09:27:16 EDT Fri 12 Jul 2024
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Reliq Health Technologies Inc
Symbol RHT
Shares Issued 187,680,795
Close 2022-04-18 C$ 0.73
Market Cap C$ 137,006,980
Recent Sedar Documents

Reliq Health refutes short seller report

2022-04-18 09:06 ET - News Release

Dr. Lisa Crossley reports


Reliq Health Technologies Inc. is aware of a report issued on April 14, 2022, by a known short seller. This report contains defamatory, misleading and demonstrably false statements and conspiracy theories, which the company believes were intended to negatively impact its share price for the financial benefit of short sellers.

The short position on the company increased substantially in the weeks leading up to the distribution of the spurious report, with over five million shares currently shorted. While the company acknowledges the role of short selling in creating balance in the public markets, it strongly condemns the unscrupulous practice of short-and-distort campaigns, in which short sellers intentionally publish false and misleading claims to needlessly alarm investors and manipulate the market for their own profit.

"Reliq is one of countless public companies who have been targeted by short-selling firms employing deceptive practices to generate profits for short sellers at the expense of shareholders and to the detriment of the integrity of the public markets," said Dr. Lisa Crossley, chief executive officer of Reliq Health Technologies. "We encourage investors to do their own due diligence on their investments and to question the intent and reliability of reports that include disclaimers indicating that the authors stand to realize significant gains by shorting the stock in question, that the statements made in the report represent their opinions and not established facts, or that make no representations as to the accuracy of the information presented. As disclosed in our SEDAR filings, over the past four quarters reported, Reliq grew quarterly revenues by over 494 per cent and increased gross margins from 43 per cent to over 74 per cent. When Reliq first entered the market in 2017/2018, it had only one product, clients in only one U.S. state and was able to access only one CMS [Centers for Medicare & Medicaid Services] 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 U.S. Virgin Islands. Despite the multiple COVID surges that have heavily impacted the health care 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 to 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."

The company has been made aware that the short-selling firm responsible for the report in question is currently one of over two dozen firms that are the subject of a U.S. Department of Justice (DOJ) probe launched in December, 2021, into known short sellers and their practices. The DOJ's criminal investigation is being led by its fraud division with federal prosecutors in Los Angeles. The company, through its attorneys, intends to submit evidence of the report's multiple false and misleading claims to the DOJ in aid of this continuing investigation.

About Reliq Health Technologies Inc.

Reliq Health Technologies is a rapidly growing global health care technology company that specializes in developing innovative virtual care solutions for the multibillion-dollar health care market. Reliq's powerful iUGO Care platform supports care co-ordination and community-based virtual health care. iUGO Care allows complex patients to receive high-quality care at home, improving health outcomes, enhancing 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 ER (emergency room) visits. Reliq Health Technologies trades on the TSX Venture under the symbol RHT, on the OTC as RQHTF and on the WKN as A2AJTB.

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