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CloudMD Announces Go-Private Transaction With CPS Capital

CloudMD Announces Go-Private Transaction With CPS Capital

CloudMD 宣布与 CPS Capital 进行私有化交易
GlobeNewswire ·  05/15 20:46

TORONTO, May 15, 2024 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, Frankfurt: 6PH) (the "Company" or "CloudMD"), an innovative health services company transforming the delivery of care, and CPS Capital ("CPS Capital"), an entrepreneurial investment firm partnering with businesses and teams to realize their growth goals, are pleased to announce that they have entered into an arrangement agreement (the "Arrangement Agreement") pursuant to which CPS Capital (through an affiliate) (the "Purchaser") has agreed to acquire all of the outstanding common shares (the "Shares") of CloudMD for cash consideration of C$0.04 per Share (the "Transaction").

多伦多,2024年5月15日(GLOBE NEWSWIRE)——改变医疗服务的创新医疗服务公司CloudMD Software & Services Inc.(TSXV:DOC,法兰克福:6PH)(“公司” 或 “CloudMD”)和与企业和团队合作实现增长目标的创业投资公司CPS Capital(“CPS Capital”)很高兴地宣布,他们已经签订了安排协议(“安排协议”),根据该协议,CPS Capital(通过关联公司)(“买方”)同意收购所有未偿还的股份CloudMD的普通股(“股份”),现金对价为每股0.04加元(“交易”)。

The Transaction is the culmination of a strategic and liquidity review that the Special Committee (as defined below) has been engaged in since July 2023, with the assistance of INFOR Financial Inc. Such review was necessary to address the Company's liquidity issues, which were largely the result of the number of acquisitions that the Company completed over the last four years. Although management of the Company was able to deliver on organic growth targets and strengthen the balance sheet (through cost reductions resulting in over C$20 million in cost savings) while creating an ecosystem of care, the Company's forecasted liquidity issues impacted the Company's ability to remain a going concern. This is the result of the Company being unable to generate positive cashflow to support the business while making scheduled debt repayments, along with limited refinancing opportunities on commercially reasonable terms without onerous covenants, restricted business operations and forecasted growth initiatives.

该交易是特别委员会(定义见下文)在INFOR Financial Inc.的协助下自2023年7月以来一直在进行的战略和流动性审查的高潮。此类审查对于解决公司的流动性问题是必要的,流动性问题主要是该公司在过去四年中完成的收购数量造成的。尽管公司的管理层能够实现有机增长目标并加强资产负债表(通过降低成本节省超过2000万加元的成本),同时创建了护理生态系统,但该公司预测的流动性问题影响了公司保持持续经营的能力。这是由于公司无法在定期偿还债务的同时产生正现金流来支持业务,而且在没有繁琐的契约、限制业务运营和预期的增长计划的情况下,以商业上合理的条件进行再融资的机会有限。

The Transaction provides the capital to support the Company's business with specific consideration to all of the Company's stakeholders and was the best alternative available to ensure the ongoing viability of the Company. If the Transaction is not completed, the Company does not expect that there will be an alternative that would provide any value to the holders of CloudMD's equity securities.

该交易为支持公司业务提供了资金,同时特别考虑了公司的所有利益相关者,是确保公司持续生存能力的最佳选择。如果交易未完成,公司预计不会有为CloudMD股权证券持有人提供任何价值的替代方案。

Karen Adams, Chief Executive Officer of CloudMD, stated:

CloudMD 首席执行官 Karen Adams 表示:

"We are happy to receive the support of CPS Capital, which will provide us with the ability to execute on our long-term plan, accelerate growth, and move forward on a strong financial footing. The Transaction will provide the Company with much-needed capital to execute on future initiatives to sustain and grow the business. The healthcare sector has large demand for outcome-based service providers who have the ecosystem of services."

“我们很高兴得到CPS Capital的支持,这将使我们能够执行长期计划,加速增长并在坚实的财务基础上向前迈进。该交易将为公司提供急需的资金,以执行未来维持和发展业务的举措。医疗保健行业对拥有服务生态系统的基于结果的服务提供商有很大的需求。”

Mike Arblaster, Partner at CPS Capital, stated:

CPS Capital合伙人迈克·阿布拉斯特表示:

"We are excited to invest in CloudMD given its large and diverse customer base combined with its industry leading service offerings. The Transaction is especially exciting for CPS Capital given our experience in the employer healthcare space. We are confident that the Transaction will provide the required liquidity and support to enable CloudMD to achieve its strategic vision of advancing the role of healthcare navigation in managing health and wellbeing, creating value for its customers, individuals, employees, healthcare providers and partners. We look forward to partnering with the CloudMD team to build on the strength of their capabilities and create new opportunities for the Company and its employees to thrive and grow."

