TORONTO, July 2, 2020 /CNW/ - NexJ Health Holdings Inc. (the "Corporation"), a provider of patient engagement solutions for chronic disease management, today announced that on June 24, 2020, it entered into a separation agreement (the "Separation Agreement"), effective June 15, 2020, for the purposes of achieving a full separation from NexJ Systems Inc. ("NexJ Systems"), from which it had been spun-off from, pursuant to an arrangement agreement and plan of arrangement dated December 10, 2015.
Pursuant to the Separation Agreement, among other things, each of (i) the Source Code License Agreement dated December 10, 2015, under which the Corporation is the licensee, (ii) the Source Code License Agreement dated December 10, 2015, under which the Corporation is the licensor, (iii) the Interim Loan Agreement dated January 15, 2016 (the "Interim Loan Agreement"), and (iv) the Shared Services Agreement dated January 15, 2016 (the "Shared Services Agreement"), were terminated.
In connection therewith, NexJ Systems forgave amounts due under the Interim Loan Agreement and Shared Services Agreement, totalling $1,850,528 in the aggregate.
Pursuant to the Separation Agreement, the Corporation will retain rights to certain source code, and the Corporation and NexJ Systems agreed to non-solicitation and non-competition covenants with one another.
ABOUT NEXJ HEALTH HOLDINGS INC. AND NEXJ HEALTH INC.
NexJ Health Inc. is a direct, wholly-owned subsidiary of NexJ Health Holdings Inc. NexJ Health Inc. is a provider of patient-facing population health management solutions that deliver patient engagement for chronic disease prevention and management. At NexJ Health, we believe that the most efficient and cost-effective way to offset the rise in chronic disease is to empower patients, with the support of their families, friends, and healthcare professionals, to actively participate in managing their own chronic condition(s). By engaging patients through NexJ Connected Wellness, we help to achieve healthcare's quintuple aim: improve the patient experience, improve population health, lower the per capita cost of care, increase provider satisfaction, and deliver business efficiency.
SOURCE NexJ Health Holdings Inc.
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