Victory Square Technologies Inc. (“Victory Square”) (CSE:VST)
(OTC:VSQTF) (FWB:6F6), a company that gives investor access to a
portfolio of the best and brightest entrepreneurs and innovations
from around the world in a single stock, is pleased to announce
that its portfolio company Hydreight Technologies Inc.
(“
Hydreight” or the
“Company”)
(TSXV:NURS)(OTCQB:HYDTF)(FSE:S06) has provided a 2023 year-end
review and summary of its progress and growth during the year and
defined strategic priorities for 2024.
The Company achieved many significant accomplishments throughout
the year across all aspects of the business.
Key 2023 Highlights:
- Invested significantly in proprietary
technology platform and legal framework to adhere to the complex
healthcare regulations in the United States.
- Added over 1,500 nurses nationally and increased its footprint
to over 650 cities across the United States. The Company now has
approximately 3,000 nurses on its platform.
- Provided almost 40,000 services to patients, compared to 15,600
services in 2022, representing an increase of over 150%.
- Filled 8,786 in total pharmacy orders during the year, compared
to 3,021 total orders in 2022, representing an increase of
191%.
- Filled 3,387 pharmacy orders through its white label solution,
compared to 639 orders in 2022, representing an increase of
430%.
- Grew its doctor network to over 100 doctors across all 50
states.
- Added aesthetics, NAD+ and semaglutide to its robust product
offering to provide more options for its nurse network and better
patient outcomes.
- Added two national med spa franchises to white label solution,
with collectively over 90 locations and more locations opening
every month.
- Achieved meaningful quarter over quarter revenue growth
throughout the year. Total GAAP Revenue for the nine months ended
Sept 30, 2023, was $8.14M, an increase of 216% over same period in
2022. Gross margin for the same period in 2023 was 41.6%, compared
to 49% in 2022. Read the full Q3 press release here.
- Named one of Canada’s Companies to
Watch as part of the 2023 Deloitte Technology Fast 50™ program.
Read the full announcement here.
2024 Outlook:
From an operational standpoint, Hydreight will remain focused on
growing its medical network and adding more nurses on its platform,
both organically and through acquisition. Hydreight plans to add
more products and services to its offering, including lab testing
and 12 blood tests that can be taken at home or office with the
support of a nurse. Hydreight will continue rolling out semaglutide
(GLP-1) to its network, which used together with diet and exercise,
can help control blood sugar and has become popular to help with
weight management. Semaglutide is only available with a doctor’s
prescription and needs to be injected on a regular basis. All these
products allow healthcare providers using the Hydreight platform to
provide a higher level of medicine and shift into medical
essentials. Hydreight plans to add a direct sales team to increase
white label clients, targeting national med spa franchises by
leveraging its mobile clinical network, proprietary technology
platform, and pharmacy network. The Company will continue working
on strategic tuck-in acquisitions to add more nurses on the
platform quickly, as well as significant margin expansion in its
pharmacy division.
From a financial lens, the Company remains focused on meaningful
revenue growth, overall margin expansion and achieving cash-flow
positivity on a GAAP basis in H1 2024.
Shane Madden, CEO of Hydreight commented, “We
are building one of the largest mobile clinical network in the
United States and 2023 was a transformative year with significant
growth across the entire business. Throughout the entire year, we
made incredible advances in our technology platform, medical
network, pharmacy distribution and product offering. We made
important investments in ongoing legal and compliance which have
already proven to be beneficial to the business and will continue
to support our growth long term. The accomplishments during the
year were numerous, and I am proud of the team for their execution
and delivery. Although 2023 was a pivotal year for us, we are just
getting started, and I know that 2024 will be another strong year
for the Company. We spent the last couple of years building the
infrastructure and foundational pillars of our mobile network, now
we must be laser focused on scale and growth, quickly. On behalf of
the Hydreight team, we would like to wish everyone a Happy New
Year!”
About Hydreight Technologies Inc.
Hydreight Technologies Inc. is building one of the largest
mobile clinic network in the United States. Its proprietary, fully
integrated platform hosts a network of 3,000 nurses, over 100
doctors and a pharmacy network across 50 states. The platform
includes a built-in, easy-to-use suite of fully integrated tools
for accounting, documentation, sales, inventory, booking, and
managing patient data, which enables licensed healthcare
professionals to provide services directly to patients at home,
office or hotel. Hydreight empowers nurses, med spa technicians,
and other licensed healthcare professionals to deliver services
independently, on their own terms, or to add mobile services to
existing location-based operations. The Hydreight platform hosts a
503B pharmacy network servicing all 50 states and is closely
affiliated with a U.S. certified e-script and telemedicine provider
network that provides services in over 650 cities and growing.
Patients can download Hydreight from the Apple App Store or
Google Play Store, and prospective service providers can sign up
at: Hydreight.com/start-a-business/
Sign up to VST’s official newsletter at
www.VictorySquare.com/newsletter
On behalf of the Board of Directors
“Shafin Diamond Tejani”Director and Chief Executive
OfficerVictory Square Technologies Inc.www.victorysquare.com
For further information about Victory Square, please
contact:
Investor Relations Contact – Abbey
VogtEmail: ir@victorysquare.comTelephone: 604 283-9166
Peter Smyrniotis – DirectorTelephone: 604 283-9166
ABOUT VICTORY SQUARE TECHNOLOGIES
INC.
