Wellteq Signs Global Agreement to Supply Digital Wellness Services to Fortune 500 US Bank Northern Trust Corporation

Rhea-AI Summary

Wellteq Digital Health has signed a 5-year Master Services Agreement with Northern Trust Corporation to provide wellness solutions. This partnership aims to enhance employee health and reduce costs related to absenteeism and healthcare. Wellteq's platform, which includes personalized wellness and digital coaching, will initially support Northern Trust's Asia Pacific teams in Q3 2021. The wellness industry is projected to exceed US $90 billion annually by 2026, highlighting the growing demand for health services in the workplace.

Positive

• Wellteq secured a 5-year global Master Services Agreement with Northern Trust, enhancing its market presence.
• The wellness services provided are expected to reduce employee-related costs significantly.

Negative

• The initial deployment is limited to Asia Pacific employees, which may restrict broader market impact.

Wellteq Digital Health Inc. (CSE.WTEQ) (OTCQB.WTEQF) (the “Company” or “Wellteq”) is pleased to announce the Company has signed a global Master Services Agreement for 5 years with Northern Trust Corporation, a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, families, and individuals.

Companies invest into preventative or corrective health services for their workforces to improve employee health, workplace culture and team engagement and to reduce employee related costs such as absenteeism and preventable healthcare risk, preventable care utilization, and related care expenditures. A 2010 study published by Harvard University: Health Affairs estimated that, for every dollar spent on corporate wellness programs, medical costs fell by approximately $3.27 and absenteeism costs fell by about $2.73 for every dollar spent.¹With such quantifiable benefits, the industry is projected to grow to over US $90 billion annually by the end of 2026.²

Through its smartphone application, Wellteq offers personalized wellness, risk reduction, illness prevention and digital coaching capabilities to employees in over 30 countries and 12 languages. Wellteq’s capabilities are seamlessly integrated with wearables, such as Garmin (NASDAQ.GRMN), Apple Watch (NASDAQ.AAPL) and Fitbit (NASDAQ.GOOGL), and with rewards, incentives and telemedicine partners.

As a banking institution with offices across the United States and 23 locations in Canada, Europe, the Middle East, and the Asia-Pacific region, Northern Trust has recognized the importance of offering localized employee wellness solutions to their regional teams. The first wave of the Wellteq deployment offers Wellteq’s digital health platform to Northern Trust’s Asia Pacific employees in Singapore, Hong Kong, Australia and the Philippines commencing in Q3, 2021.

Wellteq CEO Scott Montgomery stated, “Wellbeing is more essential than ever. While employees try to cope with drastic and rapid workplace changes and professional stresses, employers need to find new tools to help support employees. A recent survey from the Centers for Disease Control and Prevention found that 41% of all U.S. adults are struggling with mental health³ stemming from the COVID-19 pandemic. Wellteq’s behaviour change support programs offer credible health information and digital coaching across sleep, activity, mindset and nutritional habits and we’re working with forward-thinking organizations like Northern Trust that genuinely care to help their teams survive and thrive in this new normal.”

“We are deeply committed in supporting our employees and encourage holistic wellbeing,” said Angelo Calvitto, Head of Asia Pacific, Northern Trust. “Wellteq complements the extensive suite of benefits and resources we provide our employees and will help bring them the most relevant resources to boost their physical, emotional, and financial health while at work and at home.”

About Wellteq

Wellteq Digital Health Inc. is a leading provider of personalized digital health and wellness solutions across the Continuum of Care. To learn more, visit http://www.wellteq.co.

About Northern Trust

Northern Trust Corporation (NASDAQ.NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2021, Northern Trust had assets under custody/administration of US$14.8 trillion, and assets under management of US$1.4 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter. Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.

Cautionary Note Regarding Forward-Looking Statements:

This news release contains information or statements that constitute “forward-looking statements.” These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. These statements that are not historical facts and are generally, but not always, identified by words such as “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

These statements made in this news release are based on management’s assumptions and analysis and other factors that may be drawn upon by management to form conclusions and make forecasts or projections, including management’s experience and assessments of historical trends, current conditions and expected future developments. Although management believes that these assumptions, analyses and assessments are reasonable at the time the statements contained in this news release are made, actual results may differ materially from those projected in any forward-looking statements.

The forward-looking information contained in this news release represents the expectations of Wellteq as of the date of this news release and, accordingly, is subject to change after such date.

The CSE has neither approved nor disapproved the contents of this news release.

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¹ Harvard University: Health Affairs. “Workplace Wellness Programs Can Generate Savings.” February 2010.

² MarketsandMarkets Research Private Ltd. “Corporate Wellness Solutions Market Worth $94.6 billion by 2026 – Exclusive Report by MarketsandMarkets.” June 2021.

³ Mark É. Czeisler et al. “Mental health, substance use, and suicidal ideation during the COVID-19 pandemic—United States, June 24–30, 2020,” Morbidity and Mortality Weekly Report, August 14, 2020; Volume 69, Number 32, pp. 1049–57, cdc.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210812005285/en/

FAQ

What is the significance of the Master Services Agreement between Wellteq and Northern Trust?

The 5-year agreement allows Wellteq to provide wellness solutions to Northern Trust, which aims to improve employee health and reduce absenteeism.

How does Wellteq's platform integrate with wearable technology?

Wellteq’s platform is compatible with wearables like Apple Watch, Fitbit, and Garmin, offering personalized health coaching.

When will Wellteq's services be available to Northern Trust employees?

The services will commence in Q3 2021 for Northern Trust's Asia Pacific employees.

What market potential does the wellness industry have according to the press release?

The wellness industry is projected to grow to over US $90 billion annually by the end of 2026.

What are the benefits of corporate wellness programs mentioned in the press release?

Corporate wellness programs can reduce medical costs by approximately $3.27 and absenteeism costs by about $2.73 for every dollar spent.