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ZoomMed sells certain intellectual property rights in its ZRx Prescriber to KDA Group Inc., in exchange of 20,000,000 shares of KDA Group valued at $ 3,140,000

·2-min read

BROSSARD, Quebec, May 11, 2021 (GLOBE NEWSWIRE) -- ZoomMed Inc. (the “Corporation” or “ZoomMed”) (TSX Venture Exchange:ZMD) is proud to announce that the transaction to acquire the intellectual property rights of the ZRx Prescriber to develop, market and operate the ZRx Prescriber in the United States, Europe and the United Kingdom has been completed with the wholly owned subsidiary KDA Technological Group inc. (“KDA Techno”) of the KDA Group inc. ("KDA").

Group KDA will issue ZoomMed 10,000,000 common class A shares of its share capital (the “Common Shares”) at a deemed value of $3,140,000 CND, based on the average closing price of the Common Shares for the last 52 weeks. The Transaction is effective as of May 10, 2021. Pursuant to the Asset Purchase Agreement, 10,000,000 of the 20,000,000 KDA Shares will be held in escrow and released as follows: 5,000,000 of KDA Shares will be released on the first anniversary date (12 months) of the closing, being May 10, 2022, and 5,000,000 of KDA Shares will be released on the second anniversary date (24 months) of the closing, being May 10, 2023.

About ZoomMed

ZoomMed builds and operates ZoomMed’s Communication Network, a clinical interoperable information exchange network between physicians and the various other stakeholders of the healthcare sector, such as pharmacists, specialists, pharmaceutical corporations and private insurers.

The cornerstone of this network is the ZRx Prescriber, an innovative Web technology application that greatly simplifies prescription writing for physicians. Since it is a stand-alone product, it can easily be integrated into any Electronic Medical Record (EMR) application.

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. Statements made in this news release that are not historical facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking” statement.

CONTACT: For further information on ZoomMed, please contact Mr. Yves Marmet, President and Chief Executive Officer at info@zoommed.com or visit our Web Site; www.zoommed.com or on SEDAR at www.sedar.com.