“鉴于CloudMD庞大而多样化的客户群以及行业领先的服务产品,我们很高兴投资CloudMD。鉴于我们在雇主医疗保健领域的经验,这笔交易对CPS Capital来说尤其令人兴奋。我们相信,该交易将提供所需的流动性和支持,使CloudMD能够实现其战略愿景,即推进医疗保健导航在管理健康和福祉方面的作用,为客户、个人、员工、医疗保健提供者和合作伙伴创造价值。我们期待与CloudMD团队合作,在他们的能力基础上再接再厉,为公司及其员工的蓬勃发展和成长创造新的机会。”

CPS Capital is funding the Transaction through a combination of equity from its new flagship fund CPS Partners Fund V and its previous flagship fund CPS Partners Fund IV.

CPS Capital通过其新旗舰基金CPS Partners Fund V和之前的旗舰基金CPS Partners Fund IV的股权组合为本次交易提供资金。

Transaction Summary

交易摘要

The Transaction will be completed pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia). The Transaction will be subject to the approval of at least: (i) 662⁄3% of the votes cast by shareholders; (ii) 662⁄3% of the votes cast by shareholders and optionholders voting as a single class; and (iii) 50% of the votes cast by disinterested shareholders at a special meeting of CloudMD securityholders expected to be held before the end of June 2024. In addition to securityholder approval, the Transaction is also subject to the receipt of certain regulatory, court and stock exchange approvals and other closing conditions customary in transactions of this nature.

该交易将根据法院批准的安排计划完成 《商业公司法》 (不列颠哥伦比亚省)。该交易将获得至少:(i)662⁄3%的股东选票的批准;(ii)股东和期权持有人作为单一类别投票的662⁄3%的选票;以及(iii)在预计于2024年6月底之前举行的CloudMD证券持有人特别会议上不感兴趣的股东所投的50%的选票。除了证券持有人的批准外,该交易还需要获得某些监管、法院和证券交易所的批准以及此类性质交易中惯用的其他成交条件。

The Arrangement Agreement includes, among other things, non-solicitation covenants on the part of the Company (subject to customary fiduciary out provisions) and a right for the Purchaser to match any competing offer that constitutes a superior proposal. Under certain circumstances, the Purchaser is entitled to a $3 million termination fee or an expense reimbursement to a maximum of $1.5 million, and CloudMD is entitled to a $1.75 million reverse termination fee.

除其他外,该安排协议包括公司的非招标承诺(受惯常的信托出局条款约束),以及买方匹配构成优越提案的任何竞争性报价的权利。在某些情况下,买方有权获得300万美元的终止费或最高150万美元的费用补偿,而CloudMD有权获得175万美元的反向终止费。

The directors and executive officers of CloudMD, who collectively hold approximately 0.16% of the outstanding Shares and approximately 0.60% of the outstanding Shares and stock options collectively, entered into voting support agreements with the Purchaser to support the Transaction.

CloudMD的董事和执行官共持有约0.16%的已发行股票和约0.60%的已发行股票和股票期权,他们与买方签订了支持该交易的投票支持协议。

Following completion of the Transaction, the Shares will be delisted from the TSX Venture Exchange (the "TSXV"), and the Company will apply to cease to be a reporting issuer in applicable provinces in Canada.

交易完成后,股票将从多伦多证券交易所风险交易所(“TSXV”)退市,该公司将申请停止成为加拿大适用省份的申报发行人。

CloudMD Board Recommendation

CloudMD 董事会建议

The Transaction has been unanimously approved by the Board of Directors of the Company following the unanimous recommendation of a special committee of independent directors of the Company (the "Special Committee"). INFOR Financial has provided an opinion to the Special Committee that, based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration offered to the CloudMD shareholders pursuant to the Transaction is fair, from a financial point of view, to the CloudMD shareholders.

