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- WellteQ Digital Health Inc. (CSE: WTEQ, OTCQB: WTEQF) increases its investment into sleep solution capabilities, as one of its four behavioural levers of health coaching.
- Wellteq has signed a perpetual license agreement for sleep chronotype assessments and education content from one of Asia Pacific's leading sleep technology companies.
- Wellteq intends to promptly integrate newly licensed sleep assets into the existing corporate health solution and accelerate development of clinical sleep solutions.
- Initial transaction terms have been adjusted downward from AU$600,000 to CA$70,000 to reflect the unrestricted perpetual license versus an acquisition.
- This license accelerates Wellteq's sleep assessment and coaching capabilities by an estimated 12 months.
- Sleep market revenues are accelerating and projected to reach US$137.16 billion by 2026 which would exceed the current market for corporate wellness by 100%.
WellteQ Digital Health Inc. (CSE:WTEQ) (OTCBB:WTEQF) , (the "Company" or Wellteq"), which supplies digital health and wellness solutions to customers in 12 languages across 30 countries is pleased to announce, that further to the Company's News Release of June 8 th 2021, Wellteq has completed the execution of a perpetual license agreement for sleep chronotype assessments and educational content from with one of Asia Pacific's leading sleep technology providers. Under the perpetual license, Wellteq has unrestricted usage rights in relation to the assets of the license.
Wellteq focuses on coaching its subscribers within the four levers of behavioural health activity, nutrition, mindset, and sleep. The Company recognises the existing importance of sleep within established occupational Health and Safety divisions of industries where fatigue-related accidents can cause serious injury, fatality, and significant direct and liability costs. Industries such as aviation, logistics, mining, construction, and oil and gas have had dedicated divisions to combat this risk for decades. Wearables such as Apple Watch (NASDAQ: AAPL), Fitbit (NASDAQ: GOOG) and Garmin (NASDAQ: GRMN) and data driven health providers such as Wellteq are rapidly advancing solution capabilities for these traditional enterprise customers and for a new generation of customers in the insurance and healthcare sectors.
The COVID-19 pandemic has contributed to a rising prevalence of sleep disturbance from conditions like insomnia, stress and anxiety which directly impact fatigue, burnout and exhaustion across almost all vocations, it's no longer limited to just blue-collar sectors. The total addressable market for employee sleep solutions is rapidly growing and projected to reach revenues of USD 137.16 Billion by 2026 . Wellteq's sophisticated coaching programs across activity, nutrition, sleep and mental health is strongly positioned to be an industry leader within the digital sleep solution markets across the corporate and healthcare industries.
Wellteq CEO, Scott Montgomery stated, "As previously articulated, sleep is an area of high focus within our corporate development strategy because of its horizontal importance across the continuum of care from wellness to clinical care. The COVID-19 pandemic has increased the prevalence of sleep disruption effecting people in their personal lives and their job roles. Wellteq is investing capital through development, licensing, partnerships and acquisition to rapidly advance our sophisticated sleep solutions and support our revenue growth model.
About WellteQ Digital Health Inc.
WellteQ Digital Health Inc. is a leading global provider of personalized digital health and wellness solutions across the continuum of care. To learn more, visit https://www.wellteq.co .
Download the Wellteq Corporate Presentation:
https://wellteq.co/about/investors/
Cautionary Note Regarding Forward-Looking Statements:
This news release contains information or statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward looking information may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies and outlook of Wellteq, and includes statements about, among other things, future developments and the future operations, strengths and strategies of Wellteq. Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements should not be read as guarantees of future performance or results.
The forward-looking statements made in this news release are based on management's assumptions and analysis and other factors that may be drawn upon by management to form conclusions and make forecasts or projections, including management's experience and assessments of historical trends, current conditions and expected future developments. Although management believes that these assumptions, analyses and assessments are reasonable at the time the statements contained in this news release are made, actual results may differ materially from those projected in any forward-looking statements. Examples of risks and factors that could cause actual results to materially differ from forward-looking statements may include: the timing and unpredictability of regulatory actions; regulatory, legislative, legal or other developments with respect to its operations or business; limited marketing and sales capabilities; early stage of the industry and product development; limited products; reliance on third parties; unfavourable publicity or consumer perception; general economic conditions and financial markets; the impact of increasing competition; the loss of key management personnel; capital requirements and liquidity; access to capital; the timing and amount of capital expenditures; the impact of COVID-19; shifts in the demand for Wellteq's products and the size of the market; patent law reform; patent litigation and intellectual property; conflicts of interest; and general market and economic conditions.
The forward-looking information contained in this news release represents the expectations of Wellteq as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Wellteq undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The CSE has neither approved nor disapproved the contents of this news release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211021005621/en/
Wellteq Investor Contact:
Glen Akselrod
Bristol Investor Relations
E: glen@bristolir.com
T: (905) 326-1888
