- Capitalizes on 3 years of partnership success in Corporate Health programs
- Appoints Peta Slocombe, founder of Australia’s Biggest Mental Health Check-In, to lead
Medibio Corporate Health Strategic Business Unit
- Accelerates Medibio commercialization
SYDNEY, Australia and MINNEAPOLIS, March 05, 2018 (GLOBE NEWSWIRE) -- Medibio Limited (MEB or the Company)(ASX:MEB)(OTCQB:MDBIF), a mental health technology company has signed a term sheet to acquire Vital Conversations. Vital Conversations provides evidenced based psychological health programs and a digital platform that connects with Medibio’s technology to provide a complete suite of products and solutions for the Corporate Wellness market.
With a 3-year history of partnership, the acquisition will create a new corporate health offering for Medibio. This new offering couples the psychological health content and digital platform of Vital Conversations with Medibio’s mental health technology platform and exclusive objective mental health measurement and monitoring capabilities.
Peta Slocombe, practicing psychologist with over 25 years experience and Founder and Managing Director of Vital Conversations, says, “Corporate mental health has lacked the rigor of real time biometrics, coupled with customized programs and personalised telepsychology for behavior change. Mental health is one of the most significant and also the most treatable issues on the planet. Employees and their organizations deserve the best that science and technology have to offer, and we are delighted to become part of Medibio.”
Vital Conversations’ clients who have participated in the Mental Health Check-in program include PricewaterhouseCoopers, Wesfarmers and others for whom Vital Conversations delivers large-scale services to tens of thousands of employees. Such programs could provide Medibio a clear pathway for revenue generation.
Jack Cosentino, CEO and Managing Director at Medibio, says, “We are delighted to welcome our long-term partner into the fold of Medibio’s rapidly growing international team. The team at Vital Conversations, led by Peta Slocombe, provides a valuable business segment and will enable Medibio to more rapidly expand the product offering and address new and exciting avenues for growth. We look forward to working closely with the team and creating a strong culture of innovation and advocacy as we champion and empower individuals and corporations to tackle the issues of mental health, objectively.”
The acquisition price of $500,000 will be funded by cash and shares. The value ascribed reflects the opportunity for revenue growth through corporate expansion integrated with Medibio’s technology. The acquisition is anticipated to be earnings neutral in the near to medium term as the Company expands the product offering globally. Settlement of the acquisition is anticipated to occur by the end of March 2018.
About Medibio Limited
Medibio (ASX:MEB) (OTCQB:MDBIF) is a mental health technology company that has pioneered the use of objective biometrics to assist in the screening, diagnosing, monitoring and management of depression and other mental health conditions. The company was founded in Australia, with offices located in Melbourne (Vic), and U.S. offices in Minneapolis, MN. Medibio is listed on the Australian Securities Exchange Ltd and trades on the OTCQB Venture Market. Investors can find additional information on www.otcmarkets.com and www.asx.com.au.
About Vital Conversations
Vital Conversations Pty Ltd is a leading professional firm specialising in the facilitation of growth and optimum performance for individuals and organisations. Our mission is to build on strengths and bring out new and enriching possibilities for our clients. We do this by engaging them in vital conversations that create insights, build energy and foster innovation.
Further Information: Website: www.medibio.com.au Medibio Shareholder Enquiries: Stephanie Ottens Investor Relations Director Medibio Limited firstname.lastname@example.org T: +61 434 405 400 Australian Media Enquiries: Peter Taylor NWR Communications email@example.com T: +61 (0) 412 036 231