根据公司独立董事特别委员会(“特别委员会”)的一致建议,该交易已获得公司董事会的一致批准。INFOR Financial已向特别委员会提供了一份意见,即从财务角度来看,根据该交易向CloudMD股东提供的对价对CloudMD股东来说是公平的,基于并遵守其中规定的假设、限制和条件。

Interim Financing

临时融资

To support the Company's liquidity needs during the period prior to closing the Transaction, CPS Capital (through an affiliate) has agreed to provide a $1 million secured bridge loan to the Company, and the Company's secured lender under the Company's existing credit facilities (the "Credit Facilities") has agreed to extend an additional line of credit to the Company in the amount of $2 million, in addition to forbearance of the Credit Facilities during the period prior to closing of the Transaction.

为了支持公司在交易完成前期间的流动性需求,CPS Capital(通过子公司)已同意向公司提供100万美元的有担保过渡贷款,公司现有信贷额度(“信贷额度”)下的有担保贷款机构已同意向公司提供金额为200万美元的额外信贷额度,此外还将在收盘前延长信贷额度交易。

Timing

时机

Full details of the Transaction will be included in the Company's management information circular, which is expected to be mailed to securityholders in June 2024 in connection with the securityholders meeting expected to be held before the end of June 2024. Securityholders are urged to read the information circular once available, as it will contain additional important information concerning the Transaction. The Arrangement Agreement will also be filed on the Company's profile on SEDAR+ at .

该交易的全部细节将包含在公司的管理信息通告中,该通告预计将于2024年6月邮寄给证券持有人,该通告与预计于2024年6月底之前举行的证券持有人会议有关。我们敦促证券持有人阅读信息通告,因为该通告将包含有关该交易的其他重要信息。安排协议也将在SEDAR+的公司简介中提交,网址为。

Advisors

顾问

INFOR Financial is acting as the exclusive strategic and financial advisor to CloudMD and Cassels Brock & Blackwell LLP is acting as legal counsel to CloudMD in connection with the Transaction.

INFOR Financial担任CloudMD的独家战略和财务顾问,Cassels Brock & Blackwell LLP担任CloudMD与该交易有关的法律顾问。

Owens Wright LLP is acting as legal counsel to CPS Capital in connection with the Transaction.

欧文斯·赖特律师事务所担任CPS Capital与该交易有关的法律顾问。

2023 Annual Financial Results

2023 年年度财务业绩

The Company will file its audited consolidated financial statements and accompanying management's discussion and analysis for the fourth quarter and year end December 31, 2023 (the "Annual Financial Filings") on May 15, 2024. There will not be a conference call to discuss the Company's Q4 2024 results. The failure-to-file cease trade order that was issued by the Ontario Securities Commission on May 7, 2024, is expected to be revoked shortly following the filing of the Annual Financial Filings, with trading of the Shares on the TSXV expected to resume thereafter.

公司将于2024年5月15日提交经审计的合并财务报表以及随附的管理层2023年12月31日第四季度和年终的讨论和分析(“年度财务报告”)。不会举行电话会议来讨论公司2024年第四季度的业绩。安大略省证券委员会于2024年5月7日发布的未能申报的停止交易令预计将在提交年度财务申报后不久被撤销,多伦多证券交易所股票的交易预计将在此后恢复。

About CloudMD

关于 CloudMD

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 health care 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 occupation health. Kii delivers superior clinical health outcomes, consistent high engagement, and measurable ROI for payers such as employers, educational institutions, associations, government, and insurers. CloudMD is also a market leader in workplace absence management through data-driven prevention, intervention and return to work programs.

CloudMD 是一家创新的北美医疗保健服务提供商,致力于通过将前沿技术与卓越的全国医疗保健专业人员网络相结合,为更健康的生活提供保障。每天,我们的员工和医疗保健提供者都在实践我们的价值观,即提供卓越、协作、互联沟通和问责制,以解决复杂的健康问题。CloudMD 行业领先的工作场所健康和福祉解决方案 Kii 为成员及其家人提供涵盖心理、身体和职业健康的个性化和互联医疗保健体验。Kii为雇主、教育机构、协会、政府和保险公司等付款人提供卓越的临床健康结果、持续的高参与度以及可衡量的投资回报率。通过数据驱动的预防、干预和复工计划,CloudMD 还是工作场所缺勤管理的市场领导者。

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 to learn more about the Company's comprehensive healthcare offerings.

