VANCOUVER, BC, April 23, 2021 /PRNewswire/ - WELL Health Technologies Corp. (TSX: WELL) ("WELL"), a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, and CRH Medical Corporation ("CRH") are pleased to announce the successful completion of their previously-announced business combination today, pursuant to which WELL has acquired all of the issued and outstanding common shares of CRH (the "CRH Shares") for US$4.00 per share in cash (the "Acquisition"), representing an equity consideration of approximately US$286.6 million and a transaction value of approximately US$372.9 million, inclusive of CRH's credit facility.

"I am pleased to welcome the talented CRH team to the WELL family," said Hamed Shahbazi, Chairman and CEO of WELL. "CRH is our largest acquisition to date and it is a fantastic opportunity to apply WELL's expertise in digitization and modernization of healthcare assets as well as its best-in-breed data security services to GI practices in the United States. With this acquisition, WELL's financial and operating profile makes it an emerging leader in the tech enabled healthcare market across North America. Furthermore, CRH's profitability and cash-flow generation will provide WELL with ample opportunities to allocate capital and increase inorganic growth."

CRH is a rapidly growing company whose business is expected to experience strong growth in 2021 driven by underlying trends in case-loads, billing rates, and organic and acquisitive expansion. On March 16, 2021, CRH reported audited Q4 revenue of $36.8M, an increase of 21% from the fourth quarter of 2019, as well as adjusted operating EBITDA(2) of $16.1M, a 44% adjusted operating EBITDA margin(2), and adjusted operating EBITDA attributable to CRH shareholders(2) of $11.2M, an increase of 27% from the fourth quarter of 2019.

For over a decade, CRH has been focused on delivering high quality healthcare services and has emerged as a leading provider of anesthesia services to the GI (Gastroenterologist) community. CRH provides WELL with deep access to the U.S. healthcare system, including 3,200 GIs mostly in the U.S. and their extended practitioner networks which represents a compelling channel to unlock new revenue and business opportunities.

In conjunction with this Acquisition, CRH becomes a wholly-owned subsidiary of WELL and will operate autonomously as WELL's seventh distinct business unit under the leadership of Dr. Tushar Ramani, CRH's Chair and CEO. CRH will continue to operate much like before, aided by WELL and CRH management's plans to effectuate certain synergies and apply WELL's technology, data protection and digitization initiatives.

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