Reliq Health Technologies, Inc. Announces New Contracts with Three US Physician Practices

Rhea-AI Summary

Reliq Health Technologies Inc. (OTC:RQHTF) has announced new contracts with three Texas physician practices to use its iUGO Care platform for chronic disease management. Expected revenue from these contracts is $65 USD per patient monthly. All clients are set to go live this month, contributing to a projected run rate of $2 million per month by December 2021. The company aims to onboard over 200,000 patients over the next 18-24 months as it capitalizes on the recovering healthcare sector.

Positive

• Secured contracts with three Texas physician practices to implement iUGO Care.
• Projected revenue of $65 USD per patient per month.
• On track for a revenue run rate of $2 million per month by December 2021.
• Plans to onboard over 200,000 patients within the next 18-24 months.

Negative

• None.

HAMILTON, Ontario, July 16, 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 it has signed contracts with three physician practices in Texas to provide its iUGO Care platform to their chronic disease patients.

“We are very pleased to be adding three new US physician practices to our iUGO Care platform,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc. “The average revenue from these contracts will be $65 USD per patient per month. All three of these new clients will go live this month. Onboarding with all clients is proceeding per the guidance we have provided for 2021, and we remain on track to exit December 2021 at a run rate of $2,000,000 per month in revenue. We expect to work through our backlog of over 200,000 patients in the next 18-24 months as the healthcare sector continues its recovery from the global pandemic.”

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 contracts did Reliq Health Technologies Inc. sign recently?

Reliq Health signed contracts with three Texas physician practices to provide its iUGO Care platform.

What is the expected revenue per patient for Reliq's iUGO Care?

The expected revenue is $65 USD per patient per month.

What is Reliq Health's revenue run rate target for December 2021?

Reliq aims for a revenue run rate of $2 million per month by December 2021.

How many patients does Reliq plan to onboard in the next 18-24 months?

Reliq plans to onboard over 200,000 patients in the next 18-24 months.