MindBeacon completes acquisition of US-based, Harmony Healthcare, accelerating its North American expansion

TORONTO, Nov. 1, 2021 /CNW/ - MindBeacon Holdings Inc. (TSX: MBCN) (the "Company", or "MindBeacon"), a leading provider of digital mental and behavioral health therapy across the entire continuum of care, today announced that it has closed the acquisition of all the issued and outstanding shares of Harmony Healthcare ("Harmony") from the largest pure-play provider of mental health and substance abuse treatment in the Unites States. The transaction marks an important milestone in the Company's North American expansion and provides MindBeacon with scale and presence in the United States.

Harmony Healthcare provides a full spectrum of mental health and addiction treatment for children, adolescents and adults in the State of Nevada. Harmony's services include Employee Assistance Program (EAP), individual and group therapy, medication management, substance abuse programs, crisis management and inpatient, utilization review and utilization management services. Harmony has built a strong reputation for concierge level service with its commercial, labour and trust clientele over the past 30 years. 

MindBeacon will bring its digital mental health solutions to Harmony's current and future customers across the United States, supporting government, labour and trust organizations, regional health plans, and other risk-bearing providers. Harmony will expand the capabilities that MindBeacon can offer to their current customers across Canada and the United States. Harmony's clinical expertise and infrastructure, coupled with MindBeacon's innovative technology solutions will enable MindBeacon to accelerate its US expansion plans.

"We're thrilled to have Harmony, its CEO Allen Flagg, and the Harmony leadership team join the MindBeacon family", said Dan Clark, CEO of MindBeacon. "I've followed Harmony for the last several decades and long respected the strong customer loyalty they have built based on their clinical excellence, proven outcomes and unwavering dedication to customer service."

ABOUT MINDBEACON HOLDINGS INC.

MindBeacon provides a continuum of mental healthcare that includes self-guided psychoeducational and wellness content, Peer-to-Peer Support, Therapist Guided Programs and Live Therapy Sessions all offered virtually through its secure and private platform. As one of the first commercially available, digitally-native platforms to offer therapist-assisted internet-based Cognitive Behavioural Therapy in Canada, MindBeacon's professional service is designed around end users – their health, their way. Working with employers, insurance carriers and government ministries, MindBeacon offers services that are accessible, available, affordable and, most importantly, proven to be effective. MindBeacon is changing the therapy landscape by making professional care available to every Canadian, no matter when, where and how they choose to access it.

ABOUT HARMONY HEALTHCARE

Harmony Healthcare has been a leader in the behavioral health services industry servicing the Las Vegas community for the last 30 years. Harmony Healthcare provides specialized employee benefit programs for health plan carriers with approximately 300,000 covered lives for self-insured/multi-employer Taft Hartley funds, private industry employers, public sector agencies and third-party administrators. Additionally, Harmony Healthcare complies with the highest industry standards in all areas of clinical service delivery and operations.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking information" within the meaning of Canadian securities laws ("forward-looking statements"), which are based upon our current expectations, estimated, projections, assumptions and beliefs. All information that is not clearly historical in nature may constitute forward-looking statements. In some cases, forward-looking statements are typically identified by the use of terms such as "forecast", "assumption" and other similar expressions or future or conditional terms such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and "should". Forward-looking statements in this press release include, but are not limited to, statements with respect to the integration of Harmony's business, MindBeacon's North American expansion strategy and presence in the United States, the anticipated synergies in connection with the acquisition of Harmony, the reliance on information provided by Harmony and the nature of acquisitions. Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in our current Management and Discussion and Analysis and Annual Information Form (each of which have been or will be filed on SEDAR and can be accessed at www.sedar.com), that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein. The forward-looking statements contained in this press release are expressly qualified by these cautionary statements.

SOURCE MindBeacon Holdings Inc.

MINDBEACON CONTACT INFORMATION: Investor relations: David Galison, (p): [phone], (e): [email protected]; Media Relations: (e): [email protected]