Mednow Announces Cost Reductions Through Efficiencies and Streamlining of Business Lines

TORONTO–(BUSINESS WIRE)–Mednow Inc. (TSXV: MNOW) (OTCQX: MDNWF), Canada’s on-demand virtual pharmacy, announced today that it is executing on cost reduction measures and operational streamlining to focus on operating a more efficient business.

Asset-light model for select regions. Mednow has shifted from a strategy of owning the pharmacies in all its provinces, to operating and funding only pharmacies in Ontario and British Columbia. In the rest of the country, Mednow has moved to a partner pharmacy and franchising model. This allows Mednow to maintain its standard of pharmacy care, while reducing operational costs.

Mednow continues to own and operate pharmacies in Ontario and British Columbia along with a franchise in the province of Quebec.

In other regions of the country, Mednow operates via preferred pharmacy partners and franchisees by providing the technology and engagement tools for local fulfillment in these smaller regions of Canada.

Mednow pharmacies in Ontario and British Columbia can also service select other provinces.

Strategic review of subsidiaries. Mednow is actively exploring strategic alternatives for select subsidiaries, including Liver Care Canada Inc. and London Pharmacare Inc. These strategic alternatives may include the divestiture or wind-down of these companies.

About Mednow
Mednow (TSXV: MNOW) (OTCQX: MDNWF) is a healthcare technology company offering virtual access with a high-standard of care. Designed with accessibility and quality of care in mind, Mednow provides virtual pharmacy and telemedicine services as well as doctor home visits through an interdisciplinary approach to healthcare that is focused on the patient experience. Mednow’s services include free at-home delivery of medications, doctor consultations, a user-friendly interface for easy upload, transfer, and refill of prescriptions, access to healthcare professionals through an intuitive chat experience and the specialized PillSmart™ system that packages prescriptions in easy to use daily dose packs, each labeled with the date and time of the next dose.
Neither 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 release.
Cautionary Note Regarding Forward-Looking Statements:
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding Mednow expecting to maintain its standard of pharmacy care, while reducing operational costs, is a forward-looking statement and contains forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release including that Mednow will maintain its standard of pharmacy care, while reducing operational costs. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, that Mednow will not maintain its standard of pharmacy care, while also not reducing operational costs. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. Contacts
Investor contact:Lorraine Cardenas1-855-686-6300
ir@mednow.ca