WELL Health Provides Update on Cybersecurity Unit and Shareholder Estate Planning by CEO

WELL Health Provides Update on Cybersecurity Unit and Shareholder Estate Planning by CEO

  • The cybersecurity business has achieved record revenue and EBITDA since it was acquired by WELL Health.
  • Iain Paterson has been appointed to the position of Director of Information Security at WELL, from his previous role as CEO of Cycura Data Protection Services.
  • Pere Giannoulisfounder and CEO of Cycura’s wholly owned subsidiary, Source 44, will now lead combined operations and is expanding the company’s capabilities as the need for data protection in the healthcare sector grows.
  • Founder and CEO, Hamed Shahbazi provides details on family, tax and estate planning related to WELL actions.

VANCOUVER, BC, July 8, 2022 / PRNewswire / – WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) (the “Company“o”OK“) – a digital healthcare company focused on professionals that is positively impacting health outcomes by leveraging technology to empower healthcare professionals and their patients globally, is pleased to offer a business update on their business cybersecurity.

WELL’s wholly owned cybersecurity companies, Cycura and Source 44, achieved record revenues in the second quarter of 2022, an increase of 240% compared to the same period a year ago. This growth has been driven by a growing customer base and by expanding the services offered to its customers. Both factors are due to the increasing need and complexity of cybersecurity in data-sensitive industries such as healthcare.

“At WELL we believe that cybersecurity and patient data protection is one of our top priorities,” he said. Amir Javidan, chief operating officer of WELL. “WELL and its subsidiaries have made significant investments in this area and look forward to providing more Canadian health professionals with the most comprehensive safety solution in the country for outpatient medical clinics.”

Appointment of Chief Information Security Officer and New CEO of Cycura

WELL also announces the appointment of Iain Paterson to the position of Director of Information Security at WELL. Iain Paterson previously he was the CEO of Cycura that was acquired by WELL a August 2020. Prior to Cycura, Iain worked in the CISO office at eHealth Ontario, which houses the health records of 13 million Ontario citizens and acts as the primary data sharing for most Ontario hospitals. Prior to that, Iain was the information security officer for Trillium Health Partners, one of Canada’s largest hospitals.

Mr. Paterson commented: “I am delighted to lead WELL’s considerable and comprehensive information security efforts. We take the protection of cybersecurity and the privacy of patient data at all of our businesses and the protection of security very seriously. of data is one of WELL ‘s top priorities as a company, as reflected in the company’ s recently published ESG report. “

Pere Giannoulisthe founder and CEO of Source 44, which was acquired by WELL in December 2020, has been named the new CEO of Cycura. Mr. Giannoulis founded Source 44 thirteen years ago and made it one of them of Canada leading providers of cybersecurity products and services. Source 44 has performed well in the WELL portfolio and has continued to grow.

Mr. Giannoulis commented: “I am excited to expand my responsibilities and lead Cycura’s overall business activities. We have an exceptional opportunity to make a positive impact in the healthcare industry at a sensitive time where we believe there is a lot of patient data. at risk in clinics across the country “.

Expanding our capabilities as the need for data protection grows

Canadian health care is becoming a growing target for cyberattacks, with 48% of all security breaches in Canada in 2021 aimed at healthcare, a 37% increase over 2020. WELL has seen an increasing number of its customers suffering from cyber attacks. While compliant EMR systems generally do a decent job of protecting patient data, other software or hardware used in a clinical setting may not be protected to the same extent. In response, WELL is expanding its incident response offering and actively working with healthcare clinics to implement enterprise-level cybersecurity solutions through SecureSolutionsNow, a new offering that helps healthcare providers everywhere. Canada and the USA in the protection of personal health information. For more information, visit securesolutionsnow.com.

Now Cycura also offers customers both “hacker” and “advocate” capabilities, offering them the full spectrum of cyber capabilities for customers of all sizes. This offer can also be fully integrated with other WELL professional empowerment platforms.

Family, tax and estate planning by the founder and CEO

Hamed Shahbazi, the founder, chairman and CEO of WELL announced today that he has indirectly transferred through Impactreneur Capital Corp., a company controlled by him, 6 million shares of WELL to a family trust for family, tax and planning purposes patrimonial. The shares transferred represent approximately 27.8% of the total WELL securities directly or indirectly owned by Mr. Shahbazi. Mr. Shahbazi is neither a beneficiary nor a trustee of the family trust. In addition, as part of his overall fiscal and wealth planning strategy, Mr. Shahbazi exercised 1.7 million options on shares that were due to expire in the next 12 months.

Hamed Shahbazi He commented: “WELL’s business is stronger than ever. Despite the current macroeconomic conditions, our business remains resilient. After much consultation with advisors, I have transferred some of my WELL shares to a family trust and I have strictly exercised my maturing stock options for wealth and tax planning purposes. I continue to be one of the company ‘s largest individual shareholders and I continue to be very much aligned with WELL’ s ongoing path of value creation. “


By: “Hamed Shahbazi”
Hamed Shahbazi
Chief Executive Officer, Chairman and Director

About WELL Health Technologies Corp.

WELL is a professional-focused digital healthcare company whose overall goal is to positively impact health outcomes to empower and support healthcare professionals and their patients. WELL has created an innovative enabling platform for professionals that includes comprehensive end-to-end practice management tools, which include virtual care and digital patient participation capabilities, as well as electronic medical records (EMRs). , revenue cycle management (RCM) and data protection services. WELL uses this platform to drive healthcare professionals both inside and outside WELL’s omnichannel patient service offerings. As such, WELL owns and operates of Canada The largest network of outpatient medical clinics that offer primary and specialized health care services and is the provider of a leading multinational and multidisciplinary telehealth offering. WELL is publicly traded on the Toronto Stock Exchange under the symbol “OK“and trades in the OTCQX under the symbol”WHTCFFor more information about the business, visit: www.well.company.

Prospective information

This press release may contain “Forward-Looking Information” within the meaning of applicable Canadian securities laws, including, without limitation, the intentions of the founder, CEO and CEO of WELL. Prospective information is based on a series of estimates and assumptions that, while management considers reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Prospective information can generally be identified by using prospective words such as “could”, “should”, “should”, “could”, “try”, “love”, “plan”, “anticipate” “,” wait “,” believe “or” continue “, or its negative or similar variations. Prospective information involves risks, uncertainties and other known and unknown factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by this prospective information and, which are not they are guarantees of future performance. WELL’s statements expressed or implied by the forward-looking information are subject to a number of risks, uncertainties and conditions, many of which are beyond WELL’s control, and such statements should not be unduly relied upon. Prospective is information qualified in its entirety by the inherent risks and uncertainties, which include: direct and indirect material adverse effects of the COVID-19 pandemic; adverse market conditions; risks inherent in the primary health care sector in general; normative and legislative changes; that future results may vary from historical results; inability to obtain the necessary future funding under appropriate conditions; any inability to achieve the expected benefits and synergies of the acquisitions; that market competition may affect WELL’s business, results and financial condition and other risk factors identified in the documents submitted by WELL under its profile to www.sedar.com, including its most recent annual information form. Except as required by securities law, WELL assumes no obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise.

SOURCE WELL Health Technologies Corp.

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