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WELL Health Announces Delay in Filing of Annual Audited Financial Statements Due to Matter Related to US Subsidiary Circle Medical

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VANCOUVER, BC, March 28, 2025 /PRNewswire/ – WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) (“WELL” or the “Company”), a digital healthcare company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, announces that it will be delaying the filing of its audited annual consolidated financial statements for the year ended December 31, 2024, the related management’s discussion and analysis, and related CEO and CFO certificates (collectively, the “Required Filings”) beyond the March 31, 2025 deadline (the “Deadline”).

The delay is resulting from the accounting implications related to the Company’s non-wholly owned Delaware subsidiary Circle Medical Technologies, Inc. (“Circle Medical”), as described in further detail below. In fiscal 2023, Circle Medical contributed a net loss of $1.1 million to WELL’s consolidated net income of $16.6 million and contributed less than 2.7% to WELL’s consolidated Adjusted EBITDA(1).

In September 2024, Circle Medical received a request for the voluntary production of documents and information (“RFI”) from the Civil Division of the United States Attorney’s Office for the Northern District of California (“USAO”) investigating certain of Circle Medical’s billing practices in the US. Circle Medical has been responding to the RFI and engaging with the USAO to address and resolve this matter.  Additional information and analysis regarding the impact of the USAO RFI is necessary in order to finalise Circle Medical’s financial statements and by extension, the Company’s annual consolidated financial statements for the year ended December 31, 2024. The production of information by Circle Medical and analysis by the Company for the financial statements is not expected to be completed prior to the March 31, 2025 filing deadline for the Required Filings.

The Company does not expect the resolution of the matter to have a material effect on the Company’s cash position or available resources. The Company and Circle Medical are currently working diligently to finalise the Company’s annual consolidated financial statements at the earliest possible date. The Company currently expects to be in a position to file the Required Filings on or before April 15, 2025 (the “Filing Interval”).

Notwithstanding the foregoing, the Company confirms that it continues to seek strategic alternatives for Circle Medical and is committed to carrying out this process in due course.

The Company has applied to the British Columbia Securities Commission, as principal regulator for the Company, for the imposition of a management cease trade order under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) throughout the duration of the Filing Interval. However, there can be no assurance that a management cease trade order will be granted. The management cease trade order, if approved, will not affect the ability of persons who are not or have not been management of the Company to trade in its securities.

WELL confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports, if necessary, in the form of news releases for so long as it remains in default of the above-noted filing requirements. The British Columbia Securities Commission may issue a general cease trade order against WELL for failure to file the Required Filings within the prescribed time period or sooner if WELL fails to file the prescribed status reports.

Other than as disclosed herein, WELL is up to date in its filing obligations.

Footnote:

1.

Non-GAAP Financial Measures – Adjusted EBITDA

In addition to results reported in accordance with IFRS, the Company uses Adjusted EBITDA as a supplemental indicator of its financial and operating performance. The Company believes this non-GAAP financial measure reflects the Company’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business. The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization less (i) net rent expense on premise leases considered to be finance leases under IFRS and before (ii) transaction, restructuring, and integration costs, time-based earn-out expense, change in fair value of investments, share of income (loss) of associates, foreign exchange gain/loss, and stock-based compensation expense, and (iii) gains/losses that are not reflective of ongoing operating performance. The Company considers Adjusted EBITDA to be a financial metric that measures cash flow that can be used to fund working capital requirements, service future interest and principal debt repayments, and fund future growth initiatives. Adjusted EBITDA should not be considered an alternative to net income (loss), cash flow from operating activities, or other measures of financial performance defined under IFRS. A reconciliation of Adjusted EBITDA to the most directly comparable IFRS measure can be found in the Company’s Fiscal 2023 Annual MD&A.

WELL HEALTH TECHNOLOGIES CORP.

Per: “Hamed Shahbazi”

Hamed Shahbazi

Chief Executive Officer, Chairman and Director 

About WELL Health Technologies Corp.

