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Healthcare Integrated Technologies, Inc. Provides Update to Shareholders
Knoxville, Tennessee, April 01, 2020 (GLOBE NEWSWIRE) -- Healthcare Integrated Technologies, Inc. (“HITC”) is pleased to update our shareholders with a brief overview of the key initiatives we have successfully completed over the past two years. On March 20, 2020, Healthcare Integrated Technologies, Inc. (the “Company”) filed a comprehensive annual report on Form 10-K with the Securities and Exchange Commission for the fiscal years ending July 31, 2019 and July 31, 2018 and the quarterly periods ended April 30, 2018, October 31, 2018, January 31, 2019, April 30, 2019, October 31, 2019, and January 31, 2020 as part of its continuing effort to become current in its filing obligations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company is currently quoted on the OTC Pink under the symbol HITC. The following are highlights from our recently filed Form 10-K.
On March 13, 2018, we acquired Indeliving Holdings, Inc. (“IndeLiving”). IndeLiving uses proprietary technology to monitor seniors in real time by both caregivers and family without the need for the senior to wear any type of monitoring device. The monitoring system is customized to the needs of the individual and, if applicable, to an assisted or independent living facility’s requirements. It provides real-time information to a monitoring station at an assisted or independent living facility. It also can be set up to provide real time information via text, voice, email, and a mobile phone application to family members or other caregivers. The residential model, called “Inde Companion,” is a monitoring concept with custom modifications that can be applied to individual seniors in a variety of applications including seniors living independently in their own home, with family members, or in a senior living community.
Simultaneous with the IndeLiving acquisition, Scott M. Boruff became our Chief Executive Officer. Mr. Boruff is a proven executive with an extensive professional background in investment banking and consulting in the public markets and commercial real estate development. During his career he has successfully led multiple transactions and raised in excess of $750 million in debt and equity capital for various companies. Mr. Boruff holds a Bachelor of Science degree in Business Administration from East Tennessee State University.
On October 8, 2019 we hired Charles B. Lobetti, III as our Chief Financial Officer. Mr. Lobetti has over 30 years of experience in accounting and commercial mortgage banking. He holds both Bachelor of Science in Business Administration and Master of Accountancy degrees from the University of Tennessee at Knoxville. After beginning his career in the Tampa, Florida office of Ernst & Young, Mr. Lobetti became one of the founding shareholders of a local Certified Public Accounting firm in Knoxville, Tennessee. The firm was a member of the AICPA’s SEC Practice Section and served several SEC registrant clients. Since leaving public accounting in 1998, Mr. Lobetti has served in the roles of Chief Financial Officer, Controller and Treasurer for various SEC registrant companies.
We have secured a contract with a hardware supplier, Vayyar Imaging, Ltd., to produce 1,000 monitoring devices used in our senior living and Inde Companion systems. We are currently further developing the related software for both a mobile phone application and a desktop “dashboard” to be used by assisted and independent living facilities. We are also in discussions with multiple assisted and independent living facility operators to install our product on a trial or pilot program basis. “Preliminary discussions are going very well. Working around the COVID-19 hurdles are challenging, but we have a lot of interest in our company and our product and are excited about our future potential,” said Mr. Boruff.
About Healthcare Integrated Technologies, Inc.
Healthcare Integrated Technologies, Inc. is a healthcare technologies company focused on developing effective technologies for monitoring seniors while allowing them to maintain their independence. Healthcare Integrated Technologies is headquartered in Knoxville, Tennessee. More information on HITC can be found at www.getinde.com.
Statements Regarding Forward-Looking Information
Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future activities and are subject to many risks and uncertainties. Due to such risks and uncertainties, actual events may differ materially from those reflected or contemplated in such forward-looking statements. Forward-looking statements can be identified by the use of the future tense or other forward-looking words such as "believe," "expect," "anticipate," "intend," "plan," "should," "may," "will," "continue," "strategy," "position," "opportunity," statements regarding the "flexibility" of the Company or the negative of any of those terms or other variations of them or by comparable terminology. A discussion of these risk factors is included in the Company’s periodic reports filed with the SEC.
Mr. Scott M. Boruff, CEO