VANCOUVER, British Columbia, Oct. 16, 2018 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT
or OTCQB:RQHTF) (“Reliq” or the “Company”), a technology company that develops
innovative mobile health (mHealth) and telemedicine solutions for the community-based healthcare market, announces that it has
decided to restate certain financial information reported for the quarter ended March 31, 2018.
The decision to restate followed a review conducted by the Company’s auditor and Audit Committee, wherein it was
determined that the timing and certainty of receiving the revenue invoiced to clients is substantially unclear, due to clients’
issues with securing reimbursement from the payor.
The material changes to be included in the restatement will affect the Company’s revenue and are projected to
increase the Company’s loss and comprehensive loss for Fiscal Year 2018. In addition, the Company’s Board of Directors have taken
the position that no revenue will be reported for Q4 of fiscal 2018 until revenue collection issues are resolved.
"It is unfortunate that there has been such a steep learning curve for both Reliq and our clients in South Texas
in terms of the claims submission process, but we have been working hard to address this issue and improve revenue collection going
forward,” said Dr. Lisa Crossley, CEO of Reliq Health. “Many of the challenges the Company has faced in South Texas relate to
the highly manual nature of the current clients' internal processes. We are building out new capabilities in our platform to help
automate the critical components of these processes, including eligibility screening, creation and approval of care plans and
billing code selection. Management expects to have all of the necessary tools in place later this quarter to allow the company to
move forward successfully."
The Company will issue restated Q3 interim financial statements upon the completion of the June 30, 2018 audit,
which will be filed on October 29, 2018.
The Company will hold its regularly scheduled quarterly call on October 30, 2018.
Conference Call Information:
When: October 30, 2018, 8:00am – 9:00am PDT / 11:00am – noon EDT
ID: 7857049
Dial In: Canada and U.S. - (844) 461-9931
International - (636) 812-6630
The Company would like to advise participants to join the conference call at least 10 minutes early in order to
register. The Company’s CEO and CFO will present a slide deck which will be available by webinar (details to follow) and on
the Reliq Health website as of 8:00am PDT / 11:00am EDT on October 30th, following which the moderator will open up the
call to questions from investors who have registered and joined the queue. To join the queue participants will be asked to
key in *1 at any point in the call. The moderator will open the line to callers in the queue one at a time in order of
priority. A recording of the conference call will be available afterwards until November 6, 2018 and will be accessible by
calling either of the following numbers: (855) 859-2056 or (404) 537-3406.
ON BEHALF OF THE BOARD
“Dr. Lisa Crossley”
CEO and Director
ABOUT RELIQ HEALTH
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. 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 and on the OTCQB as RQHTF.
For further information contact:
Investor Relations at Reliq Health or 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.
