Reliq Health Technologies, Inc. Announces Five New Contracts in TX, CA, NV and the USVI

Rhea-AI Summary

Reliq Health Technologies Inc. has announced new contracts with three physician practices and a home health agency across California, Nevada, and Texas, along with a Rural Health Clinic in the US Virgin Islands. The company anticipates onboarding 5,000 new patients to its iUGO Care platform by June 2023, with an expected revenue of $60 per patient per month at a 75% gross margin. Reliq aims to onboard over 100,000 patients by the end of December 2022 and over 200,000 by mid-2023, with plans to monetize anonymized patient data by late 2023.

Positive

• Signing of contracts with three physician practices and a home health agency, expanding the business.
• Projected onboarding of 5,000 new patients to the iUGO Care platform by June 2023, enhancing revenue.
• Expected average revenue of $60 per patient per month at a 75% gross margin.

Negative

• None.

HAMILTON, Ontario, Oct. 06, 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 three physician practices and a home health agency in California, Nevada and Texas and a Rural Health Clinic in the US Virgin Islands. The Company has already begun onboarding with these clients and expects to add 5,000 new patients to its iUGO Care platform through these contracts by the end of June, 2023.

“It is very gratifying to continue to see strong and growing demand for Reliq’s virtual care solutions in California, Nevada and Texas,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “We are also very excited to be expanding in the US Virgin Islands with another Rural Health Clinic client. The Company will be providing the full suite of iUGO Care software and care management services (as needed) to these clients, and expects to generate an average revenue of $60 per patient per month at 75% gross margin. Onboarding of these patients has already begun and is expected to be completed by the middle of 2023. The Company remains on track to onboard over 100,000 patients by the end of December 2022 and over 200,000 patients by the middle of 2023. With this large patient population on the platform in 2023, Reliq expects to start monetizing its database of anonymized patient data in late 2023, introducing a significant new source of revenue for the business.”

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 sign?

Reliq Health Technologies signed contracts with three physician practices and a home health agency in California, Nevada, Texas, and a Rural Health Clinic in the US Virgin Islands.

How many new patients is Reliq Health expected to onboard?

Reliq Health expects to onboard 5,000 new patients to its iUGO Care platform by the end of June 2023.

What is the expected monthly revenue per patient for Reliq Health?

Reliq Health anticipates generating an average revenue of $60 per patient per month.

When does Reliq Health plan to start monetizing patient data?

Reliq Health plans to monetize its database of anonymized patient data in late 2023.

What are the patient onboarding goals for Reliq Health Technologies?

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