WELL Health Announces Approval of Normal Course Issuer Bid - May 2023

VANCOUVER, BC, May 31, 2023 /CNW/ - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) ("WELL" or the "Company"), a digital health company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce that the Notice of Intention to Make a Normal Course Issuer Bid ("NCIB") it filed with the Toronto Stock Exchange ("TSX") has been approved by the TSX. The NCIB is a renewal of its NCIB that expires May 31, 2023.

WELL believes that purchases of its common shares (the "Shares") pursuant to the NCIB may contribute to the facilitation of an orderly market and be in the best interests of the Company and its shareholders. In the event that WELL believes that its Shares begin trading in a price range that does not adequately reflect their underlying value based on WELL's business prospects and financial position, WELL may purchase Shares pursuant to the NCIB. Depending upon future price movements and other factors, WELL believes that its outstanding Shares may represent an attractive investment and a desirable use of a portion of its corporate funds.

As of the opening of the stock market on today's date, the Company had 235,383,589 Shares issued and outstanding. Under the NCIB, the Company may acquire up to an aggregate of 5,884,589 Shares over the next 12-month period, representing approximately 2.5% of the issued and outstanding Shares of the Company. In accordance with TSX rules, daily purchases made by the Company on the TSX will not exceed 213,962 Shares, subject to certain prescribed exemptions, being 25% of the average daily trading volume over the preceding six calendar months of 855,850 Shares. The NCIB will be effective from June 1, 2023, to May 31, 2024.

Although the Company was eligible to purchase up to 5,555,386 Shares pursuant to its NCIB that expires on May 31, 2023, the Company's board of directors chose to allocate funds to alternative capital allocation opportunities to provide greater returns to shareholders. As a result, WELL did not purchase any Shares through its previous NCIB.

Purchases subject to this NCIB will be made on the open market through the facilities of the TSX and any alternative trading systems in Canada by a broker on behalf of the Company in accordance with applicable regulatory requirements. All Shares purchased by the Company under the NCIB will be returned to treasury and cancelled.

To the knowledge of the Company, no director, senior officer, or other insider of the Company or any of their associates currently intends to sell any Shares under this bid. However, sales by such persons through the facilities of the TSX or any other available market or alternative trading system in Canada may occur if the personal circumstances of any such person change or if any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose Shares are purchased would be the same as the benefits available to all other holders whose Shares are purchased.

WELL HEALTH TECHNOLOGIES CORP.

Per:     "Hamed Shahbazi"             
Hamed Shahbazi
Chief Executive Officer, Chairman and Director

About WELL Health Technologies Corp.

WELL is a practitioner-focused digital healthcare company. WELL's overarching mission is to positively impact health outcomes by leveraging technology to empower healthcare practitioners and their patients globally. WELL exists to enable healthcare practitioners with best-in-class technology and services. WELL has built the most comprehensive end-to-end healthcare system across Canada including the nation's largest network of clinics supporting primary care, specialized care, and diagnostics services. In the United States, WELL provides omni-channel healthcare services and solutions targeting specialized markets such as the gastrointestinal market, women's health, primary care, and mental disorders. In addition to providing patient services, WELL develops, integrates, and sells its own suite of technology software and solutions to medical clinics and healthcare practitioners. WELL's practitioner enablement platform includes: Electronic Medical Records ("EMR"), telehealth platforms, practice management, billing, Revenue Cycle Management ("RCM"), digital health apps and data protection solutions. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on the OTC Exchange under the symbol "WHTCF". To learn more about the Company, please visit: www.well.company. 

SOURCE WELL Health Technologies Corp.

Tyler Baba, Investor Relations, Manager, [email protected], 604-628-7266