WELL Health to Expand its Omni-Channel Network into Alberta with Planned Acquisition of Executive Health Leader INLIV

• INLIV, a premium omni-channel provider of primary care, consumer preventative health, corporate and executive health in the Greater Calgary region, is WELL’s first acquisition in the Province of Alberta.

• For the 12 months ended April 30, 2022, INLIV had revenues of approximately $7.3M with double digit Adjusted EBITDA⁽¹⁾ margins.

• INLIV has over 1,000 customers and 85%+ of its revenues are attributable to recurring membership fees.

• INLIV is expected to be a highly accretive acquisition and represents WELL Health Clinic Network’s continued expansion into the premium preventative, corporate and executive health services market with annual revenues approaching $20M per year in premium executive and corporate health revenues alone

WELL Health Technologies Corp. , 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 it has entered into an asset purchase agreement to acquire the assets of INLIV Inc. (“INLIV”) (the “Transaction”). INLIV is a healthcare provider located in Calgary, Alberta, specializing in consumer preventative health, corporate and executive health, primary care, cosmetics, fitness, and integrated health services.

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“We are pleased to welcome the talented INLIV team to WELL and establish our Omni-Channel patient services network in Alberta“, said Dr. Michael Frankel, WELL’s Chief Medical Officer. “INLIV has an excellent track record in providing outstanding patient care. We are very excited about adding them to our network as this planned acquisition represents the continued execution of our plans to further grow our presence in the premium corporate and executive health segment. We are intent on continuing to establish our technology enabled clinical group across the country.”

Jeremy Mickolwin, WELL’s Vice President of Clinic Operations commented, “WELL’s premium portfolio of executive health operations is performing very well while delivering outstanding patient services.  For this reason, we are very excited to grow our executive health network with the planned acquisition of INLIV. We are actively looking at similar opportunities across the country as we look to establish WELL as one of the leading national providers of executive health in Canada“.

Since 1978, INLIV has provided medical care to professionals and families, including executives, and other professionals in the Greater Calgary region.  In addition to providing primary care services, INLIV provides corporations and other organizations with executive health, employee wellness, aesthetics, and periodic medical exams as well as other integrative services such as physiotherapy and counselling services.

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Deanna Zumwalt, President & CEO of Coril Holdings Ltd. and INLIV’s sole shareholder commented, “We are excited at the prospect of becoming a long-term shareholder in WELL as part of this Transaction, and believe WELL is best positioned to unlock the value of INLIV’s corporate and executive health business as they look to grow their national clinical strategy from coast to coast.”

INLIV currently has a total staff of more than 50 people, including 23 care providers and clinicians providing outstanding care to more than 1,000 clients.  For the 12 months ended April 30, 2022, INLIV had revenues of approximately $7.3M and double digit Adjusted EBITDA⁽¹⁾ margins. Greater than 85%+ of its revenues are attributable to recurring membership fees.

“INLIV is thrilled to join the WELL group of companies. WELL’s focus on the use of technology to provide the most advanced care possible is fully in line with INLIV’s strategic vision,” said Vince Danielsen, CEO of INLIV.  “By leveraging WELL’s expansive portfolio of medical technologies and clinic network, we believe this opportunity will allow INLIV to seek further growth and enhance our patient offering.”

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