation of all issued and outstanding common shares. Graeme McPhail, Chairman, highlighted the Company's progress and future focus on profitability and business growth in 2024.
Positive
Shareholders approved setting the number of directors at seven.
Shareholders re-approved the Company's omnibus equity incentive plan.
The Company is focused on reaching cashflow profitability, renegotiating its debt, and growing the business at a double-digit organic rate in 2024.
Negative
Shareholders did not approve the consolidation of all issued and outstanding common shares.
12/15/2023 - 01:33 PM
Vancouver, British Columbia--(Newsfile Corp. - December 15, 2023) - CloudMD Software & Services Inc. (TSXV: DOC) (OTCQX: DOCRF) (FSE: 6PH) (the "Company " or "CloudMD "), a healthcare technology and innovative health services company transforming the delivery of care, announces the results of its Annual and Special Meeting of Shareholders held on December 15, 2023 (the "Meeting ").
Election of Directors
Shareholders approved setting the number of directors at seven and elected the following directors:
Karen Adams Duncan Hannay John A. Hill Graeme McPhail Scott Milligan Larry Shumka Gaston Tano Appointment of Auditors
Shareholders approved re-appointing KPMG LLP, Chartered Professional Accountants as auditors of the Company for the ensuing year and authorized the directors to fix their remuneration.
Re-Approval of Equity Incentive Plan
Shareholders re-approved the Company's omnibus equity incentive plan, which was described in the management information circular (the "Circular ") prepared in connection with the Meeting.
Share Consolidation
Shareholders did not approve the consolidation of all the issued and outstanding common shares of the Company, which was described in the Circular.
Graeme McPhail, Chairman said , "CloudMD has made tremendous progress in the past year executing on its goals. We've divested non-profitable businesses, improved profitability, signed foundational contracts for new business lines, and set this Company on a much more sustainable footing. In 2024, with the divestments behind us, the Company is focused on reaching cashflow profitability, renegotiating its debt, and growing the business at a double-digit organic rate."
About CloudMD Software & Services
CloudMD is an innovative North American healthcare service provider focused on empowering healthier living by combining leading-edge technology with an exceptional national network of healthcare professionals. Every day, our employees and healthcare providers live our values of delivering excellence, collaboration, connected communication, and accountability to solve complex health problems. CloudMD's industry-leading workplace health and wellbeing solution, Kii, supports members and their families with a personalized and connected healthcare experience across mental, physical, and occupational health. Kii delivers superior clinical health outcomes, consistent high engagement, and measurable ROI for payers such as employers, educational institutions, associations, governments, and insurers. CloudMD is also a market leader in workplace absence management through data-driven prevention, intervention, and return-to-work programs.
In addition, the Company sells health and productivity tools to hospitals, clinics, and other healthcare service providers to empower them to deliver better care. Visit www.cloudmd.ca to learn more about the Company's comprehensive healthcare offerings.
Forward-Looking Statements
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities laws, including statements about the Company's focus and expectations for 2024. These statements are based upon information currently available to CloudMD's management. All information that is not clearly historical in nature may constitute forward‐looking statements. In some cases, forward‐looking statements may be identified by the use of terms such as "forecast", "assumption" and other similar expressions or future or conditional terms such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and "should". Forward-looking statements contained in this news release are based on certain factors and assumptions made by management of CloudMD based on their current expectations, estimates, projections, assumptions and beliefs regarding their business and CloudMD does not provide any assurance that actual results will meet management's expectations. While management considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Such forward‐looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Company's MD&A (which is filed under the Company's issuer profile on SEDAR+ and can be accessed at www.sedarplus.ca ), that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. Although CloudMD has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward‐looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward‐looking statements. Accordingly, readers should not place undue reliance on forward‐looking information. CloudMD does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.
"Karen Adams"
FOR ADDITIONAL INFORMATION, CONTACT:
Investor RelationsInvestors@cloudmd.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191213
What was the outcome of CloudMD Software & Services Inc.'s Annual and Special Meeting of Shareholders on December 15, 2023?
Shareholders approved setting the number of directors at seven, re-appointing KPMG LLP as auditors, and re-approving the Company's omnibus equity incentive plan. However, shareholders did not approve the consolidation of all issued and outstanding common shares.
Who were the directors elected at the Meeting?
The following directors were elected: Karen Adams, Duncan Hannay, John A. Hill, Graeme McPhail, Scott Milligan, Larry Shumka, and Gaston Tano.
What are the Company's focus areas for 2024?
The Company is focused on reaching cashflow profitability, renegotiating its debt, and growing the business at a double-digit organic rate in 2024.
