Reliq Health Technologies, Inc. Announces Eight New US Contracts in CA, NV and TX

Rhea-AI Summary

Reliq Health Technologies Inc. (OTC:RQHTF) announced new contracts with three multi-physician clinics in North Texas and five physician practices in California and Nevada. These contracts are expected to add over 5,000 patients to the iUGO Care platform within two quarters. The platform boosts health outcomes by lowering hospitalization rates by over 80% for chronic conditions. Each new patient is projected to contribute $65 monthly, with a 75% gross margin. Onboarding starts this month, coinciding with heightened healthcare demands due to the RSV-COVID-influenza tripledemic.

Positive

• Contracts with eight new healthcare clients expected to add over 5,000 patients.
• Projected average revenue of $65 per patient per month at a 75% gross margin.
• iUGO Care platform shown to decrease hospitalization rates by over 80%.

Negative

• None.

HAMILTON, Ontario, Jan. 13, 2023 (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 three multi-physician clinics in North Texas and five physician practices that provide care to patients in California and Nevada. The contracts are expected to add at least 5,000 new patients to Reliq’s iUGO Care platform over the next two quarters.

“We are very pleased to be continuing to expand our presence in California, Nevada and Texas,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “Reliq continues to attract new clients through referrals from existing customers who have seen firsthand how effective the platform is at improving health outcomes, reducing hospitalizations and decreasing healthcare costs. The data we’ve collected from client deployments show that patients using iUGO Care have hospitalization rates that are over 80% lower than patients with the same chronic conditions who aren’t using iUGO Care. Hospitalizations are the primary cost driver for this patient population, so this is a very meaningful metric. Particularly during the current RSV-COVID-influenza “tripledemic”, keeping patients at home and out of hospital is critical to reducing the risk of infection with these highly contagious diseases, and to preventing the associated complications in high risk chronic disease patients. These eight new clients are expected to add over 5,000 patients to our platform by mid-2023 at an average revenue of $65 per patient per month at 75% gross margin. Onboarding of these patients is expected to begin this month.”

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 is the significance of the new contracts announced by Reliq Health Technologies?

The new contracts will add over 5,000 patients to the iUGO Care platform, enhancing revenue potential and demonstrating market growth.

How much revenue is expected from the new patients added to RQHTF's iUGO Care platform?

Each new patient is projected to generate an average revenue of $65 per month.

What impact does the iUGO Care platform have on hospitalization rates?

Patients using the iUGO Care platform experience hospitalization rates over 80% lower than those with similar chronic conditions not using the service.

When is the onboarding of new patients for Reliq Health's iUGO Care platform expected to begin?

Onboarding of the new patients is expected to begin this month.