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

  • The cybersecurity business has achieved record revenue and EBITDA since its acquisition by WELL Health.
  • Iain Paterson was appointed to the position of Chief Information Security Officer of WELL, following his previous role as CEO of Cycura Data Protection Services.
  • Pierre Giannoulisfounder and CEO of Cycura’s wholly-owned subsidiary Source 44, will now lead combined operations and expand the company’s capabilities as the need for data protection grows in the healthcare industry.
  • Founder and CEO, Hamed Chahbazi provides family, tax and estate planning details related to WELL shares.

VANCOUVER, BC, July 8, 2022 /PRNewswire/ – WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) (the “Company” Where “GOOD“) – a practitioner-focused digital health company that is positively impacting healthcare outcomes by leveraging technology to empower healthcare practitioners and their patients around the world, is pleased to provide an update business on its cybersecurity activity.

Cybersecurity businesses wholly owned by WELL, Cycura and Source 44, achieved record revenue in Q2-2022, an increase of 240% compared to the same period a year ago. This growth was driven by a growing customer base and an expansion of the services offered to its customers. Both of these factors are driven by the increased need and complexity of cybersecurity in data-sensitive industries like healthcare.

“At WELL, we believe that cybersecurity and the protection of patient data is one of our top priorities,” said Amir Javidan, CEO of WELL. “WELL and its subsidiaries have made significant investments in this area, and we look forward to providing more Canadian healthcare practitioners with the nation’s most comprehensive security solution for ambulatory medical clinics.”

Appointment of the Chief Information Security Officer and new CEO of Cycura

WELL also announces the appointment of Iain Paterson as WELL’s Chief Information Security Officer. Iain Paterson was previously CEO of Cycura which was acquired by WELL in August 2020. Prior to Cycura, Iain worked under the CISO office at eHealth Ontario, which houses the health records of 13 million Ontario citizens and acts as the primary data share for most Ontario hospitals. Previously, Iain was Head of Information Security for Trillium Health Partners, one of Canada’s largest hospitals.

Mr. Paterson said, “I am delighted to lead WELL’s extensive and comprehensive information security efforts. We take the protection of cybersecurity and patient data privacy very seriously in all of our activities and protecting data security is one of WELL’s top priorities as a company, as evidenced in the report. ESG recently released by the company. »

Pierre Giannoulisthe founder and CEO of Source 44, which was acquired by WELL in Dec 2020, was named the new CEO of Cycura. Mr. Giannoulis founded Source 44 thirteen years ago and made it one of the from Canada leading providers of cybersecurity products and services. Source 44 performed very well in WELL’s portfolio and continued to grow.

Mr. Giannoulis commented, “I am delighted to expand my responsibilities and lead Cycura’s global business activities. We have an exceptional opportunity to positively impact the healthcare industry at a sensitive time when we believe there is a lot of patient data at risk. in clinics across the country.”

Expand our capabilities as the need for data protection grows

Healthcare in Canada is becoming an increasingly important target for cyberattacks, with 48% of all security breaches in Canada in 2021 for healthcare, an increase of 37% compared to 2020. WELL has seen an increasing number of its customers suffer from cyberattacks. While compliant EMR systems generally do a decent job of protecting patient data, other software or hardware used in a clinical environment may not be protected to the same degree. In response, WELL is expanding its incident response offering and actively working with healthcare clinics to implement enterprise-grade cybersecurity solutions through SecureSolutionsNow, a new offering that helps healthcare providers across Canada and the UNITED STATES in the protection of personal health information. For more information, visit securesolutionsnow.com.

Cycura now also provides its customers with ‘hacker’ and ‘defender’ capabilities, giving them the full spectrum of cyber capabilities for customers of all sizes. This offering can also be fully integrated with the rest of WELL’s practitioner enablement platforms.

Family, tax and estate planning by the founder and CEO

Hamed Chahbazi, Founder, Chairman and Chief Executive Officer of WELL, today announced that he has indirectly transferred, through Impactreneur Capital Corp., a company he controls, 6 million WELL shares to a family trust for family, tax and estate planning purposes. The transferred shares represent approximately 27.8% of the total WELL securities held directly or indirectly by Mr. Shahbazi. Mr. Shahbazi is neither a beneficiary nor a trustee of the family trust. Additionally, as part of his overall tax and estate planning strategy, Mr. Shahbazi exercised 1.7 million stock options which were set to expire within the next 12 months.

Hamed Chahbazi commented, “WELL’s business is stronger than it has ever been. Despite the current macro-economic conditions, our business remains resilient. After extensive consultation with advisors, I transferred a portion of my WELL stock to a family trust and exercised my expiring stock options strictly for estate and tax planning purposes. I remain a major individual shareholder in the company and continue to be strongly aligned with WELL’s ongoing value creation journey. »


By: “Hamed Shahbazi”
Hamed Chahbazi
Managing Director, Chairman and Administrator

About WELL Health Technologies Corp.

WELL is a practitioner-driven digital health company whose overarching goal is to positively impact health outcomes to empower and support healthcare practitioners and their patients. WELL has built an innovative practitioner enablement platform that includes comprehensive end-to-end practice management tools, including virtual care and digital patient engagement capabilities, and medical records services (EMR), Revenue Cycle Management (RCM) and Data Protection. WELL uses this platform to power healthcare practitioners inside and outside of WELL’s own omnichannel patient service offerings. As such, WELL owns and operates from Canada largest network of outpatient medical clinics serving primary and specialty healthcare services and is the provider of a leading multinational and multidisciplinary telehealth offering. WELL is listed on the Toronto Stock Exchange under the symbol “GOOD” and trades on the OTCQX under the symbol “WHTCF“. To learn more about the company, please visit: www.well.company.

Forward-looking 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, director and CEO of WELL. Forward-looking information is based on a number of estimates and assumptions which, although considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information can generally be identified by the use of forward-looking terms such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”. ”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking information involves known and unknown risks, uncertainties and other 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 such forward-looking information. and, which are not guarantees of future performance. The statements of WELL expressed or implied by forward-looking information are subject to a number of risks, uncertainties and conditions, many of which are beyond WELL’s control, and undue reliance should not be placed on such statements. Forward-looking information is information qualified in its entirety by inherent risks and uncertainties, including: the direct and indirect material adverse effects of the COVID-19 pandemic; adverse market conditions; the risks inherent in the primary health care sector in general; regulatory and legislative changes; that future results may differ from historical results; the inability to obtain any required future financing on suitable terms; any inability to realize expected benefits and synergies from acquisitions; that market competition may affect WELL’s business, results and financial condition and other risk factors identified in documents filed by WELL under its profile at www.sedar.com, including its most recent Annual Information Form. Except as required by securities law, WELL undertakes 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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