Lest forgotten This nr hopefully is the last payment for corporate error in which Lisa has been front and Center - so next quarter we are already a mill in the red albeit non recurring. There's a cost to shoddy management.
HAMILTON, ON, January 21, 2022 / Reliq Health Technologies Inc. (TSXV: RHT or OTC: RQHTF or WKN: A2AJTB) (“Reliq” or the “Company”) announced that it has entered into a settlement agreement (the “Settlement Agreement”) with respect to the proposed class proceeding commenced in November 2019 (the “Claim”) by a plaintiff investor against the Company and others in the Supreme Court of British Columbia relating to, amongst other allegations, the Company’s public disclosure in 2018 regarding the onboarding of patients to its remote patient monitoring software. The settlement is subject to court approval and other customary conditions.
While Reliq contested the Claim, it ultimately determined that it was in the best interests of the Company that it resolve the Claim to avoid the burden, expense and drain on management resources associated with continued litigation. As part of the Settlement Agreement, the Company and other defendants deny all allegations of wrongdoing and make no admissions of liability whatsoever. The Settlement Agreement includes a full and final release of the Company, the other defendants and other parties in respect of the Claim.
Pursuant to the Settlement Agreement, the Company will pay $2.5 million, $1.5 million of which is funded by insurance proceeds with the Company’s net contribution being $1 million. The settlement funds have been transferred to Class Counsel and are being held in trust pending the outcome of the motion to the court to approve the settlement.
Dr. Lisa Crossley, the CEO of the Company commented, “Reliq’s Board and Management feel strongly that the resolution of this Claim is in the best interests of our shareholders, as it will allow the Company to move forward and focus all our efforts on growing the business.”