Reliq Health Technologies, Inc. Announces Expansion of Contract with Large US Health Plan, Expects to Add 50,000 New Patients to iUGO Care

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Reliq Health Technologies Inc. (RHT) announces an expansion of a contract with a large US health plan, adding over 50,000 new patients to its iUGO Care platform by the end of 2025 at an average revenue of $65 per patient per month. The expansion demonstrates high client satisfaction and is expected to have a 75% gross margin.

HAMILTON, Ontario, Jan. 10, 2024 (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, is pleased to announce that it has expanded the contract previously signed in May 2023 with a large US health plan. The health plan operates Accountable Care Organizations (ACOs) and Health Maintenance Organizations (HMOs) in five States with over 3,000 doctors and more than 1,000,000 patients. The expansion is expected to add over 50,000 new patients to Reliq’s iUGO Care platform by the end of 2025 at an average revenue of $65 per patient per month.

“We are very pleased that our client has asked to expand their deployments to include multiple locations across Texas, the second-largest State in the US by both population and size,” said Chris Shields, CEO at Reliq Health Technologies, Inc. “This client is a large US health plan that takes a proactive approach to patient care in order to improve health outcomes and reduce costs. The iUGO Care Remote Patient Monitoring, Chronic Care Management and Behavioral Health Integration solutions Reliq will be providing will enable effective preventative care that allows the ACOs to achieve their cost and quality of care objectives. The health plan is a subsidiary of one of the nation’s largest providers of hospital and healthcare services and a Fortune 500 Company. Onboarding with this client in 2023 focused on Hildalgo County in Texas, and will expand to Webb, Zapata and Star Counties and San Antonio, TX in 2024. The Company expects to add over 50,000 health plan patients in Texas to the iUGO Care platform by the end of 2025, at an average of $65 per patient per month with an expected 75% gross margin. The expansion of this contract further demonstrates our existing clients’ high levels of satisfaction with the usability and efficacy of our products.”

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

“Chris Shields”

Interim CEO

For further information please contact:

Company Contact
Investor Relations at ir@reliqhealth.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 ticker symbol for Reliq Health Technologies Inc.?

The ticker symbol for Reliq Health Technologies Inc. is RHT on the TSX Venture, RQHTF on the OTC, and WKN: A2AJTB on the Frankfurt Stock Exchange.

What is the expansion announced by Reliq Health Technologies Inc.?

Reliq Health Technologies Inc. has expanded a contract with a large US health plan, adding over 50,000 new patients to its iUGO Care platform by the end of 2025 at an average revenue of $65 per patient per month.

What is the expected gross margin for the expansion of the contract?

The expansion of the contract is expected to have a 75% gross margin.

What is the focus of Reliq Health Technologies Inc.?

Reliq Health Technologies Inc. specializes in developing innovative Virtual Care solutions for the multi-billion dollar Healthcare market.

Where does Reliq Health Technologies Inc. trade?

Reliq Health Technologies Inc. trades on the TSX Venture under the symbol RHT, on the OTC as RQHTF, and on the Frankfurt Stock Exchange under the WKN: A2AJTB.