WELL’s mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL’s comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices. WELL’s solutions enable more than 41,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with more than 200 clinics supporting primary care, specialized care, and diagnostic services. In the United States WELL’s solutions are focused on specialized markets such as the gastrointestinal market, women’s health, primary care, and mental health. 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.

Forward-Looking Information

This news release contains “Forward-Looking Information” within the meaning of applicable Canadian securities laws, including, without limitation: statements regarding the grant of a management cease trade order, expected timing of the Required Filings, the impact of the resolution of the USAO RFI on WELL, and the ability to consummate strategic alternatives for Circle Medical. Forward-Looking Information is based on a number of estimates and assumptions are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond WELL’s control, which could cause actual results and events to differ materially from those disclosed in this news release. Forward-Looking Information generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe”, “goal” or “continue”, or the negative thereof or similar variations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the Forward-Looking Information and the Forward-Looking Information is not a guarantee of future results or performance. WELL’s comments expressed or implied by such Forward-Looking Information are subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL’s control, and undue reliance should not be placed on such information. Forward-Looking Information are qualified in their entirety by inherent risks and uncertainties, including the risk factors identified in documents filed by WELL under its profile at www.sedar.com, including its most recent Annual Information Form and its most recent Management’s Discussion and Analysis. Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise.

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SOURCE WELL Health Technologies Corp.

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Shapiro+Raj Expands Team with Strategic Hires to Accelerate Life Sciences Growth

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CHICAGO, April 7, 2025 /PRNewswire/ — Shapiro+Raj, the #1 Strategic and #12 Most Innovative Insights Consultancy, is excited to announce the addition of four accomplished professionals to its Research and Operations teams. These strategic hires will support the growing demand from Life Sciences clients for compelling insights that help them shape the future, not just respond to it in today’s continually reshaping healthcare landscape.

“These new team members strengthen our commitment to delivering exceptional client outcomes without compromise,” said Zain Raj, Chairman and CEO of Shapiro+Raj. “By combining our AI-forward capabilities with our strength in social and behavioral-sciences-led insights and strategy, we’re helping our clients get to the future faster.”

The new additions driving strategic insights are:

Jill Carnick joins as Insights Director. She brings over 25 years of experience and a proven track record of developing research frameworks to help clients make sound, strategic business decisions that drive brand and business growth.

Yasmeen Elsakary and Bhakya Dhanathiagu join as Insights Executives, supporting integrated learning agendas that provide comprehensive, actionable insights.

Sarah Karim joins the Field & Project Management team as Manager. She will be part of the team that ensures seamless project execution through expert logistics, partner coordination, and operational support.

“These are not just talented professionals; they’re the kind of people who help elevate the entire organization,” said Amir Kapadia, Chief Operating Officer. “Their ability to translate complexity into clarity, and strategy into action, will ensure our clients gain not just insights but a true competitive edge in the market.”

About Shapiro+Raj

Shapiro+Raj, the #1 Strategic and #12 Most Innovative Insights Consultancy partners with Fortune 500 clients to shape the future of business and brands. With deep expertise in the life sciences space, the firm delivers future-forward insights and strategic guidance that drive impact. Shapiro+Raj is headquartered in Chicago, with offices in New York and Pune, India.

For more information, visit www.shapiroraj.com 

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SOURCE SHAPIRO+RAJ

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LightBox CRE March Index Posts Strongest Reading Since 2022, But Outlook Remains Uncertain

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IRVINE, Calif., April 7, 2025 /PRNewswire/ — LightBox, a leading provider of commercial real estate (CRE) data and technology, today reported that its CRE Activity Index rose sharply to 104.4 in March, marking the highest level since June 2022 and only the second triple-digit reading in nearly three years. The 4.7% month-over-month and 25.2% year-over-year gains point to growing momentum in the CRE sector. But just days after March ended, the market was hit with a fresh wave of uncertainty following last week’s announcement of sweeping new tariffs, injecting renewed volatility into an already uneven economic environment.

