Reliq Health Technologies, Inc. Files Annual Financial Statements, Provides Corporate Update
HAMILTON, Ontario, Oct. 29, 2019 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTCQB:RQHTF) (“Reliq” or the “Company”), a technology company focused on developing innovative mobile health (mHealth) and telemedicine solutions for Community-Based Healthcare announced that the annual audited consolidated financial statements (“Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) for the year ended June 30, 2019, are now available on the Company’s profile on SEDAR (). The year ended June 30, 2019, represents the Company’s 2019 fiscal year. The Company is also pleased to provide the following corporate update.
As previously announced, Reliq will be hosting a webinar today, October 29th at 12:00pm EST at . For those who are not able to attend the webinar, a recording of the webinar will be available on the Company’s website immediately following the session. A written summary of the material updates to be presented in the webinar is also provided below.
Agenda for Webinar
1.FY 2019 Financial Statements
2.Updated pricing
3.Forecast for FY 2020
4.New clients
5.New products & market segments
6.New US Sales office and call center
1. FY 2019 Financial Statements
The annual audited financial statements for FY 2019 (year ending June 30, 2019) have been filed on SEDAR under the Company’s profile.
2. Updated Pricing
The Company had previously disclosed that the pricing for its monthly subscription fees spanned a range of $15-$50 USD/patient/month, with an average of $25 USD/patient/month. As the Company has continued to add features to its platform the range has expanded to $20 - $90 CAD/patient/month, with an average of $50 CAD/patient/month. The Company has decided to report pricing in CAD going forward for clarity.
3. Forecast for FY 2020
The Company expects to have 10,000 patients onboarded by December 31, 2019, 20,000 patients onboarded by March 31, 2020 and over 35,000 patients onboarded by June 30, 2020. The Company expects to double revenue every quarter through FY 2020 (July 1, 2019 – June 30, 2020).
4. New Clients
As previously disclosed, Reliq’s Sales team secured 32 new contracts subsequent to June 30, 2019. The Company now has clients operating across 15 US States. Reliq’s clients now include Home Health Agencies, Adult Medical Day Cares, Physician Practices, Residential Care (Skilled Nursing) Facilities, an Employer-Sponsored Insurance Plan and a US Pharmacy Network.
5. New Products & Market Segments
As previously disclosed, the Company has launched a new iUGO HOME product that integrates with watch and pendant-style devices.
As previously disclosed, the Company is entering new market segments, including Personal Emergency Response, Adult Medical Daycare, Skilled Nursing Facilities and Pharmacy Networks.
6. US Sales Office & Call Center
The Company is opening a US Sales Office and Call Center in Port St Lucie, Florida to provide paid support services for its clients, including outreach to patients to encourage timely collection of vital signs and medication adherence, and to ensure patients have a sufficient supply of test strips, lancets and other necessary consumables. The Company is opening the Call Center at the request of its clients across the United States who would like to grow their clinical businesses faster but need access to resources like the Call Center team in order to support additional patients. The Call Center will be staffed by a 24/7 dedicated team with extensive experience working with health plans, clinicians and patients, and comprehensive knowledge of CMS compliance requirements. Not only will the Call Center offer paid support services to Reliq’s clients, the Company has also secured commitments from its medical device manufacturer partners to utilize the Call Center’s contract outreach and engagement services. As a result, the Call Center will be a profit center for Reliq from day one.
ON BEHALF OF THE BOARD
“Dr. Lisa Crossley”
CEO and Director
About Reliq Health
Reliq Health Technologies is a healthcare technology company that specializes in developing innovative software solutions for the Community Care market. Reliq’s powerful iUGO CARE platform supports care coordination and community-based 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 and on the OTCQB as RQHTF.
For further information please contact:
Investor Relations at
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.
