VANCOUVER, British Columbia, April 19, 2022 (GLOBE NEWSWIRE) -- Reliq Health Technologies Inc. (TSXV:RHT) (OTCPink:RQHTF) (FSE:MHN2), a rapidly growing global telemedicine company developing innovative Virtual Care solutions for the multibillion-dollar Healthcare market, has been targeted by a known short seller.
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The April 14th report, as expected, contains the usual defamatory, misleading and demonstrably false statements and conspiracy theories, which Reliq Health’s management believes were intended to negatively impact the company’s share price. The short position for Reliq Health’s shares has increased substantially in the weeks leading up to the April 14th report, with the reported short position currently exceeding 5 million shares.
A recent article in Bloomberg stated that, “The Justice Department is collecting a trove of information on dozens of investment firms and researchers engaged in short selling as part of a sweeping U.S. hunt for potential trading abuses, according to people with knowledge of the matter.” Reliq Health, through its attorneys, intends to submit evidence of the report’s multiple false and misleading claims to the DOJ to aid the ongoing investigation.
As Dr. Crossley mentioned in today’s news release, “As disclosed in our SEDAR filings, over the past four quarters reported Reliq grew quarterly revenues by over 494% and increased gross margins from 43% to over 74%. When Reliq first entered the market in 2017/2018 it had only one product, clients in only one US state and was able to access only one CMS billing code. Today Reliq provides software and services to support over 10 CMS programs leveraging 23 different billing codes and has clients across the United States, in Puerto Rico and in the US Virgin Islands. Despite the multiple COVID surges that have heavily impacted the healthcare space over the past two years, Reliq has successfully grown its business and expects to have over 200,000 patients on its platform by mid-2023. This projection is based solely on existing contracts with current clients who are either already actively onboarding patients or have recently confirmed their implementation plans for the next 12-18 months. Driven by the significant increases by Medicare and Medicaid in reimbursements for virtual care programs and in program scope, the Company continues to anticipate rapid growth through 2022 and beyond.”
Based in Hamilton, Ontario, with offices in Florida and Texas, Reliq specializes in developing innovative Virtual Care solutions for the multi-billion dollar healthcare market. The company’s powerful iUGO Care technology platform is a comprehensive SaaS solution that allows complex patients to receive high-quality care at home, improving health outcomes, enhancing the 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 emergency room visits.
The shares are trading at $0.72. For more information, please visit the company’s website, www.ReliqHealth.com or email IR@ReliqHealth.com. Investor Relations in the United States is handled by Ben Shamsian of Lytham Partners, who can be reached at 649-829-9701 or by email at shamsian@LythamPartners.com.
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