Reliq Health Technologies, Inc. Files Quarterly Financial Statements, Provides Corporate Update
HAMILTON, Ontario, May 29, 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 March 31, 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 today, May 29th at 9:00am EDT at https://bit.ly/2yooZZd. For those who are not able to attend the webinar, a recording of the webinar will be available on the Company’s website immediately following the session. A written summary of the material updates to be presented in the webinar is also provided below.
Agenda for Webinar
- Highlights from Q3 FY2020 Financial Statements
- Discussion of the impact of the global pandemic on the healthcare market
- Overview of Reliq’s current pipeline
- Review of Care Management Center (“Call Center“) support services
- Date for webinar to review annual audited financial statements
1. Q3 FY2020 Financial Statements
The quarterly financial statements for Q3 FY2020 (quarter ending March 31, 2020) have been filed on SEDAR under the Company’s profile.
- Revenues increased by 359% relative to same quarter in FY2019, and 14% over the previous quarter (Q2 FY2020).
- During the quarter ending March 31, 2020 and subsequent, the Company received gross proceeds of $1,255,625 from option exercises by employees and consultants and $200,000 from the final settlement payment from the litigation the Company initiated and concluded via mediation in 2019.
- The Company does not expect to need to raise funds to reach profitability in Calendar Year 2020.
2. Discussion of Impact of Global Pandemic on Healthcare Market
The COVID-19 pandemic is an unprecedented event for Reliq and the rest of the world. Many of the Company’s clients and potential client are urgently moving to a virtual care model to reduce the risk of virus transmission associated with in-office and in-home visits. Reliq’s clients provide care to patients who are at the highest risk for poor outcomes from COVID-19 infection – elderly individuals with multiple underlying chronic conditions – and the Company has responded to its customers’ urgent need to protect and care for this vulnerable population remotely. Reliq is very fortunate to be able to continue to grow its business in these unusual times. Reliq is able to provide solutions that ensure continued access to healthcare and protect vulnerable populations during the global pandemic. As it becomes increasingly clear that the world is going to have to learn to live with the novel coronavirus for longer than anyone had hoped, demand for Reliq’s iUGO Care Remote Patient Monitoring (RPM), Chronic Care Management (CCM), Principal Care Management (PCM), Behavioral Health Integration (BHI) and Telemedicine solutions has increased significantly and the Company’s pipeline continues to expand every day. Analysts consistently agree that Virtual Care models for healthcare delivery will become even more vital as healthcare providers prepare for a potential second wave of coronavirus infections in the fall and winter, and that the pandemic has dramatically advanced acceptance of and demand for Virtual Care solutions. Reliq will be dedicating additional resources to onboarding patients to the iUGO Care platform in the coming months to help the Company’s clients achieve their goals of keeping patients healthy and at home and reducing their potential exposure to the virus.