“While volatility rattled other parts of the market, March’s index highlights the commercial real estate sector’s resilience,” said Manus Clancy, head of Data Strategy at LightBox. “Rising listings and consistent lender activity show that investors found opportunities, even in this uncertain economic environment.”

The LightBox CRE Activity Index measures national activity across commercial property listings, environmental due diligence, and appraisals—key functions that support CRE transactions and collectively serve as a leading indicator of deal activity. The Index is normalized to account for variations in the number of business days per month, providing a consistent measure of market trends.

March’s triple-digit index reading signals increasing transactional velocity across asset types and geographies. Each of the three core metrics behind the Index reflects a clear trajectory of growth:

Property listings jumped 56% year-over-year, more than double where they were at year-end 2024.
 Phase I environmental site assessments (typically conducted prior to major CRE loans or transactions) rose 3% year-over-year and a more significant 12% over February volume.
 Lender-driven commercial appraisal awards climbed 6% year-over-year and increased by 5% from February.

While equities declined and the 10-year Treasury yield swung sharply in March, LightBox analysis suggests the CRE market may be decoupling from broader market volatility, buoyed by investor interest in income-producing assets and distressed opportunities.

“Commercial real estate deal activity is showing real momentum, with investors reengaging across both distressed and stabilized assets,” said Dianne Crocker, research director at LightBox. “March’s Index reaching a new high is an encouraging sign—but with last week’s sweeping tariff announcement injecting fresh uncertainty into the market, the outlook for April is far less predictable. Volatility is back in play, and that could influence how capital moves in the near term.”

The report highlights that March’s index strength occurred despite mixed economic signals last month: a spike in core PCE inflation, softening consumer sentiment, and concerns over proposed tariffs and supply chain disruption. CRE professionals remain cautiously optimistic, with the industrial, multifamily, and data center sectors continuing to draw the strongest interest amid an otherwise uncertain economic backstop.

“March’s triple-digit reading points to growing momentum, suggesting that CRE may have emerged as a relative safe haven—for now,” emphasized Clancy. “But with uncertainty mounting around global trade, inflation, and labor, whether that status holds will depend on how key economic indicators play out in the months ahead.”

Take a Closer Look at the March Numbers

About LightBox

At LightBox, we are at the forefront of delivering advanced and precise solutions for commercial real estate intelligence. Our dedication to innovation propels real estate professionals forward by providing them with the essential tools required to navigate complex decisions, minimize risk, and boost productivity across the spectrum of real estate operations. LightBox is renowned for its commitment to promoting excellence and fostering connections in the industry, serving an extensive clientele of over 30,000 customers. Our diverse client base spans commercial and government sectors, including but not limited to brokers, developers, investors, lenders, insurers, technologists, environmental advisors, appraisers, and other businesses that depend on geospatial information. To discover more about how LightBox can illuminate the path to informed real estate solutions, visit us at: www.LightBoxRE.com

Media inquiries: media@lightboxRE.com

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SOURCE LightBoxRE

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Dark Horse CPAs Promotes Matthew Reese, CPA to Principal After 4-Month, $400K+ Success

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Reese Completes Principal Accelerator Program, establishes SMB Accounting and Tax Practice in Orlando, Florida

ORLANDO, Fla., April 7, 2025 /PRNewswire/ — Dark Horse CPAs, a top accounting and tax firm serving small businesses and individuals across the nation, announces the promotion of Matthew Reese to Principal. Reese’s noteworthy technical skills and rapid growth of his book of business, bolstered by strong relationships with clients and colleagues alike earned him a seat at the table, becoming an equity Principal of the firm.

Matthew entered the Dark Horse Principal Accelerator Program in July 2024 and built a tax and accounting practice with recurring revenue north of $400,000 in four months’ time. Far from being a volume play, he was able to achieve this revenue figure with a surprisingly small number of clients.  Given the overwhelming positive client feedback, high quality work and positive collaboration with his peers, the decision was made to promote him to Principal effective November 2024.

