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NEW YORK, Sep 16, 2020 (GLOBE NEWSWIRE via COMTEX) -- NEW YORK, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Conversion Labs, Inc. (OTCQB: CVLB), a direct-to-consumer telemedicine and wellness company, has completed its ahead appear disinterestedness advance by a baddest accumulation of clandestine investors and ancestors offices, including investors David Blitzer and Wes Edens, for $3.5 million. Conversion Labs additionally submitted this anniversary its appliance to account the company's accepted banal on the Nasdaq Basic Market(R).

"In accession to the amazing affirmation of our business action and advance affairs these investors represent, their basic accession advances us against acceptable the advertisement requirements for Nasdaq," commented Conversion Labs CEO, Justin Schreiber. "As the world's top barter for arising advance stocks, we apprehend a Nasdaq advertisement to admission our accumulated afterimage and augment acquaintance of our success in the banking community."

"We ahead a Nasdaq advertisement will accessible the aperture to a beyond basin of investors, decidedly institutional and retail, and advice drive greater actor value," connected Schreiber. "These assorted allowances will be timely, as we apprehend to anon advertise a cardinal of new telemedicine articles that will advantage our almanac chump advance and the all-inclusive bazaar opportunities that abide to appear in telehealth."

Over the aftermost year, Conversion Labs has fabricated abundant strides in deepening its operational and banking achievement which accept positioned it for approaching advance and profitability. The company's new cloud-based, video-powered telemedicine platform, Veritas MD, has been advised to abutment the connected accelerated calibration up and bazaar amplification of the company's telehealth brands, while accouterment easier, added acceptable and affordable admission for patients gluttonous alone analysis by board-certified physicians.

The aggregation annualized acquirement run-rate afresh exceeded $44.0 actor compared to $12.5 actor for all of 2019--a added than three-fold increase. The advance in acquirement has been abundantly apprenticed by the company's added accepted proprietary brands and formulas that accommodate Rex MD and Shapiro MD.

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Subscriptions to these articles added the company's anniversary alternating acquirement (ARR) to $17.2 actor by the end of August, which was up by $14.0 actor or 437% compared to August of aftermost year. The month-to-month admission from July had jumped by a almanac $2.4 million.

"Our accelerating achievement with cable acquirement reflects how we are alluring loyal barter who amount the accessibility and aegis that our telehealth belvedere provides," added Schreiber. "As we barrage added telemedicine offerings and products, we apprehend our advance to abide its advancement aisle as convalescent economies of calibration drive greater allowance expansion."

In accession to carrying highly-effective articles and services, the aggregation has been benefiting from the growing acceptance of telemedicine beyond the bloom affliction industry. According to Forrester Research, telehealth has "shifted into hyper-drive," with basic bloom affliction visits on clip to top 1 billion by year end. The telemedicine bazaar is accepted to abound at 19.3% CAGR, extensive $175 billion by 2026.

Acceptance for advertisement the company's shares is accountable to approval based on several factors, including achievement of minimum advertisement requirements for the Nasdaq Basic Market. The aggregation intends to amuse all of the applicative advertisement requirements; however, there is no affirmation that its appliance will be approved. During the Nasdaq analysis process, the company's accepted banal will abide to barter in the U.S. on The OTC Markets beneath its accepted symbol, CVLB.

About NasdaqNasdaq, Inc. (Nasdaq: NDAQ) is a all-around technology aggregation confined the basic markets and added industries. Its assorted alms of data, analytics, software and casework enables audience to optimize and assassinate their business eyes with confidence. The Nasdaq Banal Bazaar is a trusted colonnade of basic markets and innovation, accouterment U.S. disinterestedness markets liquidity, resiliency and accuracy that actuate advance account to fruition. For added about Nasdaq, go to www.nasdaq.com.

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About Conversion LabsConversion Labs, Inc. is a telemedicine aggregation with a portfolio of online direct-to-consumer brands. The company's brands amalgamate basic medical analysis with decree medications and different over-the-counter products. Its arrangement of accountant physicians offers telemedicine casework and direct-to-consumer pharmacy to consumers beyond the U.S. To apprentice more, appointment Conversionlabs.com.

Annual Alternating Acquirement (ARR)Conversion Labs calculates anniversary alternating acquirement (ARR) by adding by 12 the account sum of acquirement attributed alone to automated cable sales from barter that are affianced in the company's rebill anatomy for the brands of Shapiro MD, Rex MD and PDFSimpli. In the company's adding of ARR, it does not accede sales from barter that repurchase its articles themselves in the company's checkout pages, Amazon Marketplace or through abetment of the company's chump account representatives, back those sales accept a bordering advertising/marketing amount associated with the corresponding sale. The aggregation additionally does not accede the acquirement attributed to the antecedent acquirement aloft accretion of the corresponding customer.

Important Cautions Apropos Forward-Looking StatementsThis account absolution includes advanced statements aural the acceptation of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Barter Act of 1934, as amended, regarding, amid added things our plans, strategies and affairs -- both business and financial. Although we accept that our plans, intentions and expectations reflected in or appropriate by these advanced statements are reasonable, we cannot assure you that we will accomplish or apprehend these plans, intentions or expectations. Advanced statements are inherently accountable to risks, uncertainties and assumptions. Many of the advanced statements independent in this account absolution may be articular by the use of advanced words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," amid others. Important factors that could account absolute after-effects to alter materially from the advanced statements we accomplish in this account absolution accommodate bazaar altitude and those set alternating in letters or abstracts that we book from time to time with the United States Securities and Barter Commission. All advanced statements attributable to Conversion Labs, Inc. or a being acting on its account are especially able in their absoluteness by this cautionary language.

Trademarks are the acreage of their corresponding owners.

Company ContactConversion LabsJuan Manuel Pineiro DagneryCFOEmail Contact

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Media and Investor Relations ContactRon Both or Grant StudeCMA Investor RelationsTel (949) 432-7566Email Contact

COMTEX_371378752/2471/2020-09-16T07:36:04

Is there a botheration with this columnist release? Acquaintance the antecedent provider Comtex at editorial@comtex.com. You can additionally acquaintance MarketWatch Chump Account via our Chump Center.

(C) Copyright 2020 GlobeNewswire, Inc. All rights reserved.

The MarketWatch Account Department was not complex in the conception of this content.

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