VANCOUVER, British Columbia, June 12, 2024 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square” or the “Company”) (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that gives investor access to a portfolio of 25+ innovative companies from around the world in a single stock, is pleased to share that its portfolio company - Hydreight Technologies Inc. (“Hydreight”) (TSXV:NURS) (OTCQB:HYDTF) (FSE:SO6) a mobile clinical network and medical platform which enables flexible, at-home medical services across the United States, is pleased to announce it has added another national wellness medspa franchise using its white label solution. The all-in-one solution is designed to help brick-and-mortar locations provide medical services to clients in compliance with state healthcare regulations.
Hydreight’s white label solution provides an integrated, turnkey platform and the framework for business to provide in-person medical services, supported by technology infrastructure, connection to an independent doctors’ network, and a pharmacy network through its medical partner. Hydreight has secured three national medical spa partners with collectively almost 700 locations sold and 140 opened across the United States. Hydreight charges the franchises a licensing fee per location to access its network and takes a percentage fee from every mobile service facilitated through its platform. These brick-and-mortar businesses must use Hydreight’s medical network’s pharmacy to order products.
Hydreight’s newest partner is a growing wellness spa with multiple locations across the United States. The locations will use Hydreight’s proprietary technology to provide IV drip therapy, aesthetics, GLP-1 and NAD+ services. The integrated solutions will also assist the wellness franchise to continue expanding its footprint with new locations opening next year. Hydreight is also working on a Point of Sale and Payment processing solution for all brick and mortar clients and is expecting to release that module in Q3, 2024.
The Medical Spa market in the U.S. is estimated at US$6.1 Billion in the year 2023. Hydreight has become the end-to-end platform of choice for all medspas, enabling them to unlock their mobile services with full compliance. Additionally, it manages all telemedicine, pharmacy connection and ordering, booking, scheduling, and patient engagement needs, with full integration into independent doctor and pharmacy networks.
Whitelabel Pharmacy orders in a glance:
| Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | |
| Number of Locations | 16 | 29 | 41 | 59 | 69 | 79 | 86 | 107 |
| Total Number of Orders | 78 | 227 | 334 | 513 | 812 | 935 | 1127 | 1352 |
| Total Medication Ordered | ||||||||
| USD** | 104,952 | 162,376 | 291,950 | 425,961 | 663,610 | 808,173 | 936,432 | 1,072,455 |
**Total White-Label medication ordered less amounts attributed to shipping. These figures are unaudited and approximate.
Shane Madden, CEO of Hydreight commented, “As we continue to grow and evolve our platform, we’ve recognized that there are additional white label opportunities to utilize and tap into our platform and network. Post Covid, as rules and regulations have tightened, it has become increasingly hard for brick-and-mortar wellness spas to provide some services without a medical professional or telemedicine technology to see a doctor. Our white label division has quickly become another revenue bucket that we will continue to focus on growing and our team continues to review these opportunities and onboard new partners. Now we are the platform of choice for our Nurse Network, VSDHONE D2C platform and all national brick and mortar franchises.”
About Hydreight Technologies Inc.
Hydreight Technologies Inc. is building the largest mobile clinic network in the United States. Its proprietary, fully integrated platform hosts a network of over 2,500 nurses, over 100 doctors and a pharmacy network across 50 states. The platform includes a built-in, easy-to-use suite of fully integrated tools for accounting, documentation, sales, inventory, booking, and managing patient data, which enables licensed healthcare professionals to provide services directly to patients at home, office or hotel. Hydreight is bridging the gap between provider compliance and patient convenience, empowering nurses, med spa technicians, and other licensed healthcare professionals. The Hydreight platform allows healthcare professionals to deliver services independently, on their own terms, or to add mobile services to existing location-based operations. Hydreight through its medical network has a 503B pharmacy network servicing all 50 states and is closely affiliated with a U.S. certified e-script and telemedicine provider network that provides services in over 650 cities and growing.
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On behalf of the Board of Directors
“Shafin Diamond Tejani”
Director and Chief Executive Officer
Victory Square Technologies Inc.
www.victorysquare.com
For further information about Victory Square, please contact:
Investor Relations Contact – Abbey Vogt
Email: ir@victorysquare.com
Telephone: 604 283-9166
Peter Smyrniotis – Director
Telephone: 604 283-9166
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square is a Venture Builder that provides investors a liquid way to invest in early-stage technology companies without buying a venture fund that requires accredited investor status or multi-year commitments.
- A diverse portfolio of 25+ innovative companies from around the world (founders come from: Ireland, Sri Lanka, Bulgaria, Australia, India, Brazil, the Middle East and North America)
- Sectors include: Digital Health, Artificial Intelligence (AI), Machine Learning (ML), Blockchain/Web3, Virtual & Augmented Reality (VR/AR), Gaming, Climate Tech
- Owner-operated (approx. 15% Management Ownership)
Business Model:
The Victory Square business model is to buy, build and invest in early stage tech companies. We spend upwards of 48 months with those companies until they're ready to spin-off or stand on their own. There are a couple of unique elements to our business model…
- We have unparalleled access to startups through our internal incubator and International network with over 250+ founders, investors, tech accelerators and venture capital firms from more than 60 countries.
- Second, our management team and advisors are actively involved in our investments from incubation through monetization, providing them with financial, operational, and strategic support to scale globally.
- We drive value by monetizing investments and reinvesting the gains in new innovations. The strategy was to build a self-sustaining business.
VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSQTF).
For more information, please visit www.victorysquare.com.
ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)
The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets.
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square and its portfolio companies, including, without limitation, statements relating to future performance, execution of business strategy, future growth, business prospects and opportunities of Victory Square and its related subsidiaries and portfolio companies, including those items listed under the heading “Net Asset Value (“NAV”) Update”, “Notable Portfolio Highlights” and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “to be”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, “objectives”, “outlook” or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Although Victory Square believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statements have been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Victory Square’s control, including, but not limited to, the risk factors discussed in the continuous disclosure materials of the Victory Square which are available under the Victory Square’s profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
* Numbers of franchise sold units are based on the franchise's management team.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
