Reliq Health Technologies, Inc. Files Quarterly Financial Statements, Provides Corporate Update
May 29 2020 - 7:00AM
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
1. 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.
Highlights:
- 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.
2.
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.
3. 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.
4. 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.
5. 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 ir@reliqhealth.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.
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