AceAge and Centric Health Announce European Distribution Agreement for Karie Device

Jul 23, 2019
7:00am

AceAge receives initial purchase order for 6,000 Karie devices for European market

TORONTO, July 23, 2019 /CNW/ - AceAge Inc. ("AceAge") and Centric Health Corporation ("Centric Health") (TSX: CHH) are pleased to announce that AceAge has signed a distribution agreement with a European partner that is a leader in the home health and seniors healthcare services market.

Centric Health Corp. (CNW Group/Centric Health Corporation)

The distribution agreement includes an initial purchase order for 6,000 Karie devices, with deliveries commencing in the fourth quarter of 2019.

"This is an exciting milestone as this agreement, and sizable order of Karie devices, are AceAge's first steps outside our Canadian borders," said Spencer Waugh, Chief Executive Officer of AceAge. "We are ecstatic to be aligned with a world leader of integrated telemedicine."

Following an initial launch of Karie in the Canadian market earlier this year, AceAge continues to gain traction across multiple jurisdictions and is scaling up operations appropriately to meet this demand.

"AceAge's European distribution agreement is a meaningful validation of the Karie technology and the global demand for this innovative product," said David Murphy, President and Chief Executive Officer of Centric Health. "As both a significant shareholder of AceAge and their preferred Canadian pharmacy, we continue to be excited about this partnership and look forward to supporting the continued deployment of Karie in Canada and around the world."

About AceAge Inc. 

AceAge is a healthcare technology company, creating intuitive products to ease the aging process and improve health outcomes.  AceAge's Karie device is a home-based automated drug delivery appliance that makes it simple to follow complex medication regimes by automatically delivering prescription drugs, in the correct dosage and at the right time. The medication comes pre-organized in an easy-to-load cartridge and the patient's medication schedule is also stored. Karie provides audio and visual cues when it's time for each dose and provides a visual and audio alert. It can also be set to automatically notify a family member or caregiver if a dose is ever missed. It is a simple, easy to use solution that provides peace of mind to the children of seniors and other family members given that adverse drug reactions is one of the leading causes of emergency room visits and hospital admissions in the seniors population. Karie also incorporates facial recognition which ensures the safety of the user and protects others, network connectivity using TELUS' cellular IoT network and is Bluetooth-enabled to connect to other health monitoring devices.

To view a demonstration video of Karie, please click here: http://bit.ly/KarieDevice.

About Centric Health

Centric Health's vision is to be the leading provider of pharmacy and other healthcare services to Canadian seniors. The Company is one of Canada's leading, and most trusted providers of comprehensive Specialty Pharmacy services and solutions to seniors. We operate a large national network of pharmacy fulfilment centres that deliver high-volume solutions for the cost-effective supply of chronic medication and other specialty clinical pharmacy services, serving more than 31,000 residents in over 450 seniors communities (long-term care, retirement homes, and assisted living facilities) nationally. With services that address the growing demand within the Canadian healthcare system, Centric Health's unparalleled national care delivery platform provides significant potential for future expansion and growth. Centric Health currently has a 19.5% ownership interest in AceAge with the ability to increase its investment to up to 32.5%.

FORWARD-LOOKING STATEMENTS

This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation.  These forward-looking statements include, among others, statements regarding Centric Health and AceAge's business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.

Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Readers should not place undue reliance on these forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such future results, levels of activity or achievements and neither Centric Health, AceAge or any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. The factors underlying current expectations are dynamic and subject to change.

AceAge Inc. (CNW Group/Centric Health Corporation)

SOURCE Centric Health Corporation

For further information: Spencer Waugh, Chief Executive Officer, AceAge Inc., 289-400-0811, spencer@aceage.com; David Murphy, President and Chief Executive Officer, Centric Health Corporation, 416-927-8400