Reliq Health Technologies, Inc. Announces Six New Contracts in Pennsylvania and California and Related Artificial Intelligence Applications

Rhea-AI Summary

Reliq Health Technologies Inc. (OTC:RQHTF) announced the signing of new contracts with three Assisted Living Facilities and three physician practices in Pennsylvania and California, expecting to onboard over 3,000 new patients to its iUGO Care platform by the year's end. This expansion is projected to generate average revenue of $65 per patient per month, contributing to a 75% gross margin.

Reliq's iUGO Home solution will enhance patient care with features like emergency alerts and fall detection, while AI integration aims to improve health outcomes by identifying patients at risk of falls. This strategic growth signifies Reliq's commitment to innovative virtual healthcare solutions.

Positive

• Signed contracts with three Assisted Living Facilities and three physician practices increase market presence.
• Expected to onboard over 3,000 new patients to the iUGO Care platform.
• Projected average revenue of $65 per patient per month at a 75% gross margin.
• Enhanced patient care features like emergency alerts and fall detection improve service delivery.

Negative

• None.

HAMILTON, Ontario, Feb. 16, 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, is pleased to announce that it has signed new contracts with three Assisted Living Facilities and three physician practices in Pennsylvania and California. The Company expects to onboard over 3,000 new patients to its iUGO Care platform through these contracts by the end of the year, at an average revenue of $65 per patient per month.

“We are very pleased to be expanding into Pennsylvania as well as continuing to grow our business in California,” said Dr. Lisa Crossley, CEO at Reliq Health Technologies, Inc. “The Assisted Living Facilities (ALFs) will be using our iUGO Home solution to provide in-facility emergency alerts, fall detection and geofencing, along with a secure portal for family members to monitor their loved one’s condition while in the ALF. The geofencing feature allows staff to receive alerts if a patient with cognitive issues attempts to leave the facility on their own. The facilities will also be using Reliq’s patient monitoring and telemedicine modules to track medication compliance, monitor vitals, and facilitate virtual visits for their residents with primary care providers and specialists such as cardiologists. Since many ALF residents have significant heath and mobility issues, virtual visits allow them to receive high quality care in the facility without the cost, inconvenience and risk of falls or exposure to COVID, RSV and influenza associated with being transported to their physician’s office. We expect to add over 3,000 patients to our iUGO Care platform by the end of this year through these contracts, at an average revenue of $65 per patient per month at 75% gross margin.”

“We’re often asked how we can use Artificial Intelligence (AI) in our iUGO Care platform to improve patient health outcomes,” continued Dr. Crossley. “The use case described above is a good example of a potential application of AI in iUGO Care. The fall detection data collected in Assisted Living Facilities along with the data on patients’ medications, clinical conditions and vital signs can be used with AI to create predictive algorithms that identify those patients who are most at risk of falls. This allows facilities to implement appropriate fall prevention measures for these at-risk patients, reducing falls and the resulting complications and hospitalizations. The combination of our comprehensive patient dataset with AI technology enables clients to provide proactive, preventative patient care to further safeguard their patients’ health and safety.”

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 has Reliq Health Technologies signed?

Reliq Health Technologies has signed new contracts with three Assisted Living Facilities and three physician practices in Pennsylvania and California.

How many new patients does Reliq expect to onboard?

Reliq expects to onboard over 3,000 new patients to its iUGO Care platform by the end of the year.

What is the average revenue per patient expected by Reliq?

Reliq anticipates an average revenue of $65 per patient per month.

What is the gross margin projected for Reliq's new contracts?

The projected gross margin for Reliq's new contracts is 75%.

How does Reliq Health plan to use AI in its services?

Reliq plans to use AI to create predictive algorithms that identify patients at risk of falls, improving patient safety and health outcomes.