CHOPRAX AND CARESPAN HEALTH SIGN MEMORANDUM OF UNDERSTANDING TO LAUNCH GLOBAL TELEHEALTH PLATFORM FOCUSED ON PREVENTIVE HEALTH, LONGEVITY, MENTAL HEALTH, CHRONIC DISEASE AND LIFESTYLE MEDICINE
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, May 31, 2023 /CNW/ - CareSpan Health, Inc. (TSXV: CSPN) ("Company" or "CareSpan"), is pleased to announce the execution of a Memorandum of Understanding dated May 19, 2023 (the "MOU") with ChopraX, LLC ("ChopraX") to develop and launch a global telehealth platform focused mainly on preventive health, longevity, mental health, management of diabetes and other lifestyle diseases (the "Proposed ChopraX-CareSpan Telehealth Platform").
Pursuant to the MOU, the Company and ChopraX will subsequently negotiate the terms and conditions of a definitive agreement to be completed by June 19, 2023 or at a later date as agreed upon by both parties. It is intended that ChopraX will have an equity stake in the Company, subject to shareholder and regulatory approval. Among other assets and capabilities, the Company will contribute its integrated digital platform, as well as healthcare operations and technology expertise, while ChopraX will contribute the Chopra brand, clinical protocols, healthcare expertise and relationships with integrative medicine providers.
The goal of the Proposed ChopraX-CareSpan Telehealth Platform is to help people live productive longer lives, by enabling a global network of approved integrative medicine practitioners and complementary therapy practitioners to provide high-touch patient services virtually. The Proposed ChopraX-CareSpan Telehealth Platform is unique in that it will enable delivery of an evidence-based approach to treat the whole person, or integrative medicine, an approach that Dr. Deepak Chopra has been practicing and advocating for over four decades.
Dr. Chopra, Co-Founder of ChopraX, commented, "We are excited to build a global network of like-minded practitioners of integrative medicine, who see patients with a view to utilizing conventional, complimentary and lifestyle medicine within an integrative patient centric framework to improve overall well-being. With the integrative medicine methodology, we have developed, combined with CareSpan's leading edge virtual care technology and new AI-enabled capabilities, we believe we can help improve the lives of millions of people around the world in a profound way."
Poonacha Machaiah, Co-Founder of ChopraX, also commented, "People have begun to benefit from integrative medicine, including healthy people. Millions more can benefit as we work with CareSpan to scale in the U.S. and globally. Our vision is that the global telemedicine platform will bring a curated network of professionals, proven evidence-based methodologies to treat the whole person to achieve optimal health and well-being. We will leverage best in class technologies to support continuous lifestyle monitoring and provide insights to enable contextual interventions in a person's well-being journey."
"We are truly honored and excited to partner with ChopraX and contribute our technology, operations, people and expertise to support Dr. Chopra's unique vision of caring for the whole person," said Rembert de Villa, Chairman and CEO of CareSpan. "We have been focused on primary care and chronic care management; and this partnership is very consistent with CareSpan's mission to empower clinicians with technology and services that improve health outcomes. Together, we will also build new clinical decision support, as well as data analytics and AI-enabled capabilities, that will help scale and strengthen the core platform globally."
About ChopraX, LLC
ChopraX, LLC is a wellness-dedicated venture platform and accelerator, that sits at the convergence of whole person health, tech-enabled well-being, and science-led innovation. Choprax's mandate is to find and back exceptional, visionary founders to build category-defining companies at the intersection of research, technology, and evolving consumer behaviors. It has launched to build transformative ventures using breakthrough innovation to improve human well-being in an accessible, scalable, sustainable and impactful way.
ChopraX is well-positioned to make tremendous impact while gaining significant market share, and becoming the global leader in the wellness industry. For more information, visit www.choprax.com.
About CareSpan Health, Inc.
CareSpan is a healthcare technology and services company that has developed and deployed a unique, proprietary integrated digital care platform, the CareSpan Clinic-in-the Cloud™, that creates easy access to care for the underserved. With a patient-centric approach focused on improving health outcomes, CareSpan uses sophisticated digital tools and capabilities to improve patient outcomes in primary care, chronic care, urgent care, and mental health. In addition to the integrated digital care platform, CareSpan has built and deployed a business support infrastructure for its professional networks, American-Advanced Practice Network and AmericanMedPsych Network. American-Advanced Practice Network harnesses the clinical capabilities of Nurse Practitioners to address the shortage in primary and chronic care in the country. American-MedPsych brings together providers to tackle shortages mainly in mental health.
Clinic-in-the-Cloud is a trademark of CareSpan USA Inc., a subsidiary of CareSpan Health, Inc.
ON BEHALF OF THE BOARD OF DIRECTORS:
"Rembert de Villa"
Rembert de Villa
Chief Executive Officer
For more information, visit: www.carespanhealth.com
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER OR SALE OF SECURITIES IN THE UNITED STATES.
This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "subject to", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements are based on assumptions, including that CareSpan will enter into a definitive agreement, the development of the Proposed ChopraX-CareSpan Telehealth Platform, or receipt of the applicable approvals for the proposed arrangement with ChopraX, but the actual results may be materially different from any future expectations expressed or implied by the forward-looking statements. The forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including, but not limited to, the equity markets generally and a failure to obtain the necessary approval from the TSX Venture Exchange. Accordingly, readers should not place undue reliance on forward-looking statements.
Except as required by law, CareSpan undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
The TSXV and its Regulation Services Provider have not approved the contents of, nor taken responsibility for the adequacy or accuracy of, this press release.
SOURCE CareSpan Health, Inc.
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