VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 29, 2017) - Reliq Health Technologies Inc. (TSX VENTURE:RHT)(OTCQB:RQHTF) ("Reliq" or the "Company"), a technology company focused on developing innovative mobile health (mHealth) and telemedicine solutions for Community-Based Healthcare, is pleased to provide the following corporate update to current and future shareholders surrounding the recent developments at the Company.
Contracts and Pilot Programs
Reliq has launched a portfolio of remote patient monitoring, care collaboration and telemedicine solutions and has secured the following contracts and pilots:
- Reliq has secured a contract with the Paz Home Health in McAllen, Texas that is expected to generate over US$6 million in recurring annual revenue by 2018. Under the terms of the contract, Reliq will provide its remote patient monitoring and care collaboration platform to Paz's homecare providers and 10,000+ patients. The first 500 patients are expected to go live on the platform in June 2017 ramping up to the full 10,000+ patient population by the end of Q1 2018, corresponding to recurring revenue of over US$500,000/month.
- Reliq has also secured a contract with the City of San Antonio, Texas to provide a white-labelled version of Reliq's platform to proactively support the health and wellness of the City's 1.4 million residents. The majority of the revenue from this contract is expected to be received between Q2 and Q4 2017.
- The Company is currently piloting its software with the National Health Service (NHS) England at Imperial College Hospital, London, UK. The NHS is the largest single payer healthcare system worldwide, providing coverage for over 54 million UK residents. The pilot will end in Q3 2017.
- Reliq has an ongoing pilot with Florida-based Sacred Heart Health System (a five-hospital regional healthcare network). Sacred Heart admits more than 30,000 patients annually and is a part of Ascension Health - the largest Catholic, non-profit health care system in the US and one of the largest global healthcare networks. The pilot will conclude in late Q2 2017.
- The Company also has an ongoing pilot with The Feldman Institute in Baton Rouge, LA, an interventional pain management clinic that performs thousands of pain management surgeries annually. The pilot is expected to conclude in April 2017.
- Reliq will be launching a pilot with Hamilton Health Sciences (HHS) in Hamilton, ON in April 2017. HHS is a five-hospital network that treats over 50,000 patients and performs over 28,000 surgeries each year.
Cannabis Business Initiatives
- Recently, Reliq signed a Memorandum of Understanding (MoU) with Invictus MD Strategies Corp. (IMH.CN) (IVITF) to provide Poda (an Invictus portfolio company) with an app its customers can use to track and manage their medical marijuana usage.
- Reliq is building a secure clinical database designed to systematically anonymize, aggregate and analyze data collected from medical marijuana patients using Reliq's patient apps. The anonymized clinical data will be used to statistically correlate variables such as dosage, strain and mode of administration with symptom relief and side effects. Ultimately this efficacy and safety data can be used to help identify the optimal strain and dosage for a given patient's specific clinical condition.
Upcoming milestones in the next 6-12 months:
- Reliq is focused on continuing to secure new contracts with home care agencies, assisted living facilities and hospitals in the United States and Canada
- The Company expects to achieve profitability by the end of 2017
The Company has received $164,416 from the exercise of warrants as of March 28, 2017. Additionally, due to investor interest the Company intends to close a convertible debenture of up to $700,000, subject to the TSX Venture Exchange approval. The Company's CFO will subscribe to $100,000 of this debenture. Subscribers of the debenture have agreed to a voluntary hold period of 6 months.
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. The iUGO Care platform integrates wearables, sensors, voice technology and intuitive mobile apps and desktop user interfaces for patients, clinicians and healthcare administrators. 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. Our platform 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.
ON BEHALF OF THE BOARD
"Dr. Lisa Crossley"
CEO and Director
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.