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Reliq Health Technologies Inc. (TSXV:RHT or OTCQB:RQHTF)

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Sam Dan Member Level  Tuesday, 10/16/18 09:57:58 AM
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Reliq Health Technologies Inc. (TSXV:RHT or OTCQB:RQHTF) (“Reliq” or the “Company”), a technology company that develops innovative mobile health (mHealth) and telemedicine solutions for the community-based healthcare market, announces that it has decided to restate certain financial information reported for the quarter ended March 31, 2018.

The decision to restate followed a review conducted by the Company’s auditor and Audit Committee, wherein it was determined that the timing and certainty of receiving the revenue invoiced to clients is substantially unclear, due to clients’ issues with securing reimbursement from the payor.

The material changes to be included in the restatement will affect the Company’s revenue and are projected to increase the Company’s loss and comprehensive loss for Fiscal Year 2018. In addition, the Company’s Board of Directors have taken the position that no revenue will be reported for Q4 of fiscal 2018 until revenue collection issues are resolved.

"It is unfortunate that there has been such a steep learning curve for both Reliq and our clients in South Texas in terms of the claims submission process, but we have been working hard to address this issue and improve revenue collection going forward,” said Dr. Lisa Crossley, CEO of Reliq Health. “Many of the challenges the Company has faced in South Texas relate to the highly manual nature of the current clients' internal processes. We are building out new capabilities in our platform to help automate the critical components of these processes, including eligibility screening, creation and approval of care plans and billing code selection. Management expects to have all of the necessary tools in place later this quarter to allow the company to move forward successfully."

The Company will issue restated Q3 interim financial statements upon the completion of the June 30, 2018 audit, which will be filed on October 29, 2018.

The Company will hold its regularly scheduled quarterly call on October 30, 2018.

Conference Call Information:

When: October 30, 2018, 8:00am – 9:00am PDT / 11:00am – noon EDT
ID: 7857049
Dial In: Canada and U.S. - (844) 461-9931
International - (636) 812-6630

The Company would like to advise participants to join the conference call at least 10 minutes early in order to register. The Company’s CEO and CFO will present a slide deck which will be available by webinar (details to follow) and on the Reliq Health website as of 8:00am PDT / 11:00am EDT on October 30th, following which the moderator will open up the call to questions from investors who have registered and joined the queue. To join the queue participants will be asked to key in *1 at any point in the call. The moderator will open the line to callers in the queue one at a time in order of priority. A recording of the conference call will be available afterwards until November 6, 2018 and will be accessible by calling either of the following numbers: (855) 859-2056 or (404) 537-3406.

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