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VitalHub Expands Debt Facility with the Bank of Nova Scotia

Vitalhub Corp.
Vitalhub Corp.

TORONTO, Oct. 06, 2022 (GLOBE NEWSWIRE) -- VitalHub Corp. (the “Company” or “VitalHub”) (TSX: VHI | OTCQX: VHIBF) is pleased to announce that the Company has amended its existing debt facilities with The Bank of Nova Scotia’s Technology and Innovation division.

Under the terms of the amendment, the Company’s acquisition line has been expanded to $27 million up from $10 million. Additionally, the Company’s operating line has been expanded to $6 million up from $1 million. Currently, the Company has drawn $9 million from the acquisition line.

“The expansion of our debt facility positions VitalHub for further accretive acquisitions without reliance upon equity markets,” said Dan Matlow, CEO of Vitalhub Corp. “We currently have over $50 million of available capital to deploy toward acquisitions in addition to the cash that is currently being generated from operations. We have a robust pipeline of M&A opportunities in front of us as we move into 2023.”

ABOUT VITALHUB

Software for Health and Human Services providers designed to simplify the user experience and optimize outcomes. VitalHub develops mission-critical technology solutions for Health and Human Services providers in the Mental Health (Child, Youth & Adult), Long-Term Care, Home Health, Community & Social Services and Acute Care sectors.

VitalHub develops technologies in two primary categories:  Patient Flow, Operational Visibility & Patient Journey Optimization solutions; and Electronic Health Record, Case Management, Care Coordination & Optimization solutions. The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing a strategic M&A plan. Currently VitalHub serves more than 600 clients across Canada, USA, UK, Australia, New Zealand, the Middle East, and Europe.

VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The VitalHub team comprises more than 300 team members globally. The Company is publicly traded on the Toronto Stock Exchange (TSX) under the symbol "VHI" and on the OTC Markets OTCQX Exchange under the symbol “VHIBF”.

CAUTIONARY STATEMENT

This press release includes forward-looking statements regarding the Corporation and its business, which may include, but is not limited to, statements with respect to the appointment of a new directors. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity and are based on assumptions and subject to risks and uncertainties. Although the management of each entity believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the technology industry, failure to obtain regulatory or shareholder approvals, market conditions, economic factors, the equity markets generally and risks associated with growth and competition. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

CONTACT INFORMATION
Dan Matlow
Chief Executive Officer, Director
(416) 727-9061
dan.matlow@vitalhub.com