HAMILTON, ON, May 29, 2020 / – 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 interim consolidated financial statements (“Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) for the quarter ended March 31, 2020, are now available on the Company’s profile on SEDAR (www.sedar.com). The Company is also pleased to provide the following corporate update.
As previously announced, Reliq will be hosting a webinar today, May 29th at 9:00am EDT at https://bit.ly/2yooZZd. 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
- Highlights from Q3 FY2020 Financial Statements
- Discussion of the impact of the global pandemic on the healthcare market
- Overview of Reliq’s current pipeline
- Review of Care Management Center (“Call Center“) support services
- Date for webinar to review annual audited financial statements
- Q3 FY2020 Financial Statements
The quarterly financial statements for Q3 FY2020 (quarter ending March 31, 2020) have been filed on SEDAR under the Company’s profile.
- Revenues increased by 359% relative to same quarter in FY2019, and 14% over the previous quarter (Q2 FY2020).
- During the quarter ending March 31, 2020 and subsequent, the Company received gross proceeds of $1,255,625 from option exercises by employees and consultants and $200,000 from the final settlement payment from the litigation the Company initiated and concluded via mediation in 2019.
- The Company does not expect to need to raise funds to reach profitability in Calendar Year 2020.
- Discussion of Impact of Global Pandemic on Healthcare Market
The COVID-19 pandemic is an unprecedented event for Reliq and the rest of the world. Many of the Company’s clients and potential client are urgently moving to a virtual care model to reduce the risk of virus transmission associated with in-office and in-home visits. Reliq’s clients provide care to patients who are at the highest risk for poor outcomes from COVID-19 infection – elderly individuals with multiple underlying chronic conditions – and the Company has responded to its customers’ urgent need to protect and care for this vulnerable population remotely. Reliq is very fortunate to be able to continue to grow its business in these unusual times. Reliq is able to provide solutions that ensure continued access to healthcare and protect vulnerable populations during the global pandemic. As it becomes increasingly clear that the world is going to have to learn to live with the novel coronavirus for longer than anyone had hoped, demand for Reliq’s iUGO Care Remote Patient Monitoring (RPM), Chronic Care Management (CCM), Principal Care Management (PCM), Behavioral Health Integration (BHI) and Telemedicine solutions has increased significantly and the Company’s pipeline continues to expand every day. Analysts consistently agree that Virtual Care models for healthcare delivery will become even more vital as healthcare providers prepare for a potential second wave of coronavirus infections in the fall and winter, and that the pandemic has dramatically advanced acceptance of and demand for Virtual Care solutions. Reliq will be dedicating additional resources to onboarding patients to the iUGO Care platform in the coming months to help the Company’s clients achieve their goals of keeping patients healthy and at home and reducing their potential exposure to the virus.
- Overview of Reliq’s Current Pipeline
Between clients currently under contract and the accounts expected to close within the next two quarters, the Company has a near-term pipeline of over 1,300 providers and more than 550,000 patients.
- Review of Care Management Center (formerly “Call Center”) Support Services
As previously disclosed, the Company opened a US Sales Office and Care Management Center (formerly referred to as the “call center”) in Port St Lucie, Florida to provide paid support services for its clients, including onboarding, training, patient engagement and case management. The services Reliq is able to offer through the Care Management Center are a key differentiator for the Company. Reliq’s Care Management Center provides patient care management services for Physician Practices and their Medicare patients. The Care Management Center acts as an extension of the physician’s office, with qualified Medical Assistants providing services for which Reliq receives payment. Care Management Center staff update patients’ electronic records, communicate with doctors’ offices and make calls to patients to provide education and ensure compliance with prescribed therapies and monitoring programs. The Center typically makes outbound calls only and is not a general help line nor a technical support line.
- Date for Next Quarterly Update Webinar
The Company’s annual audited financial statements for FY2020 are due to be filed on or before October 28, 2020. The quarterly financials are not reviewed by the Company’s auditors, but the annual financials will be audited by the Company’s auditors, KPMG. The webinar to review the annual audited financial statements will be scheduled on or before October 29, 2020.
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 email@example.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.