Reliq Health Technologies, Inc. Announces Eight New US Contracts in Five States

Rhea-AI Summary

Reliq Health Technologies Inc. has signed contracts with six clinics and two physician practices across Idaho, New Mexico, California, Nevada, and Texas. This is expected to increase Reliq's iUGO Care platform user base by at least 5,000 patients within three quarters, generating an average revenue of $50 per patient per month at a 75% gross margin. The company aims to onboard over 100,000 patients by year-end 2022 and 200,000 by mid-2023, enhancing access to virtual healthcare for chronic disease patients in rural areas.

Positive

• Expected addition of at least 5,000 new patients to the iUGO Care platform.
• Projected average revenue of $50 per patient per month at a 75% gross margin.
• Plans to onboard over 100,000 patients by end of 2022 and 200,000 by mid-2023.

Negative

• None.

HAMILTON, Ontario, Aug. 09, 2022 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTC:RQHTF or WKN:A2AJTB) (“Reliq” or the “Company”), a rapidly growing global healthcare technology company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market, today announced that it has signed new contracts with six clinics and two physician practices that provide care to patients in Idaho, New Mexico, California, Nevada and Texas. The contracts are expected to add at least 5,000 new patients to Reliq’s iUGO Care platform over the next three quarters.

“We are very pleased to be expanding into Idaho and New Mexico as well as growing our business in states where we already have a significant presence,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “According to the Chronic Care Policy Alliance, approximately 15% of the population in New Mexico and 13% of the population in Idaho are in Poor to Fair health. Over 46% of the population in New Mexico and Idaho have at least one chronic condition. Access to care is particularly challenging for chronic disease patients living in rural communities in these and other states. Reliq’s iUGO Care platform allows patients to receive high quality virtual healthcare in the comfort of their homes, reducing the disparity in access to care between rural and urban populations, improving health outcomes and reducing healthcare costs. These eight new clients are expected to add over 5,000 patients to our platform in the next nine months at an average revenue of $50 per patient per month at 75% gross margin. Onboarding of these patients is expected to begin next month. The Company remains on track to onboard over 100,000 patients by the end of calendar year 2022 and over 200,000 patients by the middle of calendar year 2023.”

Reliq Health

Reliq Health Technologies is a rapidly growing global healthcare technology company that specializes in developing innovative Virtual Care solutions for the multi-billion dollar Healthcare market. Reliq’s powerful iUGO Care platform supports care coordination and community-based virtual healthcare. iUGO Care allows complex patients to receive high quality care at home, improving health outcomes, enhancing quality of life for patients and families and reducing the cost of care delivery. iUGO Care provides real-time access to remote patient monitoring data, allowing for timely interventions by the care team to prevent costly hospital readmissions and ER visits. Reliq Health Technologies trades on the TSX Venture under the symbol RHT, on the OTC as RQHTF and on the Frankfurt Stock Exchange under the WKN: A2AJTB.

ON BEHALF OF THE BOARD
“Dr. Lisa Crossley”
CEO and Director

For further information please contact:

Company Contact
Investor Relations at ir@reliqhealth.com

US Investor Relations Contact
Investor Relations
Lytham Partners, LLC
Ben Shamsian
New York | Phoenix
646-829-9701
shamsian@lythampartners.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward Looking Information

Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are "forward-looking statements".

We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.

Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including technology development, anticipated revenues, projected size of market, and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

Reliq Health Technologies Inc. (the "Company") does not intend and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, technology development and marketing activities, the Company's historical experience with technology development, uninsured risks. Actual results may differ materially from those expressed or implied by such forward-looking statements.

SOURCE: Reliq Health Technologies Inc.

FAQ

What new contracts did Reliq Health Technologies announce on August 9, 2022?

Reliq Health announced new contracts with six clinics and two physician practices in Idaho, New Mexico, California, Nevada, and Texas.

How many patients is Reliq Health expected to add with the new contracts?

Reliq Health is expected to add at least 5,000 new patients to its iUGO Care platform.

What is the average revenue per patient that Reliq Health expects from the new contracts?

Reliq Health expects to generate an average revenue of $50 per patient per month from the new contracts.

What are Reliq Health's onboarding goals for patients in 2022 and 2023?

Reliq Health aims to onboard over 100,000 patients by the end of 2022 and over 200,000 by mid-2023.

What is the significance of the iUGO Care platform for chronic disease patients?

The iUGO Care platform improves access to virtual healthcare, especially for chronic disease patients in rural areas.