HAMILTON, Ontario, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT or OTCQB:RQHTF ) (“ Reliq ” or the “ Company ”), a technology company focused on developing innovative mobile health (mHealth) and telemedicine solutions for Community-Based Healthcare announced that the interim consolidated financial statements (“Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) for the quarter ended September 30, 2020, are now available on the Company’s profile on SEDAR (www.sedar.com). The Company is also pleased to provide the following corporate update.
As previously announced, Reliq will be hosting a webinar tomorrow, December 1 st at 6:00am PST / 9:00am EST at https://bit.ly/37eU7rA . For those who are not able to attend the webinar, a recording of the webinar will be available on the Company’s website shortly after the session. A written summary of the material updates to be presented in the webinar is also provided below.
Agenda for Webinar
- Highlights from Q1 FY2021 interim consolidated financial statements
- Second tranche of private placement fully subscribed
- Outlook for Calendar Year 2021
- Date for webinar to review Q2 FY2021 financials
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Q1 FY20 2 1 Financial Statements
The interim consolidated financial statements for Q1 FY2021 (quarter ending September 30, 2020) have been filed on SEDAR under the Company’s profile.
Highlights:
- As previously disclosed, Sales for the quarter decreased due to the impact of the global pandemic on the Company’s clients in South Texas and Florida. Sales for the current quarter (October 1 – December 31, 2020) have already exceeded that of Q1 FY2021 and are expected to fully recover to the level of Q4 FY2020 sales, as the Company shifted its focus to new geographies including Puerto Rico, North Texas, Ohio and others. The Company expects Sales to consistently increase month over month throughout the remainder of FY2021 and beyond.
- In response to the significant ongoing challenges in Florida and South Texas relating to the uncontrolled spread of COVID-19 and corresponding paralysis of the healthcare systems in these areas, in late Q4 FY2020 the Company refocused business development efforts to geographies where physician practices and home health agencies were still able to implement Reliq’s products.
- In Q1 FY2021, the Company signed contracts with MaxLink MD in North Texas, Diversified Health Partners in Ohio, Oregon and Washington and digiiMED, LLC, in Puerto Rico, to provide its iUGO RPM, CCM, BHI, and PCM solutions to their over 250,000 patients. The Company also launched iUGO Well in Australia and signed a contract with the University of Notre Dame Australia to provide iUGO Well to their 12,000 faculty, staff and students. Onboarding in several of these areas began in late October and has accelerated through November 2020. Onboarding with these clients is expected to continue to increase month over month through FY2021 and beyond.
- Subsequent to Q1 FY2021, the Company entered into a strategic alliance with iDocsWeb to offer the iUGO Care Platform to iDocsWeb’s more than 200 Skilled Nursing Facility (SNF) clients who together discharge over 50,000 patients per year, the majority of whom are eligible for Reliq’s Transitional Care Management (TCM), Remote Patient Monitoring (RPM), Chronic Care Management (CCM) and other services. Onboarding of patients will begin in December 2020.
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Second Tranche of Private Placement Fully Subscribed
On October 27, 2020, the Company issued 10,637,056 units at a price of $0.225 per unit for gross proceeds of $2,393,337.60 (the “Units”). Each Unit will consist of one (1) common share and one-half (1/2) of a share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable for an additional share at a price of $0.30 for a period of two (2) years from issuance. In the event that the common shares of the Company trade at a closing price of greater than $0.50 per Share for ten (10) consecutive trading days, the Company may accelerate the expiry date of the Warrants to expire on the 30th day after the date on which such notice is given to the warrant holders. The Company is paying finder’s fees of $44,431.88 cash and 188,775 broker warrants in connection with the first tranche. The broker warrants are issued with the same terms as the Warrants described above.
The Company will be closing a second tranche of the above private placement, with final closing taking place on or before December 7, 2020. The second tranche is fully subscribed. Pursuant to a price reservation form 4A filed with the TSX-V Venture Exchange on October 22, 2020, the Company will be issuing an additional 2,696,277 Units in the second tranche for gross proceeds of an additional $606,662.33. |
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Outlook for Calendar Year 2021
The Company expects to be cashflow positive in Q1 Calendar 2021 based on the current contracts, and to reach a run rate of over $1.5 Million per quarter by the end of FY2021 (June 30, 2021). Sales are expected to increase month over month every month throughout Calendar Year 2021. Growth is expected to accelerate significantly in the latter half of Calendar 2021 as COVID-19 vaccines become widely available and COVID-associated obstacles to onboarding are eliminated. The Company intends to provide more detailed guidance in Calendar Year 2021 as the course of the global pandemic becomes clearer. |
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Date for Next Quarterly Update Webinar
The Company’s interim consolidated financial statements for Q2 FY2021 (period ending December 31, 2020) are due to be filed on or before March 1, 2021. The webinar to review the financial statements will be scheduled on or before March 2, 2021. |
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. 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 please 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.
