CloudMD Announces First Tranche of Previously Announced $3M Brokered Financing to Close on Friday, March 20th

VANCOUVER, British Columbia, March 18, 2020 (GLOBE NEWSWIRE) — CloudMD Software & Services Inc. (CSE:DOC)(OTCQB:PHGRF)(Frankfurt: 6PH) (the “Company” or “CloudMD”), a Company focused on revolutionizing the delivery of healthcare, announces it anticipates closing the first tranche of its previously announced private placement financing of up to $3.0 million on Friday, March 20th.

We are pleased to announce the anticipated closing of $2.3 million out of the $3.0 million fully committed and subscribed offering for CloudMD. We expect to close on the second and final tranche shortly after. While many of our syndicate and selling group partners have made important decisions regarding their business operations around COVID-19, it has presented some difficulties in coordinating administrative elements for paperwork. As previously announced in a press release dated March 9th, 2020, subscriptions in excess of the $3.0 million private placement have been received and are being processed. In an effort to get the first tranche of needed capital to CloudMD it was decided to advance and close on this first tranche of the fully subscribed financing.

The Company is thankful and appreciative for the support from the Canadian capital markets in this unprecedented time in wake of the COVID-19 pandemic and remains dedicated and forward-looking in its mission to digitize the delivery of healthcare.                                             

About CloudMD Software & Services

CloudMD Software & Services Inc. (CSE:DOC)(OTCQB:PHGRF)(Frankfurt: 6PH) is digitizing the delivery of healthcare by providing patients access to all points of their care from their phone, tablet or desktop computer. The Company offers SAAS based health technology solutions to medical clinics across Canada and has developed proprietary technology that delivers quality healthcare through the combination of connected primary care clinics, telemedicine, and artificial intelligence (AI). CloudMD currently has a combined ecosystem of 315 clinics, over 3000 licensed practitioners and almost  to 3 million registered patients.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

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