Carebook Announces Year-End Results

Company Positioned for Growth in 2021

  • Successfully launched and now operates the “Be Well” app for the Rexall Pharmacy chain in Canada
  • Successfully closed reverse take over and private placement financing, raising $21 million on October 1, 2020
  • Started trading on the TSXV on October 6, 2020 under the symbol “CRBK”
  • Expanded leadership team with key hires for the US and International markets
  • Began pursuing a disciplined M&A strategy in parallel with organic growth – announced two LOIs in November – closed acquisition of InfoTech on April 6, 2021 resulting in Company entering new “employer” vertical

MONTRÉAL, April 22, 2021 /CNW Telbec/ - Carebook Technologies Inc. (“Carebook” or the “Company“) (TSXV: CRBK) (OTCPK: CRBKF) (XETR: PMM1), a leading Canadian digital health company offering innovative digital health and virtual care solutions for pharmacies, employers and insurers, today announced results for its year ended December 31, 2020.

Carebook Technologies (CNW Group/Carebook Technologies Inc.)

“2020 was truly a pivotal year for our company on so many levels.” commented Pascale Audette, CEO of Carebook. “In the first half of the year, we successfully launched our “Be Well” app with the Rexall Pharmacy chain. This was a major accomplishment and followed two years of development following our breakthrough contract with McKesson signed in 2018. The reaction and take up of the app have exceeded all expectations. In the second half of the year, we completed our RTO and became a public company trading on the TSXV. We followed our listing with announcements of two very significant LOIs for the acquisitions of InfoTech and Novus Health. The InfoTech acquisition closed on April 6th, 2021 and we are already working closely with the InfoTech team on leveraging the significant synergies between our two companies. InfoTech is a hidden gem within the digital healthcare space and our plan is to build on their over 25 years of success with some of the largest companies in the world. We are continuing our due diligence on Novus Health.”

Continued Pascale Audette, “We have been carefully building and positioning Carebook to benefit from significant growth opportunities on a global basis. Our focus will continue to be on the creation of shareholder value as we further build on our powerful health platform creating highly engaging, customer-centric digital solutions for pharmacies, employers, insurance providers, and individuals.”


Pharmacy App Launch

  •  On May 1, 2020, Carebook launched the ”Be Well” app for the Rexall Pharmacy chain in Canada on iOS, Android and web. The launch has been a resounding success with Rexall publicly applauding Carebook’s delivery as well as the gains they are realizing in the marketplace. Users have been responding positively to the platform. As at April 2021, App Store ratings (iOS Users) were 4.5/5 stars, and Google Store (Android Users) were 4.6/5 stars. The Be Well app also achieved a Net Promoter Score of 76%, which is well above industry average. 

Reverse Takeover Transaction

  • On October 1, 2020, the Company completed a reverse takeover transaction (“RTO“) which resulted in, among other things, (i) the RTO of the Company by the former securityholders of Carebook Technologies (2020) Inc., (ii) the Company changing its name to “Carebook Technologies Inc.” and (iii) the listing of Carebook’s common shares on the TSX Venture Exchange (the “TSXV“). The Company’s common shares began trading at the opening of the market on October 6, 2020 under the symbol “CRBK”.  

Carebook myVitals

  • In response to the evolving COVID-19 pandemic, Carebook developed an easy-to-use, accessible smartphone app known as “Carebook myVitals” that uses cutting-edge technology (remote photoplethysmography) through a smartphone to provide a powerful app that measures heart rate and oxygen saturation alongside a symptoms checker. The app is expected to empower businesses in their back to work strategy as the global COVID-19 pandemic continues to evolve as well as with their ongoing management of their workforces’ health and wellness. Carebook is seeking accreditation as a Class II medical device in Canada, US and other markets. Studies of myVitals, to be conducted in collaboration with the Jewish General Hospital (Montreal, Quebec), the National Research Council of Canada and HITLAB (Human Interface Technology Lab at Columbia Business School), have been designed to meet the requirements of regulatory agencies. They are expected to commence in the second quarter of 2021. Carebook is not making any express or implied claims that myVitals for Work app product has the ability to effectively detect COVID-19 at this time.

Expanded Leadership Team:

  • Carebook added two senior sales employees during the fourth quarter of 2020:
    • Limor Elbaz was hired as GM for the United States and was promoted to the role of Chief Revenue Officer (CRO) in February 2021.
    • Howard Fried was hired as a new VP of Sales and is now leading Carebook’s sales efforts in the pharmacy business.
  • In February 2021, Carebook’s VP Product, Mathieu Lampron, was promoted to Chief Product Officer.

Disciplined M&A Strategy in Parallel with Organic Growth 

  • InfoTech Inc. (Employer Vertical) Acquisition: On November 11, 2020, Carebook announced that it had entered into a letter of intent (“LOI“) for the acquisition of an industry-leading B2B enterprise Software-as-a-Service (SaaS) company. On April 6, 2021, Carebook announced the closing of its acquisition of InfoTech Inc., doing business as Wellness Checkpoint® (“InfoTech“). This transaction marks Carebook’s initial entry into the $37B employer market1. InfoTech is a recognized global leader in health and productivity risk management. InfoTech’s proprietary software platform Wellness Checkpoint, IP and metrics are supported by advanced analytics and focus on employees’ physical health, mental health and well-being, and their impact on work and business effectiveness. Their clients are a mix of direct clients, typically multinational companies, including several in the Fortune 500 and partners/resellers who incorporate the product into their corporate and consumer offerings. InfoTech’s significant international client base will contribute to the growth of Carebook’s global footprint. The total purchase price for the acquisition was C$14 million on a cash free and debt free basis, consisting of a combination of C$9 million in cash and C$5 million in common shares of Carebook at a price of C$1.21 per share.
  • Novus Health (Insurance Vertical) Acquisition: On November 19, 2020, Carebook announced that it had entered into an LOI to acquire Health Care Services International Inc., doing business as Novus Health. Novus Health is one of Canada’s leading providers of health navigation programs and integrated health and wellness management solutions for insurers, financial institutions, and employers. Carebook continues its due diligence related to the transaction. There is no assurance that a definitive agreement in respect of this transaction will materialize.


