HAMILTON, ON, January 21, 2022 / Reliq Health Technologies Inc. (TSXV: RHT or OTC: RQHTF or WKN: A2AJTB) (“Reliq” or the “Company”) announced that it has entered into a settlement agreement (the “Settlement Agreement”) with respect to the proposed class proceeding commenced in November 2019 (the “Claim”) by a plaintiff investor against the Company and others in the Supreme Court of British Columbia relating to, amongst other allegations, the Company’s public disclosure in 2018 regarding the onboarding of patients to its remote patient monitoring software. The settlement is subject to court approval and other customary conditions.
While Reliq contested the Claim, it ultimately determined that it was in the best interests of the Company that it resolve the Claim to avoid the burden, expense and drain on management resources associated with continued litigation. As part of the Settlement Agreement, the Company and other defendants deny all allegations of wrongdoing and make no admissions of liability whatsoever. The Settlement Agreement includes a full and final release of the Company, the other defendants and other parties in respect of the Claim.
Pursuant to the Settlement Agreement, the Company will pay $2.5 million, $1.5 million of which is funded by insurance proceeds with the Company’s net contribution being $1 million. The settlement funds have been transferred to Class Counsel and are being held in trust pending the outcome of the motion to the court to approve the settlement.
Dr. Lisa Crossley, the CEO of the Company commented, “Reliq’s Board and Management feel strongly that the resolution of this Claim is in the best interests of our shareholders, as it will allow the Company to move forward and focus all our efforts on growing the business.”
Reliq Health Technologies is a rapidly growing global healthcare technology 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:
Investor Relations at firstname.lastname@example.org
US Investor Relations Contact
Lytham Partners, LLC
New York | Phoenix
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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.