Edison, New Jersey–(Newsfile Corp. – October 18, 2021) – Comprehensive Healthcare Systems Inc. (TSXV: CHS) (“CHS” or the “Company“), a one-stop software as a service (SaaS) company that is providing customized solutions through its healthcare administrative software to insurance companies, unions, hospitals, and other organizations in the medical space, had its common shares begin to trade on October 15, 2021 on the TSX Venture Exchange (the “TSXV“) under the ticker symbol “CHS”, following the completion of the qualifying transaction resulting in the reverse takeover (the “RTO“) of Greenstone Capital Corp. (previously, TSXV: GSGS) by Comprehensive Healthcare Systems Inc. (“CHS Delaware“). Prior to the completion of the RTO, CHS Delaware raised an aggregate of just over C$9M through convertible debenture and subscription financings. Please refer to the filing statement of the Company dated September 28, 2021 (the “Filing Statement“) available at www.sedar.com, for further details of the RTO and financings.
CHS’s proprietary software, HPS NOVUS, is a fully integrated and extensible platform for health and benefits administration, including insurance plan design, claim processing, record keeping and more. The platform was built with a modular approach that provides flexible and scalable solutions for all services relating to insurance and benefits.
“Listing CHS on the Toronto Stock Exchange is an important milestone that we are incredibly proud of,” said President and CEO Dr. Hassan Mohaideen. “As trading commences, CHS aims to scale by consolidating, digitizing and optimizing Third-Party Administration (TPA) businesses, a highly fragmented market ripe for consolidation and disruption. We are confident in our company’s growth and excited for investors to share in the CHS opportunity.”
The Company has three principal mandates to drive growth:
1. Organic Growth, expanding the sales team – CHS achieved significant growth in recent years despite having a limited sales team. Adding to the sales team will unleash a new round of organic growth for its three business lines. CHS has added sales and marketing personnel and will be hiring a VP of sales in the coming months.
2. TPA roll-up strategy – The Third-Party Administrator (“TPA“) market is a fragmented sector with many small players who heavily rely on human services. By acquiring such targets and replacing human services with its software platform, CHS will extract a much higher margin. In the U.S. market for employer-sponsored health insurance, TPAs serve 84.5% of all health and welfare funds that provide employer-sponsored health insurance. Collectively, the TPA industry represents a $256 billion revenue market. (Source: IBIS World Industry Report 52429 titled “Third-Party Administrators & Insurance.”)
3. Telehealth – CHS will focus on niche segments for launching telehealth solutions, where it can derive revenue growth quickly. The telehealth platform will allow CHS to have a role in all stages of financial transactions within the healthcare and insurance ecosystem. CHS is differentiated from other companies launching telehealth platforms due to its large existing client pool of insured lives that can be tapped into.
For further details, please refer to the Filing Statement for details about the Company’s business and objectives.
To view information about the Company and subscribe to automated email alerts for future news and public filings, visit the CHS website at www.comphealthsys.com.
About Comprehensive Healthcare Systems Inc.
Comprehensive Healthcare Systems Inc. is a corporation incorporated under the laws of the Province of Alberta. The Company is a vertically integrated software as a services (SaaS) company focused on digitizing healthcare and benefits with Telehealth and Healthcare Benefits Administration solutions, providing reliable and high-volume transaction capable systems. The Company’s state of the art HPS Novus Healthcare Welfare and Benefits Administration (HWBA) SaaS platform is used by clients for all aspects of healthcare benefit administration (including insurance companies, hospitals, doctors and labor unions, through various corporations in which the majority shareholder has controlling ownership), providing healthcare administrative software, administration, and maintenance services.
COMPREHENSIVE HEALTHCARE SYSTEMS INC.
Chief Strategy Officer and Director
E-mail: [email protected]
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect CHS’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the consolidating, digitizing, and optimizing TPA businesses; company’s growth strategy; expansion of its sales teams; TPA roll-up strategy; and the launch of its telehealth platform. Such statements and information reflect the current view of CHS. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: management’s ability to execute its strategy; the Company’s ability to retain and attract personnel; general market and economic volatility of the North American markets; changes to rules and regulations in the healthcare industry; and regulatory approvals which may be required. There are a number of important factors that could cause CHS’s, actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: currency fluctuations; limited business history of CHS; disruptions or changes in the credit or security markets; disruption of results of operation activities; cybersecurity risks; unanticipated costs and expenses; and general market and industry conditions.
CHS cautions that the foregoing list of material factors is not exhaustive. When relying on CHS’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. CHS has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF CHS AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE CHS MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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