1 Source:  Grand View Research, Corporate Wellness Market Size, February 2020

Closing of C$11 Million Credit Facilities

  • On April 6, 2021, Carebook announced the closing of a C$11 million financing (the ”Financing“) with a leading Canadian Schedule 1 Bank and one of its affiliates, consisting of the following:
    • C$7 million revolving term facility; and
    • C$4 million non-revolving term loan facility
  • In addition to financing the acquisition of Infotech, Carebook plans to use the proceeds of the Financing to finance its working capital needs and for general corporate purposes of the Company.

Carebook Named Top Employer

  • Top Employer Montreal 2020 and 2021 – For the second year in a row, Carebook has been recognized as one of Montréal’s Top Employers by Mediacorp Canada Inc., the organizers of the annual Canada’s Top 100 employers competition. This special designation recognizes the employers in Greater Montreal that lead their industries in offering exceptional places to work.
  • Canada’s Top Small & Medium Employers 2020 and 2021 – Carebook has once again been recognized as one of Canada’s Top Small & Medium Employers by Mediacorp Canada Inc. This editorial competition recognizes the small and medium enterprises that offer the nation’s best workplaces and forward-thinking human resources policies.

Selected Audited Financial Highlights:

Please see SEDAR ( for complete copies of Carebook’s audited annual consolidated financial statements and MD&A for the year ended December 31, 2020.  All figures below are in C$000’s, other than share/per share figures.

Revenue for the year ended December 31, 2020 was $3,530, compared to $4,286 for the year ended December 31, 2019, a decrease of $756 or 17.6%. For these periods, Carebook’s total revenue was driven almost entirely by the pharmacy vertical. The decrease in revenue is attributable to a planned change in revenue commitment in March 2020 related to the development of the Be Well application in anticipation of its launch. Additionally, the development of a web-based solution during the first nine months of 2019 did not recur in 2020.

Total comprehensive loss was $10,893 for the year ended December 31, 2020, compared to a loss of $3,114 for the year ended December 31, 2019, an incremental loss of $7,779, or 249.8%. During the latter half of 2020, the Company incurred significant expenditures related to its RTO. The increase in expenses was primarily driven by the costs related to the reverse acquisition of the Company by Carebook Technologies (2020) Inc., transaction costs in connection with the RTO, and professional services. The stock-based compensation expense booked in the second and fourth quarters of 2020 also contributed to the incremental loss year over year. Other expenses that contributed to the increase in the net and comprehensive losses were attributable to labour and employee benefits as the Company increased its staffing levels in pursuit of and in preparation for revenue growth in future periods. The gain on the embedded derivative partially offset the increase in comprehensive loss. 

Fiscal 2020 Year End Results Conference Call:

Dial-in information will be provided to participants following pre-registration.

Please note that upon registering, each participant will be provided with call details and a registrant ID (Reminders will also be sent to registered participants via email.)


Thursday, April 22, 2021


8:30 a.m. Eastern Time




1-416-849-0833 or Toll Free 1-855 859-2056

Available until 11:59 p.m. ET, Thursday, April 29, 2021 




Available for 90 days following the conference call



About Carebook Technologies

Our core is science. Our solutions are accessible. Our mission is to empower people.

Built on a powerful health platform, Carebook creates highly engaging, customer-centric digital solutions for pharmacies, insurance providers, individuals, and employers. Based in Montreal and led by a world-class team and Board with extensive global business and healthcare industry experience, Carebook’s core is science and technology, its philosophy is people-first, and its goal is accessible, connected health for everyone. On October 6, 2020, Carebook’s shares were listed on the TSXV under the symbol “CRBK” and the company’s shares also trade on the OTC Markets under the symbol CRBKF and Frankfurt Stock Exchange under the symbol PMM1.  

Notice regarding forward-looking statements:

This release includes forward-looking information within the meaning of Canadian securities laws regarding Carebook, its subsidiaries and their business, including regarding the potential synergies from the InfoTech acquisition, the potential growth prospects of Carebook and its subsidiaries, Carebook’s products and technologies, the commencement of studies, the intended use of proceeds from the Financing and the potential Novus Health acquisition. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of Carebook and are based on assumptions and subject to risks and uncertainties. Although the management of Carebook believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including risks regarding the failure to obtain regulatory approvals, economic factors, management’s ability to manage and to operate the business of Carebook, management’s ability to successfully integrate the Company’s contemplated and completed acquisitions and to realize the synergies of such acquisitions, management’s ability to successfully complete product studies, the equity markets generally and risks associated with growth and competition. Although Carebook has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Carebook does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. In addition, the current situation and future developments with respect to the COVID-19 pandemic could cause certain of the assumptions and information set forth herein or the fact that on which such assumptions are based to differ materially from previous expectations including in respect of demand for our products, supply chain and availability of materials, mobility and shipping of materials and or products, access to debt and equity capital and other factors.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Carebook Technologies Inc.