RHT Reliq Health Technologies Inc

Reliq Health Technologies Inc. (TSXV:RHT) (OTCPink:RQHTF) (FSE:MHN2), a rapidly growing global telemedicine company developing innovative Virtual Care solutions for the multibillion-dollar Healthcare market, has signed 5 new contracts with physician practices in Nevada, California and Texas.

Dr. Lisa Crossley, CEO, stated: “We are very excited to be expanding into Nevada with three new physician practices. Over 1 million residents of Nevada have chronic conditions like hypertension, arthritis, diabetes and kidney disease. Nevada is ranked 47th out of 50 US States in terms of the ratio of physicians to residents, making access to care a significant challenge for patients across the State. Using Reliq’s iUGO Care platform, clinicians in Nevada can provide high quality, proactive, preventative care to more patients, improving access to care and health outcomes for at-risk patients. We are also pleased to add two new primary practices in California and Texas.”

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Together, these five new contracts are expected to add more than 2,500 new patients to the company’s platform with patient onboarding from these practices expected to begin in April. When the 2,500 patients are fully onboarded and generating revenues of US$50 per patient per month, the company anticipates generating revenue of more than CDN$150,000 per month.

The company released its financials for the second quarter earlier this week.

Commenting of these financials, Dr. Crossley stated: “The first two quarters of FY2022 were a period of rapid growth for the company. Revenues for the period from July 1 to December 31, 2021 were $3,748,292 as compared to $843,449 for the period from January 1 to June 30, 2021, an increase of over 344%. Gross Margin improved to 74% in Q2 FY2022 as compared to 58% for FY2021. Despite the dramatic resurgence of COVID (Omicron variant) in Q2 FY2022, the company reached a revenue run rate of $2 Million/month as of December 31, 2021, where run rate represents the number of subscribers onboarded as of the given date.”

Based in Hamilton, Ontario, with offices in Florida and Texas, Reliq specializes in developing innovative Virtual Care solutions for the multibillion-dollar healthcare market. The company’s powerful iUGO Care technology platform is a comprehensive SaaS solution that allows complex patients to receive high-quality care at home, improving health outcomes, enhancing the 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 emergency room visits.

The shares are trading at $0.90. For more information, please visit the company’s website, www.ReliqHealth.com or email IR@ReliqHealth.com. Investor Relations in the United States is handled by Ben Shamsian of Lytham Partners, who can be reached at 649-829-9701 or by email at shamsian@LythamPartners.com.

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