HAMILTON, Ontario, March 25, 2024 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTC:RQHTF or WKN:A2AJTB) ("Reliq" or the "Company"), a growing global healthcare technology company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market, is pleased to announce that it is adding the first five hundred patients to their expanded mental health services portfolio and expects to add an additional 10,000 patients by the end of 2024.
"We are very pleased to be adding the first five hundred patients in the US Virgin Islands, Florida and Nevada to our new expanded mental health care program," said Chris Shields, CEO at Reliq Health Technologies, Inc. "Providing cognitive assessments through iUGO Care will allow clinicians to identify and treat patients with previously undiagnosed mental health needs. Eligible patients will be provided with ongoing behavioral health or collaborative care management services, for which their physician will pay Reliq's standard monthly subscription fees. In addition, patients will receive cognitive assessments twice per year for which their physician will pay Reliq a one-time fee per assessment. The Company expects to generate an average revenue of $576 per patient per year or $48 per patient per month for these patients at 70% gross margin, and expects to add a further 10,000 new patients to our expanded mental health care program by the end of 2024. The high demand for our new expanded mental health care services further demonstrates our products' unique ability to address existing unmet needs in the Medicare patient population. Our clients' have consistently expressed high levels of satisfaction with the usability and efficacy of our products, and with the cost savings and new revenue streams they realize by offering new services through our iUGO Care platform."
The Company also wishes to announce that it has accepted the resignation of its Chief Financial Officer, Michael Frankel. Following the resignation of Mr. Frankel, the Board of Directors has appointed Mr. Kevin Cornish as the Company's Chief Financial Officer.
"We are also delighted to announce the addition of Kevin Cornish to the Reliq Management team as the Company's Chief Financial Officer," continued Mr. Shields. "Mr. Cornish possesses the critical skills and experience that will enable Reliq to continue to grow its business in size and complexity. Mr. Cornish is an accomplished public company CFO with over 17 years of international leadership experience in finance, strategy and operations. He has worked with multiple start-ups and led successful turnarounds at a diverse group of companies in both Canada and the United States. His experience with public company audits and cross-border businesses will be a tremendous asset to Reliq going forward. Mr. Cornish holds an MBA and a CPA designation."
About Reliq Health
Reliq Health Technologies is a 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 Frankfurt Stock Exchange under the WKN: A2AJTB.
ON BEHALF OF THE BOARD
"Chris Shields"
Interim CEO
For further information please contact:
Company 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.
