Reliq Health Technologies, Inc. Responds to Short Seller Report
April 18 2022 - 3:01AM
Reliq Health Technologies Inc. (TSXV: RHT or OTC: RQHTF or
WKN: A2AJTB) (“
Reliq” or the
“
Company”), a rapidly growing global healthcare
technology company that develops innovative Virtual Care solutions
for the multi-billion dollar Healthcare market, is aware of a
report issued on April 14, 2022 by a known short seller. This
report contains defamatory, misleading and demonstrably false
statements and conspiracy theories, which the Company believes were
intended to negatively impact its share price for the financial
benefit of short sellers.
The short position on the Company increased
substantially in the weeks leading up to the distribution of the
spurious report, with over 5 Million shares currently shorted.
While the Company acknowledges the role of short selling in
creating balance in the public markets, it strongly condemns the
unscrupulous practice of “short and distort” campaigns in which
short sellers intentionally publish false and misleading claims to
needlessly alarm investors and manipulate the market for their own
profit.
“Reliq is one of countless public companies who
have been targeted by short selling firms employing deceptive
practices to generate profits for short sellers at the expense of
shareholders and to the detriment of the integrity of the public
markets,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies,
Inc. “We encourage investors to do their own due diligence on their
investments, and to question the intent and reliability of reports
that include disclaimers indicating that the authors stand to
realize significant gains by shorting the stock in question, that
the statements made in the report represent their opinions and not
established facts, or that make no representations as to the
accuracy of the information presented. As disclosed in our SEDAR
filings, over the past four quarters reported Reliq grew quarterly
revenues by over 494% and increased gross margins from 43% to over
74%. When Reliq first entered the market in 2017/2018 it had only
one product, clients in only one US state and was able to access
only one CMS billing code. Today Reliq provides software and
services to support over 10 CMS programs leveraging 23 different
billing codes and has clients across the United States, in Puerto
Rico and in the US Virgin Islands. Despite the multiple COVID
surges that have heavily impacted the healthcare space over the
past two years, Reliq has successfully grown its business and
expects to have over 200,000 patients on its platform by mid-2023.
This projection is based solely on existing contracts with current
clients who are either already actively onboarding patients or have
recently confirmed their implementation plans for the next 12-18
months. Driven by the significant increases by Medicare and
Medicaid in reimbursements for virtual care programs and in program
scope, the Company continues to anticipate rapid growth through
2022 and beyond.”
The Company has been made aware that the short
selling firm responsible for the report in question is currently
one of over two dozen firms that are the subject of a US Department
of Justice (DOJ) probe launched in December 2021 into known short
sellers and their practices
(https://www.bnnbloomberg.ca/vast-doj-probe-looks-at-almost-30-short-selling-firms-and-allies-1.1718553).
The DOJ’s criminal investigation is being led by its fraud division
with federal prosecutors in Los Angeles. The Company, through its
attorneys, intends to submit evidence of the report’s multiple
false and misleading claims to the DOJ in aid of this ongoing
investigation.
Reliq HealthReliq 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:
Company ContactInvestor Relations at
ir@reliqhealth.com
US Investor Relations ContactInvestor
RelationsLytham Partners, LLCBen ShamsianNew York |
Phoenix646-829-9701shamsian@lythampartners.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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