Reliq Health Technologies, Inc. Announces Six New US Contracts, New Management Hire

Rhea-AI Summary

Reliq Health Technologies Inc. (OTC:RQHTF) has signed contracts with six new clients in the U.S., including three home health agencies and a nephrology practice. The company anticipates onboarding over 3,500 patients by Q1 2022, generating over $50 per patient monthly. CEO Dr. Lisa Crossley noted the iUGO Care platform enhances health outcomes while significantly boosting clinician revenue. Additionally, Michael Frankel has been appointed as the new CFO to aid in consolidating operations and preparing for a NASDAQ uplisting.

Positive

• Secured contracts with six new clients, enhancing market presence.
• Projected onboarding of 3,500 patients, with expected revenue exceeding $50 per patient per month.
• iUGO Care platform shown to improve health outcomes and provide over $1M in new payments for physician practices.
• New CFO Michael Frankel brings extensive experience and will support upcoming NASDAQ uplisting.

Negative

• None.

HAMILTON, Ontario, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTC:RQHTF or WKN:A2AJTB) (“Reliq” or the “Company”), a rapidly growing global medtech company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market, today announced that it has signed contracts with six new clients in the US including three home health agencies, a nephrology practice and two primary care physician practices. The Company has also announced that it has hired a new CFO in Ontario to complete the consolidation of operations to the corporate headquarters in Hamilton.

“We continue to add new clients at an accelerating rate, with a significant percentage of our new clients coming from referrals,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc. “The fact that so many of our new clients reached out to us after hearing about the iUGO Care platform from our existing clients is a strong testament to the compelling value proposition of our platform. We have clearly proven that using the iUGO Care platform improves health outcomes and reduces hospitalizations for chronic disease patients and generates significant new revenue for clinicians. A typical physician practice can bring in over $1 Million in new payments from the Centers for Medicare & Medicaid Services (CMS) at profit margins of over 75% by implementing iUGO Care. Proactive, preventative virtual care has the potential to save CMS tens of billions of dollars a year, so using iUGO Care is a win for every constituent in the healthcare system – patients, clinicians and payors. We expect to onboard over 3,500 patients with these new clients at an average revenue of over $50 USD per patient per month for Reliq. Onboarding will begin next month and is expected to be completed in Q1 Calendar Year 2022.”

“We are also pleased to announce that we have hired a new CFO here in Ontario to complete the consolidation of our Canadian operations to the Company headquarters in Hamilton,’ continued Dr. Crossley. “We are very excited to welcome Michael Frankel, CFA, aboard as our new CFO. Michael has worked with a wide variety of global companies ranging from members of the Fortune 100 to early stage start ups. He has experience on all sides of the table having worked as a CFO, Venture Capitalist and Investment Banker. As an Investment Banker in New York City his clients included Google, Samsung, and Microsoft. Michael’s experience working with US companies will be particularly helpful as Reliq prepares to uplist to the NASDAQ in 2022. As previously disclosed, Reliq will also be hiring a Controller to support the anticipated growth going forward. The Company would like to thank outgoing CFO Mathew Lee in Vancouver for his significant contributions to Reliq over the last year and a half.”

Reliq Health
Reliq Health Technologies is a rapidly growing global medtech 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 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 contracts did Reliq Health Technologies sign recently?

Reliq Health Technologies signed contracts with six new clients, including three home health agencies and two primary care physician practices.

What are the expected revenues from new clients for Reliq Health Technologies?

The company expects to onboard over 3,500 patients with an average revenue of over $50 per patient per month.

Who has been appointed as the new CFO of Reliq Health Technologies?

Michael Frankel has been appointed as the new CFO of Reliq Health Technologies.

How does the iUGO Care platform benefit healthcare providers?

The iUGO Care platform improves health outcomes, reduces hospitalizations, and can generate over $1 million in new payments for clinicians.

When is Reliq Health Technologies expected to complete patient onboarding for new clients?

Onboarding is expected to begin next month and be completed in Q1 Calendar Year 2022.