- Wellteq (CSE.WTEQ) (OTC.WTEQF) signs letter of intent (LOI) detailing the general terms of a strategic partnership agreement with Frontier Wellness Management and its operating subsidiary Apotheek Pharma Consulting (FW-APC).
- FW-APC are focused on marketing health and wellness solutions into their unique network of 140,000 medical professionals in the healthcare, pharmacy, and pharmaceutical markets in Spain.
- Under the expected terms of a formal strategic partnership agreement, FW-APC will pay an initial EUR100,000 to Wellteq which will be expended on localization, further development, and integration. It is expected that Wellteq will be paid by each customer in accordance with their Software-as-a-Service (SaaS) user pricing.
- Working with Wellteq's sales and marketing personnel, FW-APC will immediately initiate marketing of the Wellteq application into FW-APC's existing client list.
- Wellteq will also be tasked with sourcing and integrating third-party applications under the strategic partnership.
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WellteQ Digital Health Inc. (CSE:WTEQ) (OTC:WTEQF) (the "Company" or "Wellteq") is pleased to announce the Company has signed a letter of intent (the "LOI") detailing the general terms of a strategic partnership with Frontier Wellness Management and its operating subsidiary Apotheek Pharma Consulting (FW-APC) in the European Union.
The FW-APC team have a combined 100 years of experience focused on marketing health and wellness solutions into their unique network of 140,000 medical professionals in the healthcare, pharmacy, and pharmaceutical markets in Spain.
Upon execution of a Formal Strategic Partnership Agreement, FW-APC will advance EUR100,000 to Wellteq. This amount will be applied toward application localization, development, and integration. Working with Wellteq sales and marketing personnel, FW-APC will immediately initiate marketing of the Wellteq smartphone application, working with Wellteq sales and marketing personnel, into FW-APC's existing client base. FW-APC will ensure that white label solutions of Wellteq applications will be identified as "powered by Wellteq".
Wellteq will be the technology partner for any required development of the Wellteq solution and for the sourcing and integration of third-party applications / solutions. Where ancillary revenues are generated through the deployed offerings, it is expected that the parties will agree on an equitable distribution of the revenue streams between FW-APC, Wellteq and any integrated third-party solution partners.
Wellteq is initiating European distribution ahead of schedule as part of its geographical expansion plans, reinforcing the market need for globally focused digital health platforms.
"The Spanish healthcare system is more acutely focused on prevention versus treatment when compared to most jurisdictions, and Wellteq fits perfectly within that system while also bringing significant economic benefit to those enterprises adopting the platform," stated John MacPhail, CEO of Frontier Wellness.
"The pandemic has created a demand from our network of clients to improve and increase their digital presence not only for their customers but also for their employees. Wellteq provides a truly unique and universal solution to those needs," said Carles Deulofeu, Managing Director of Apotheek Pharma Consulting.
Scott Montgomery, CEO of Wellteq, said, "Working with Frontier/Apotheek provides a unique and immediate marketing, sales and revenue opportunity for Wellteq's digital health and wellness solutions and fast-tracks our entry into the European Union through a strategic partnership with an organization that has an incredibly deep relationship network already in place."
About Frontier Wellness
Frontier Wellness Management is the parent company of Apotheek Pharma Consulting, a company focused on marketing health and wellness solutions into its unique network of 140,000 medical professionals in the healthcare, pharmacy, and pharmaceutical markets in Spain (ranked "Healthiest Country in the World" by Bloomberg in 2019). Apotheek, based in Barcelona, is works with strategic partners to secure, develop and market innovative and potentially industry disrupting health and wellness products and technologies into its vast network. The primary services of Apotheek include technology procurement, systems analysis, software integration, operational analysis, product integration, market research, regulatory affairs, marketing, and sales management.
About WellteQ Digital Health Inc.
WellteQ Digital Health Inc. is a leading provider of corporate wellness solutions developed to provide data-driven personalized health and wellness coaching to engage its users in healthier behaviours. As an enterprise (business-to-business) model, Wellteq currently has two main sectors of customers: employers and insurance companies. Wellteq has secured a large multinational portfolio of customers, including UBS, DBS and Bupa Insurance, and reseller partners, like Willis Towers Watson, Advanced Human Imaging and Garmin. Wellteq is developing its newly acquired Internet of Medical Things (IoMT) platform for virtual care applications which will extend the Wellteq continuum of care from preventative wellness through to virtual healthcare.
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