Mednow Announces Partnership With PACE Consulting Benefits and Pensions Ltd. and PACE Consulting MGA Services Inc. to Offer Its Services to Benefit Plan Members
Mednow Inc. ("Mednow" or the "Company") (TSXV: MNOW), Canada's on-demand virtual pharmacy, is pleased to announce that the Company has partnered with PACE Consulting Benefits and Pensions Ltd. and PACE Consulting MGA Services Inc. ("PACE") pursuant to a marketing services agreement (the "Agreement"). The Agreement allows PACE to market Mednow's digital pharmacy and healthcare platform to its network of plan members.
Mednow plans to actively develop its institutional services business through the Company's insurance broker and financial advisor channel, Mednow For Business.
These partnerships will enable Mednow to connect with employers that seek to offer an improved standard of benefits to its employees, promote employee productivity and limit the costs associated with benefit plans through a digital-first, patient-centric healthcare platform.
Employee benefits are an important consideration for workforces, particularly those benefits pertaining to care, flexibility and mental health. The Harvard Business review finds that business leaders are showing an increased focus on supporting their employees and the business at large by revising benefit strategies. According to their 2021 study, approximately 83% of adult children have sought new care options for their senior loved-ones during the COVID-19 pandemic, and approximately 41% of employers plan to expand mental health benefits in the upcoming year1.
Mednow's offering of same-day prescription delivery, currently offered in certain major Canadian cities with plans to expand across Canada, along with its technology offerings such as PillSmart™, Karie machine, virtual and homevisit doctor services and strategic partnerships with providers of mental health assessment tools, provides plan members with increased access to a wide range of services in a digital platform; a level of accessibility and efficiency which Mednow believes is not easily replicable with traditional brick & mortar pharmacies.
Mednow plans to use its current cash balance of over C$20M, along with its successful acquisitions of Medvisit and InfusiCare Canada and minimal debt liabilities2, to implement its strategic plan.
Karim Nassar, Mednow CEO, states, "Continuing to expand our Mednow For Business division will be one of our top objectives this year as we move into the growth phase of our business. We plan to increase our partnerships with established and reputable brokers, and PACE Consulting is a great addition to our portfolio of clients. Mednow hopes to offer PACE, through the marketing of Mednow's services, a unique digital healthcare solution to its customer base. Conversely, Mednow hopes that its strategic partnership with PACE can assist in accelerating the addition of benefit plan sponsors to the Mednow platform and help bring our comprehensive patient-centric healthcare platform to more residents of Canada, ultimately to help them meet their health and wellness life goals."
Jim Pineau, President of PACE, states, "We are very excited to continue the evolution of our PACE companies through a strong focus on technology and in partnership with firms like Mednow. Our customers and our industry partners increasingly demand robust, user-friendly, technology-based solutions. We believe our partnership with Mednow will provide better, faster, and more accessible service delivery for the most important people in our business, our plan members.
Mednow's focus on managing costs through a digital-first, patient-centric healthcare platform strongly aligns with the focus of our business going forward and we are delighted to share this announcement.
More information on PACE is available at: https://paceconsulting.com
About PACE Consulting Benefits & Pensions Ltd.
Established in 1993, PACE Consulting Benefits & Pensions Ltd. Is one of Canada's largest independent group advisory firms. PACE specializes in Group Benefits, Group Retirement and Group MGA / advisor support services. The firm also facilitates Individual Insuranc products, retirement planning, estate planning and other business support services. PACE has continued to grow through innovation, cutting-edge solutions, strong insurer partnerships and a renewed focus on technology.
Specific to PACE Consulting MGA Benefits Inc., PACE provides best-in-class advisory services to their Advisor partners looking for in-depth experience, full-service expert support and real value to establish and/or grow their Group portfolio. www.pace-advisory.com
To learn more contact us at [email protected]
About Mednow Inc.
Mednow is a healthcare technology company offering virtual access with a high-standard of care. Designed with accessibility and quality of care in mind, Mednow.ca provides virtual pharmacy and telemedicine services as well as doctor home visits through an interdisciplinary approach to healthcare that is focused on the patient experience. Mednow's services include free at-home delivery of medications, a user-friendly interface for easy upload, transfer, and refill of prescriptions, access to healthcare professionals through an intuitive chat experience, a specialized PillSmart™ system that packages prescriptions and vitamins by date and time, and doctor consultations.
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.
Cautionary Note Regarding Forward-Looking Statements:
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, are forward-looking statements and contain forward-looking information, including statements relating to: Mednow's ability to implement their strategic plan to actively develop its institutional services business through Mednow's insurance broker and financial advisor channel, Mednow's plan to expand same day delivery across Canada and that Mednow and PACE will fulfil the terms of the Agreement.
Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that Mednow and PACE will fulfil the terms of the Agreement as anticipated by management, the impact of the strategic plan to actively develop its institutional services business through Mednow's insurance broker and financial advisor channel will be successful and Mednow will be successful in expanding its same day delivery services across Canada. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, that Mednow and PACE will not fulfil the terms of the Agreement as anticipated by management or at all, the impact of the strategic plan to actively develop its institutional services business through Mednow's insurance broker and financial advisor channel will not be successful and Mednow will not be successful in expanding its same day delivery services across Canada, and other risk factors set out in the Company's final long form prospectus dated February 26, 2021 available for review on the Company's profile at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.
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