Reliq Health Technologies Addresses Filing Delays Amid Regulatory Trading Restrictions

Toronto, January 2024 – Reliq Health Technologies Inc. (TSXV: RHT, OTC: RQHTF), a global healthcare technology innovator specializing in virtual care solutions, announced an update regarding trading restrictions imposed on its senior executives following delays in financial statement submissions.

What Triggered the Trading Restrictions

On October 31, 2023, the British Columbia Securities Commission implemented a management cease trade order under National Policy 12-203, restricting the company’s Chief Executive Officer and Chief Financial Officer from trading shares. This action was triggered by the company’s inability to file its fiscal year 2023 annual financial statements and management discussion by the regulatory deadline. Subsequently, the filing of interim financial statements for the period ending September 30, 2023 was also delayed beyond the November 29 deadline.

The Root Cause: Balancing Compliance with Data Security

Chris Shields, Interim CEO of Reliq Health Technologies, explained the complexity behind the delays: “The audit process requires extensive documentation while we must simultaneously protect our clients’ sensitive patient health information under HIPAA regulations. This dual obligation has extended our timeline, but we remain committed to both regulatory compliance and data protection.”

The company has been actively collaborating with its auditors to resolve outstanding documentation requirements while maintaining strict adherence to US Health Insurance Portability and Accountability Act standards that govern healthcare data handling.

Timeline for Financial Disclosures

Reliq Health Technologies outlined its submission schedule, with annual financial statements expected to be filed by January 12, 2024. The interim filings are projected to follow within five business days of completing the annual audit. The company committed to issuing bi-weekly updates on its filing progress while under the trading restrictions.

Market Impact and Public Trading Status

Despite the executive trading restrictions, the general public continues to have full trading access to Reliq Health Technologies common shares on the TSX Venture Exchange. Only the company’s top executives face limitations on share transactions during the compliance period.

About Reliq Health Technologies’ Core Business

The company operates the iUGO Care platform, a comprehensive virtual care coordination solution designed for complex patient populations. The technology enables remote patient monitoring, allowing healthcare providers to intervene proactively and reduce hospital readmissions. By bringing high-quality care delivery to patients’ homes, Reliq Health Technologies addresses the multi-billion dollar healthcare market’s demand for cost-effective, accessible virtual healthcare solutions. This focus on improving patient outcomes while reducing care delivery costs positions the company as a significant player in the evolving telehealth sector.

Reliq Health Technologies trades across multiple exchanges, maintaining liquidity for investors across different markets globally.