Speaking to the challenges posed by the Accelerator Program, Matthew stated, “the most challenging aspect of the journey was developing the confidence and assertiveness to command the value I bring to client engagements in terms of the price and scope in my proposals. Waiting on those initial proposals was difficult as I was unsure if prospects would sign while I was anxious to embark on the work of building my practice. Not rushing the process nor conceding on price just to get the work in the door has already shown itself to be the solid foundation on which to build a great practice with intention vs the haphazard, chaotic practices that many practitioners begin their journey with.”

When asked about the most rewarding aspect of his journey in the Accelerator Program, he continued his previous thought, “it was securing my first client. It proved that I could do this and it felt great to feel the trust and confidence they conveyed to me.” In terms of what differed most from his expectations of the Accelerator Program, he continued, “the biggest surprise was that fellow Accelerators and Principals celebrated this win, and others, alongside me. Rather than competing, everyone is very supportive and celebrates each other’s successes. Naturally, this creates a truly collaborative environment that we all benefit from.”

As to what he would want other potential Accelerators to know about the Program, Reese believes they should know, “the learning and growth, particularly in sales, is absolutely invaluable. Far from being trapped in a corporate machine, you quickly realize the Program is about self-actualization as a professional and as a human. I would wholeheartedly recommend anyone who has the itch to start a practice strongly consider becoming a Dark Horse Accelerator.”

Moving forward, Matthew is excited to, “develop a specialized niche in Esports with the backing of a firm that fully supports my vision to innovate and build within the space.”

“As I came to know Matt and started to hear feedback from clients and friends who were working with him, I had one of those rare moments,” says Chase Birky, CEO & co-founder of Dark Horse CPAs. “A rare moment, for me anyway, of taking stock of how far we’ve come as a firm. That we could attract someone of his caliber and that his success could come so quickly was humbling. It’s exactly what we hoped the Principal Accelerator Program would look like. And he is exactly the type of CPA we want to build this firm and this community around. So, yeah, I’m excited to support and bare witness to his journey in building a differentiated practice that allows him to pursue his interests and build a great life in the process.”

About the Dark Horse Accelerator Program

The Dark Horse Principal Accelerator Program was created for entrepreneurially-minded CPAs that want to build a scalable book of business without the personal and financial sacrifices required of starting a firm from scratch. Dark Horse empowers their CPAs with the resources and support to grow intelligently and profitably. Their proprietary technology, flexible staffing and industry-leading systems and processes enable CPAs to focus on being the trusted advisor to their clients, unlocking unprecedented value in these relationships, so that they will continue to be relevant long into the future while their counterparts become increasingly displaced by technology.

Accelerators are put through a training program that acclimates them to the firm’s exclusive tech stack, followed by proprietary sales training and one-on-one coaching. Upon completion of training, they begin building their book of business by fielding inquiries from potential Dark Horse clients. To facilitate their growth, Accelerators have full-time and fractional professional personnel support at their disposal. A collaborative group of like-minded CPAs go the extra mile to help them out in areas where they lack expertise. This new CPA firm business model includes an active corporate team that ensures their work is of high quality and strategically focused. After successful completion of the program, they can become an equity principal of the firm.

The Dark Horse Principal Accelerator Program is currently accepting new Accelerators. Interested CPAs are invited to dive deeper into the program on Dark Horse’s recruiting site, abetterway.cpa

Dark Horse CPAs provides integrated tax, accounting and wealth advisory services to small businesses and individuals across the U.S. The firm was founded to save small businesses (and their owners) from subpar accounting and tax services and subpar client experiences. These small businesses are Dark Horses among their larger and more well-known competition. Being a Dark Horse CPA means advocating for small businesses by bringing to them the tax strategies and accounting insights previously reserved for big business. To learn more, visit Dark Horse CPAs https://abetterway.cpa/ 

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SOURCE Dark Horse CPAs

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