此外,该公司还向医院、诊所和其他医疗保健服务提供商销售健康和生产力工具,使他们能够提供更好的护理。访问以了解有关公司全面医疗服务的更多信息。

"Karen Adams"
Chief Executive Officer

凯伦亚当斯
首席执行官

FOR ADDITIONAL INFORMATION, CONTACT:

欲了解更多信息,请联系:

Investor Relations
Investors@cloudmd.ca
1-647-484-1405

投资者关系
Investors@cloudmd.ca
1-647-484-1405

About CPS Capital

关于CPS Capital

CPS Capital is a middle market private equity firm, based in Toronto, founded by owner-operators who look to partner with business owners to realize their growth and transition goals. CPS Capital is focused on North American opportunities to invest in exceptional businesses in growing industries with attractive characteristics. CPS Capital brings significant capability, expertise, and capital to provide business owners with an attractive option compared to traditional financial or strategic buyers.

CPS Capital是一家中间市场私募股权公司,总部位于多伦多,由所有者兼运营商创立,他们希望与企业主合作以实现其增长和过渡目标。CPS Capital专注于北美投资具有吸引力特征的成长型行业的卓越企业的机会。与传统的财务或战略买家相比,CPS Capital具有强大的能力、专业知识和资本,可为企业主提供有吸引力的选择。

Neither 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 release.

多伦多证券交易所风险投资交易所及其监管服务提供商(该术语在多伦多证券交易所风险交易所的政策中定义)均不对本新闻稿的充分性或准确性承担责任。

Forward Looking Statements

前瞻性陈述

This news release contains "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities laws, including statements relating to the Transaction, including in respect of the impact of the Transaction, the anticipated meeting date and mailing of the information circular in respect of the meeting, timing for completion of the Transaction and receiving the required regulatory and court approvals, CloudMD's expectations regarding liquidity and continuity of the Company's business and operations, the availability of the bridge loan and line of credit and continued forbearance through the period until closing of the Transaction, the timing of the filing of the Annual Financial Filings, and the timing of the revocation of the failure-to-file cease trade order and resumption of trading on the TSXV. 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", "projected", "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 ), 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.

本新闻稿包含加拿大证券法所指的 “前瞻性陈述” 和 “前瞻性信息”,包括与交易有关的陈述,包括交易的影响、预期会议日期和会议信息通告的邮寄、交易完成以及获得所需监管和法院批准的时间安排、CloudMD对公司业务和运营流动性和连续性的预期、桥梁的可用性贷款和信贷额度,以及在交易结束之前的持续宽容、提交年度财务申报的时间以及撤销未能申报的停止交易令和多伦多证券交易所恢复交易的时机。所有本质上不明确的历史信息都可能构成前瞻性陈述。在某些情况下,前瞻性陈述可以通过使用 “预测”、“预测”、“假设” 等术语或未来或条件术语来识别,例如 “预期”、“相信”、“可能”、“估计”、“期望”、“打算”、“可能”、“计划”、“预测”、“项目”、“将” 和 “应该”。本新闻稿中包含的前瞻性陈述基于CloudMD管理层根据其当前对其业务的预期、估计、预测、假设和信念做出的某些因素和假设,CloudMD不保证实际业绩将符合管理层的预期。尽管根据他们目前获得的信息,管理层认为这些假设是合理的,但这些假设可能被证明是不正确的。此类前瞻性陈述不能保证未来的事件或业绩,就其性质而言,涉及已知和未知的风险、不确定性和其他因素,包括公司管理层和分析中描述的风险(该报告在SEDAR+的公司发行人简介下提交,可在以下网址查阅),这些风险可能导致实际业绩、业绩或成就与此类前瞻性声明所表达或暗示的任何未来业绩、业绩或成就存在重大差异。尽管CloudMD试图确定可能导致实际行动、事件或结果与前瞻性陈述中描述的重大差异的重要因素,但其他因素可能导致行动、事件或结果与预期、估计或预期的不同。无法保证此类陈述会被证明是准确的,因为实际结果和未来事件可能与此类前瞻性陈述中的预期有所不同或存在重大差异。因此,读者不应过分依赖前瞻性信息。除非适用的证券法另有要求,否则CloudMD不承诺更新任何前瞻性信息,无论是由于新信息还是未来事件或其他原因导致的。


译文内容由第三方软件翻译。


以上内容仅用作资讯或教育之目的,不构成与富途相关的任何投资建议。富途竭力但不能保证上述全部内容的真实性、准确性和原创性。
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