Victory Square (VST) builds, acquires and
invests in promising startups, then provides the senior leadership
and resources needed for fast-track growth. VST’s sweet spot is
cutting-edge tech that’s shaping the 4th Industrial Revolution. Our
corporate portfolio consists of 25+ global companies using AI,
VR/AR, and blockchain to disrupt sectors as diverse as fintech,
insurance, health and gaming.
What we do differently for
startups
VST isn’t your ordinary investor. With real skin
in the game, we’re committed to ensuring each company in our
portfolio succeeds. Our secret sauce starts with selecting startups
that have real solutions, not just ideas. We pair you with senior
talent in product, engineering, customer acquisition and more. Then
we let you do what you do best — build, innovate and disrupt. In
24-36 months, you’ll scale and be ready to monetize.
What we do differently for
investors
For investors, we offer a liquid way to invest
in some of the world’s most innovative early-stage technology
companies without buying a venture fund that requires accredited
investor status or multi-year commitments. It also can be purchased
by non-accredited investors who are restricted from buying venture
funds. Our portfolio provides a uniquely liquid, and transparent
way for investors to get access to the latest technologies and
emerging global trends. It is an excellent way to diversify into
early-stage venture.
VST invests primarily in leading edge
technology, such as artificial intelligence (AI), machine learning
(ML), digital health, blockchain, gaming and climate tech, which
provide the potential for high growth and returns.
Victory Square integrates a strong ESG
(environmental, social and corporate governance) component
throughout its operations. Our portfolio highlights minority
entrepreneurs, often overlooked by traditional investors, including
many from developing countries. We are also dedicated to giving
back to the communities in which we serve and operate. VST’s
mandate is to assist organizations through its time, talent and
treasure. Victory Square is committed to organizations that provide
services in the youth, mental health, special needs, sport, tech,
education, marginalized groups, First Nations, and accessibility
sectors.
VST is a publicly-traded company headquartered
in Vancouver, Canada, and listed on the Canadian Securities
Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSQTF).
For more information, please visit
www.victorysquare.com.
ABOUT THE CANADIAN SECURITIES EXCHANGE
(CSE)
The Canadian Securities Exchange, or CSE, is
operated by CNSX Markets Inc. Recognized as a stock exchange in
2004, the CSE began operations in 2003 to provide a modern and
efficient alternative for companies looking to access the Canadian
public capital markets.
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking
information” within the meaning of applicable securities laws
relating to the outlook of the business of Victory Square and its
portfolio companies, including, without limitation, statements
relating to future performance, execution of business strategy,
future growth, business prospects and opportunities of Victory
Square and its related subsidiaries and portfolio companies,
including those items listed under the heading “Net Asset Value
(“NAV”) Update”, “Notable Portfolio Highlights” and other factors
beyond our control. Such forward-looking statements may, without
limitation, be preceded by, followed by, or include words such as
“believes”, “expects”, “to be”, “anticipates”, “estimates”,
“intends”, “plans”, “continues”, “project”, “potential”,
“possible”, “contemplate”, “seek”, “goal”, “objectives”, “outlook”
or similar expressions, or may employ such future or conditional
verbs as “may”, “might”, “will”, “could”, “should” or “would”, or
may otherwise be indicated as forward-looking statements by
grammatical construction, phrasing or context and includes
information regarding the Company’s future projections and plans,
strategic priorities in 2024, as well as new product launches
including blood tests.
All statements other than statements of
historical facts contained in this news release are forward-looking
statements. Forward-looking information is based on certain key
expectations and assumptions made by the management of Victory
Square. Although Victory Square believes that the expectations and
assumptions on which such forward looking information is based are
reasonable, undue reliance should not be placed on them because
Victory Square can give no assurance that they will prove to be
correct. Although Victory Square believes that the expectations
reflected in forward-looking statements in this press release are
reasonable, such forward-looking statements has been based on
expectations, factors and assumptions concerning future events
which may prove to be inaccurate and are subject to numerous risks
and uncertainties, certain of which are beyond the Victory Square’s
control, including, but not limited to, the risk factors discussed
in the continuous disclosure materials of the Victory Square which
are available under the Victory Square’s profile on SEDAR at
www.sedar.com. The forward-looking statements contained in this
press release are expressly qualified by this cautionary statement
and are made as of the date hereof. Actual results and developments
may differ materially from those contemplated by these statements.
The statements contained in this news release are made as of the
date of this news release. Victory Square disclaims any intent or
obligation to update publicly any forward-looking information,
whether as a result of new information, future events or results or
otherwise, other than as required by applicable securities
laws.
The Canadian Securities Exchange has neither
approved nor disapproved the contents of this news release and
accepts no responsibility for the adequacy or accuracy hereof.
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