Montreal, November 19, 2015 – ZoomMed Inc. (TSX : ZMD) announces that it has closed the sale of all of its ownership of intellectual property rights of “PraxisLab” to Familiprix inc. for a cash consideration of $2,000,000.
Already in November 2013, Familiprix had previously acquired a limited ownership of the intellectual property rights of “PraxisLab” technology. Following this new transaction, Familiprix can now exploit, without restriction, the laboratory management software developed by ZoomMed throughout any other pharmacy chain.
The proceeds of this transaction will allow ZoomMed to focus on its US operations, featuring its ZRx Prescriber technology, and will accelerate its market penetration through strategic partnerships, license agreements and acquisitions. The ZRx Prescriber has received an enthusiastic feedback from doctors and different potential partners in the United States. Its business model already provides for an important revenue stream from national script networks and various strategic partners such as pharmaceutical and insurance companies. The ZRx Prescriber is already connected to more than 60,000 pharmacies and to the majority of insurers and drug payers in the market.
ZoomMed’s CEO, Yves Marmet, declares: “ZoomMed has already built one of Canada’s largest private network of electronic prescriptions and drug information system. It is now our goal, with the support of key strategic partners, to replicate this model in the United States, while applying essentially the same strategy and the same founding principles. The present context of the US market is tailor made for ZoomMed’s technology and provides us with exceptional opportunities. Indeed, surprisingly, most of the american medical community is still being serviced with outdated legacy systems that have to be replaced in the very near future.”
Since ZoomMed’s decision to clearly establish the US market as its Priority One, many meetings with groups of doctors and other industry stakeholders confirmed ZoomMed’s technological edge and wish to partner with us to capitalize on this exceptional opportunity.
In conclusion, Yves Marmet added; “ZoomMed’s business plan is clearly stated and we are working diligently to bring it to realization. We are exploring multiple avenues, including potential acquisitions in the US market, which would promptly give us a substantial user base of physicians for our ZRx Prescriber.”
The Company builds and operates “ZoomMed’s communication network”, a clinical information exchange platform 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 ZoomMed’s “ZRx Prescriber”, a technologically innovative Web application that greatly simplifies the writing of a prescription for the physician. Since it is a stand-alone product, it can easily be integrated to any Electronic Medical Record application (EMR).
For further information on ZoomMed, contact Mr. Yves Marmet, President and Chief Executive Officer (450) 678-5457, Ext 228, firstname.lastname@example.org or visit our Web Site; www.zoommed.com.
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” statements.