Kovo Announces Chief Financial Officer Stepping Down and Appointment of Interim CFO

June 14, 2024

4 minutes read

Vancouver, British Columbia–(Newsfile Corp. – June 14, 2024) – Kovo Healthtech Corporation (TSXV: KOVO) (“Kovo” or the “Corporation“) today announced that Inder Saini has been asked to step down from his position as Chief Financial Officer (CFO), effective immediately. The Board of Directors has appointed Mark Detz as Interim Chief Financial Officer while the company undertakes a search for a permanent replacement.

Inder Saini has served as CFO since March 1, 2020 and during his tenure, he played a key role in building the finance organization as a platform from which we could launch our role up strategy. The decision was part of the company’s restructuring efforts aimed at refocusing its strategic initiatives for long-term growth.

Mark Detz brings to the role 15 years of experience in financial leadership. Prior to joining Kovo as our Vice President of Finance then later promoted to Senior Vice President of Finance he previously held several senior positions with Anheuser-Busch, where he focused on strategy and financial operations, including financial reporting, forecasting, budgeting, mergers and acquisitions. Detz began his career as an auditor at KPMG and holds an undergraduate degree from the Schulich School of Business. The Board is confident that Mark Detz’s expertise and deep understanding of our operations will ensure a seamless transition and maintain the company’s financial stability during this period.

“We are grateful to Inder Saini for his contributions to Kovo and wish him well in his future endeavors,” said Gregory Noble, CEO of Kovo. “We are also pleased to have Mark Detz step into this role and are confident in his ability to guide our financial operations as we search for a permanent CFO.”

The Board of Directors has initiated a comprehensive search for a new CFO and is considering both internal and external candidates. The company remains committed to identifying a leader with the right experience and vision to support our strategic goals and drive value for our shareholders.

About Kovo HealthTech Corporation

Kovo HealthTech Corporation is a growing healthcare technology company that specializes in Billing-as-a-Service offering SaaS-style recurring revenue contracts and software for more than 2250 US healthcare providers. Kovo helps healthcare providers digitally track and manage complex patient care registration, services, billing and payments in a seamless way. Currently, through its clients, Kovo processes over $250 million CAD ($200M USD) in annual billing transactions for more than 3.5 million patients. By offering effective billing practices, Kovo helps healthcare practitioners get paid so they can focus on offering quality care. To learn more about Kovo and to keep up-to-date on Kovo news, visit www.kovo.co.

For more information:
Greg Noble, CEO
investors@kovo.co
1-866-558-6777

Forward-Looking Information

This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. More particularly and without limitation, this news release contains forward‐looking statements and information relating to the Corporation’s settlement of certain debt obligations owed to entities controlled by a current directors of the Corporation, the future financial condition of the Corporation and its prospects, including any proposed debt restructuring transaction, including the Debt Conversion Transaction and the Loan Agreement Amendments. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Corporation. Although management of the Corporation believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Corporation relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Corporation’s ability to continue operations without adequate capital, the Corporation’s ability to raise further capital, the Corporation’s ability to meet the terms of its current debt obligations and to repay its indebtedness with or without the Debt Conversion Transaction and the Loan Agreement Amendments, the likelihood of the Corporation satisfying its ongoing obligations under the proposed Debt Conversion Transaction and Loan Agreement Amendments, the Corporation’s ability to efficiently and successfully develop new opportunities, failure to identify future transactional counter-parties, and the likelihood of any debt restructuring transaction being consummated, and the Corporation not defaulting in the future. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.