Victory Square Portfolio Company Hydreight Provides Update on Business Expansion, Increased Sales & Rapid Growth in Q1 2021
Victory Square Technologies Inc. (OTC: VSQTF) reports significant growth in its portfolio company Hydreight in Q1 2021. The company expanded operations by 430%, adding 30 new locations across the U.S., totaling 31 states served. Hydreight forecasts $2.5 million in mobile medical sales for 2021, with total service sales up by over 850% compared to 2020. The introduction of an automated insurance verification process aims to streamline services, potentially attracting more healthcare partners. Hydreight plans to operate in all 50 states by Q3 2021.
- 430% increase in business operations with 30 new outlets added.
- Projected $2,500,000 in mobile medical sales for 2021.
- Total service sales surged over 850% compared to 2020.
- None.
- 30 new business locations / operations in America have joined the Hydreight family in Q1, 2021 compared with 7 in Q1, of 2020. That represents a
430% increase in operation outlets - Company On track to project for
$2,500,000 in Mobile Medical Sales in 2021 - Total service sales in Q1 are up over
850% compared with all of year 2020 - Hydreight has seen an extensive increase in sales for all their divisions including its Online Pharmacy, Mobile Medical Sales, Software Licensing and Business Partner Software
- New territories for Hydreight include: New York, DC, Arkansas, Alabama, and Nebraska bringing the total US States served to 31, and the company expects to be in operation in all 50 US States by end of Q3, 2021
VANCOUVER, British Columbia, May 10, 2021 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square'') (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that provides investors access to a diverse portfolio of next generation internet companies in key sectors including: the circular economy, digital health, gaming, blockchain, AR/VR, cybersecurity, and fintech, is pleased to provide an update on wholly-owned portfolio company IV Hydreight Inc. (“Hydreight”) business expansion, sales & rapid growth in Q1 2021.
Founded in 2018, Hydreight provides a unique, custom built, proprietary telemedicine service that allows users to book confidential health & wellness and/or medical services at their home, hotel, office or wherever they may need discreet assistance. The business model of Hydreight leverages decentralized healthcare to bring quality telehealth, medical, health and wellness services to the masses in an efficient, scalable and cost effective way.
Hydreight offers a wide array of mobile and telehealth medical services in 31 US states. The Company has established key relationships and supply network chains with major vendors including: Medline, Mckesson, Allergan (Botox), Galderma and numerous pharmacies. In addition to providing telehealth services, Hydreight also provides a diverse suite of health & wellness protocols that include IV drip, Botox, COVID-19 testing, and other medical and medispa treatments.
Hydreight is a USA certified e-script and telemedicine provider, allowing the consumer to order online and or through in person or telehealth platforms from certified and registered health professionals.
The first quarter of 2021 has been very productive for the Company. In February, Hydreight was acquired by Victory Square and was added to the company’s group of portfolio companies focused on the digital health space.
Business Expansion
On March 31,2021 Hydreight announced a strategic partnership with Victory Square Health in Brazil to expand telehealth product offerings for South America.
Since January of this year, Hydreight has expanded its product offerings and locations with an additional 30 outlets across the United States. This massive expansion has enabled Hydreight to benefit from economies of scale. There has been a great demand from potential franchisee partners across the United States and Hydreight is streamlining the “partner process” to continue the rapid growth of their mobile and telehealth business model..
New territories for Hydreight include: New York, Washington DC, Arkansas, Alabama and Nebraska, bringing the total US States Hydreight serves and in operation to 31. Hydreight expects to expand and be in operation in all 50 US States by the end of 2021.
New Offering: Premiere Medical Insurance
Hydreight has completed the automation process to enable guests and insurance providers to use an automated insurance verification process in conjunction with Hydreight’s premiere services and procedures.
The customer simply uses the quick in app 30 second insurance verification process which provides the client with a detailed report regarding their insurance coverage from their respective insurance provider. Proceeding with booking then only requires paying by credit card.
For the medical professional, Hydreight’s unique corporate national structure in the USA allows for all insurance billing and remittance headaches to be removed and allows for a seamless booking, payment to the Hydreight provider, and reimbursement flow to the consumer with zero time, costs, and issues normally encountered by the healthcare professional biller.
Hydreight expects that this premiere billing process will attract many new health care professional partners to its turnkey business model. Billing and related costs can on average cost most medical service providers upwards of
Hydreight sees this new billing feature as a game changer for the industry and is looking to expand into B2B opportunities for preventative healthcare as summer approaches where dehydration and related injuries increase exponentially along with hospital and ER visits.
Hydreight Founder and CEO Shane Madden said, “Since our acquisition by Victory Square, Hydreight has been able to take advantage of the extensive network that Victory Square provides its portfolio companies.” “Our exciting new mobile billing app is in direct correlation with the team and array of products and services available at and through Victory Square, and I am certain that this process will be a game changer to our industry and to Hydreight.”
On behalf of the Board of Directors
“Shafin Diamond Tejani”
Director and Chief Executive Officer
Victory Square Technologies Inc.
www.victorysquare.com
For further information about Victory Square, please contact:
Investor Relations
Contact – Edge Communications Group
Email: ir@victorysquare.com
Telephone: 604 283-9166
Media Relations
Contact – Howard Blank, Director
Email: howard@victorysquare.com
Telephone: 604-928-6066
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square (VST) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed for fast-track growth. VST’s sweet spot is cutting-edge tech that's shaping the 4th Industrial Revolution. Our corporate portfolio consists of 20+ global companies using AI, VR/AR, and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming.
What we do differently for startups
VST isn’t your ordinary investor. With real skin in the game, we’re committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24-36 months, you'll scale and be ready to monetize.
What we do differently for investors
For investors, we offer early-stage access to the next unicorns before they’re unicorns. Our portfolio represents a uniquely liquid and secure way for investors to get access to the latest cutting-edge technologies. Because we focus on market-ready solutions that scale quickly, we’re able to provide strong and stable returns while also tapping into emerging global trends with big upsides.
VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSQTF).
For more information, please visit www.victorysquare.com
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Cautionary Disclaimers
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to future performance, execution of business strategy, future growth, business prospects and opportunities of Victory Square and its related subsidiaries and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
FAQ
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