Reliq Health Technologies, Inc. Files Annual Audited Financial Statements, Provides Corporate Update

HAMILTON, Ontario, Oct. 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 audited annual consolidated financial statements (“Financial Statements”) and Management’s Discussion and Analysis (“MD&A”) for the year ended June 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 today, October 29^th at 6:00am PDT / 9:00am EDT at https://bit.ly/31ow47c. 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

1. Highlights from FY2020 annual audited financial statements
2. Upsizing of recently announced private placement
3. Outlook for Calendar Year 2021
4. Date for webinar to review Q1 FY2021 financial statements

1.   FY2020 Annual Audited Financial Statements

      The annual audited financial statements for FY2020 (year ending June 30, 2020) have been filed on SEDAR under the Company’s profile.

      Highlights:

• Revenues increased by over 528% relative to FY2019.
• Net loss decreased by $1.88 Million year over year relative to FY2019, due to the consolidation of operations to Hamilton, ON and to reduced travel and related expenses in Q4 FY2020 resulting from the global pandemic.
• Net loss per share decreased by 27% relative to FY2019 and 43% relative to FY2018.
• Signed contracts with multiple new clients across the United States and in Australia, building a pipeline that includes over 500,000 new patients.
• In response to 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. 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 these areas began this Fall and is expected to rapidly accelerate in the coming quarters.