Reliq Health Technologies, Inc. Announces New Contract to Provide its iUGO Care Platform to Over 2,500 Cardiology Patients in Puerto Rico

Rhea-AI Summary

Reliq Health Technologies Inc. (OTC:RQHTF) has secured a contract with digiiMED to provide its iUGO Care platform and medical monitoring devices to over 2,500 Medicare Advantage Cardiology patients in Puerto Rico. This partnership is expected to generate an average revenue of $40 per patient per month, with a one-time device supply payment exceeding $500,000. Reliq anticipates achieving a revenue run rate of $2 million per month by December 2021 and expects its first profitable quarter during this time, without needing additional funding for its revenue targets.

Positive

• Contract with digiiMED for iUGO Care services for over 2,500 patients.
• Expected revenue of $40 per patient monthly and a one-time payment exceeding $500,000.
• Projected revenue run rate of $2 million per month by December 2021.
• First profitable quarter anticipated within the current quarter.

Negative

• None.

HAMILTON, Ontario, Sept. 07, 2021 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTC:RQHTF or WKN:A2AJTB) (“Reliq” or the “Company”), a rapidly growing global telemedicine company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market, today announced that through its partnership with digiiMED it has signed a new contract to provide its iUGO Care platform, Care Management Services and medical monitoring devices to over 2,500 Medicare Advantage Cardiology patients in Puerto Rico.

“We are very pleased to be adding a new cardiology practice in Puerto Rico to our platform,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc. “We will be providing our iUGO Care software and Care Management Services to over 2,500 cardiac patients who are covered by Medicare Advantage. We will also be supplying medical monitoring devices from our existing inventory to these patients. The Company expects to generate an average revenue of $40 USD per patient per month for this deployment, as well as a one-time payment of over $500,000 USD for supplying devices. Onboarding has already started and is expected to be completed by the end of calendar 2021.”

“The Company remains on track to achieve a revenue run rate of approximately $2 Million per month by the end of December 2021,” continued Dr. Crossley. “As previously disclosed, Reliq expects to have its first full profitable quarter this quarter, and we do not expect to need to raise additional funds going forward to achieve our revenue targets.”

About digiiMED
digiiMED is a digital medicine services company devoted to connecting patients with healthcare providers anytime, anywhere. digiiMED works with clinical providers and patients throughout Puerto Rico and Latin America. Learn more at http://www.digiimed.com.

Reliq Health
Reliq Health Technologies is a rapidly growing global telemedicine 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 WKN as 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 contract did Reliq Health Technologies announce on September 7, 2021?

Reliq Health Technologies announced a new contract with digiiMED to provide its iUGO Care platform and services to over 2,500 Medicare Advantage Cardiology patients in Puerto Rico.

How much revenue is Reliq expected to generate from the new contract with digiiMED?

Reliq expects to generate an average revenue of $40 per patient per month from the new contract, along with a one-time payment of over $500,000 for medical monitoring devices.

When does Reliq Health Technologies expect to achieve a revenue run rate of $2 million?

Reliq Health Technologies anticipates achieving a revenue run rate of approximately $2 million per month by the end of December 2021.

Is Reliq Health Technologies planning to raise additional funds to achieve its revenue targets?

Reliq does not expect to need to raise additional funds going forward to achieve its revenue targets.