CALGARY, AB, Jan. 13, 2022 /CNW/ – Comprehensive Healthcare Systems Inc. (TSXV: CHS) (“CHS” or the “Company“) is pleased to announce that it has signed a binding letter of intent dated January 10, 2022 (“LOI“) to acquire all assets and intellectual property related to an India-based telehealth platform MISOHE (Mind Soul Heal) from True Base Private Ltd., a company registered under the Indian Companies Act, 2013 (the “Acquisition“).
MISOHE, a user experience-driven mental health and wellness app platform, was built using insights from data and science-driven intelligence. Its on-demand teleconsultations and self-care-based platform for mental health solutions makes use of therapists and psychiatrists who collaborate to provide personalised face-to-face attention to users through their iOS and Android mobile applications and the website.
Over 1 billion people worldwide suffer from a mental health issue, and the estimated loss of productivity due to two of the most common, anxiety and depression, is about US$ 1 trillion each year (Lancet study 2020). In light of the ongoing global COVID-19 pandemic, mental health issues have been exacerbated worldwide, triggering a seismic shift towards adoption of critically needed digitally accessible health services.
This new proposed business vertical in CHS will focus beyond the present mediums to ‘providing the full spectrum of virtual support’ – from self-care, behavioural coaching, to video-based therapy. India’s health-tech segment is expected to grow at a CAGR (compound annual growth rate) of 39% with the potential to grow to $50 billion over the next 10-12 years (Source: Report by RBSA Advisors, Mumbai, India)
In addition, CHS is currently planning to adapt MISOHE’s telehealth platform outside of India, meeting specific user preferences, legal and compliance criteria. This acquisition is expected to result in cost savings for CHS and allows for greater speed to value for CHS’s clients and prospects.
The board of CHS proposes to launch the mental health-focused telehealth platform in the US. CHS anticipates leveraging its existing relationships with US-based insurers to provide its platform for use and proposes to implement a B2B2C strategy to onboard health practice providers and reach end consumers.
Drawing on 20 years of legacy prowess in the US health-tech market, CHS believes that the technology platform along with leadership from MISOHE will provide a comprehensive, scalable and economical mental health and wellness platform, targeting the direct to consumer, employer and institutional markets.
“This combination provides a great timely opportunity for our tech platform. The caliber of CHS’s reach is expected to complement the technology strength of MISOHE. The COVID-19 pandemic has put a spotlight on telehealth, pushing what was once a minor part of healthcare into the mainstream. The health-tech segment is expected to grow at a CAGR (compound annual growth rate) of 39% to touch $5 billion by 2023 in the region. (Source: Report by RBSA Advisors, Mumbai, India) The use of telehealth enables access to telehealth for both the experts and patients to add convenience, efficiency and relatively lower cost to accessing quality mental healthcare.” MISOHE’s CEO Lokendra Saini said in a statement.
“The current unstable global environment resulting from disruptions related to the COVID-19 pandemic has only magnified a growing mental health crisis. Telehealth has cemented itself permanently as an efficient and convenient medium to dispense healthcare services globally, and the MISOHE platform is anticipated to enable CHS to enter the future of healthcare. It is crucial that treatment options become more accessible and convenient to improve health outcomes and reduce disparities. Telehealth provides a much-needed solution, connecting users and providers on an international scale across multiple locations such as the home, private spaces or clinical settings. At CHS we are dedicated to supporting mental well-being, and the proposed on-demand platform will help address the demand for services that is not currently being met by traditional care and its delivery methods.” CHS President and CEO Dr. Hassan Mohaideen said.
The completion of the Acquisition is subject to a number of conditions precedent, including but not limited to, the completion to the satisfaction of CHS of due diligence, the negotiation and execution of definitive documentation, and the approval of the TSX Venture Exchange (the “Exchange“). Accordingly, there can be no assurance that the Acquisition will be completed on the terms proposed above or at all.
To view information about the Company and subscribe to automated email alerts for future news and public filings, visit the CHS website at www.comphealthsys.com.
About Comprehensive Healthcare Systems Inc.
Comprehensive Healthcare Systems Inc. is a corporation incorporated under the laws of the Province of Alberta. The Company is a vertically integrated software as a services (SaaS) company focused on digitizing healthcare and benefits with Telehealth and Healthcare Benefits Administration solutions, providing reliable and high-volume transaction capable systems. The Company’s state of the art HPS Novus Healthcare Welfare and Benefits Administration (HWBA) SaaS platform is used by clients for all aspects of healthcare benefit administration (including insurance companies, hospitals, doctors and labor unions, through various corporations in which the majority shareholder has controlling ownership), providing healthcare administrative software, administration, and maintenance services.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain certain forward-looking information and statements (“forward-looking information“) within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation statements containing the words “believes”, “anticipates”, “plans”, “intends”, “will”, “should”, “expects”, “continue”, “estimate”, “forecasts” and other similar expressions. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The Company undertakes no obligation to comment analyses, expectations or statements made by third-parties in respect of the Company, its securities, or financial or operating results (as applicable). Although the Company believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control. The forward-looking information contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE Comprehensive Healthcare Systems Inc.
For further information: COMPREHENSIVE HEALTHCARE SYSTEMS INC., Mariam Cather, Chief Strategy Officer and Director, E-mail: firstname.lastname@example.org, Phone: 732-362-2000