Dr. Alexander Dobranowski reports

MCI ONEHEALTH TO SELL OPERATIONS IN ALBERTA TO WELL HEALTH FOR $2 MILLION

MCI Onehealth Technologies Inc. has entered into a definitive agreement with Well Health Technologies Corp. for the sale of its operations in Alberta, including its five MCI The Doctor's Office medical clinics, for a purchase price of $2-million.

"This transaction will help support the operational needs of MCI Onehealth in the short to medium term, while preserving quality care for our loyal patient population by placing our Alberta clinics into the hands of an innovative, tech-forward Canadian health care leader who shares our values and vision for the future of Canadian health care," said Dr. Alexander Dobranowski, chief executive officer of the company.

Summary of the transaction

The sale will be implemented under a share purchase agreement dated May 18, 2023, between the company and Well. The consideration to be paid by Well in connection with the transaction is $2-million, with $1-million being paid in cash at signing, and the balance subject to customary closing and postclosing adjustments and holdbacks. The cash paid at signing will be used by the company to provide some additional short-term liquidity to partially address some of its recent financial challenges and liquidity constraints. Please see the company's press releases dated April 20, 2023, and May 15, 2023, for further detail. The transaction will be a debt-free deal. Closing of the transaction is expected in June, 2023, and will be subject to standard closing conditions for transactions of a similar nature.

About MCI Onehealth Technologies Inc.

MCI is a health care technology company focused on empowering patients and doctors with advanced technologies to increase access, improve quality and reduce health care costs. As part of the health care community for over 30 years, MCI operates one of Canada's leading primary care networks with approximately 280 physicians and specialists, serves more than one million patients annually, and had nearly 300,000 telehealth visits last year, including on-line visits. MCI additionally offers an expanding suite of occupational health service offerings that support a growing list of more than 650 corporate customers. Led by a proven management team of doctors and experienced executives, MCI remains focused on executing a strategy centred around acquiring technology and health services that complement the company's current road map.

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