Yahoo Finance eWellness Sign LOI with Lord Global Corporation to Build a Strategic Marketing & Financing Partnership for PHZIO and MSK360
Ft. Lauderdale, Florida, May 05, 2020 (GLOBE NEWSWIRE) -- eWellness Healthcare Corporation (“eWellness”, “EWLL”, “the Company”), a provider of the state of the art PHZIO platform for the digital physical therapy (“PT”) and telehealth markets announced today that it signed a Letter of Intent with Lord Global Corporation (LRDG) for a strategic joint marketing and financing agreement.
eWellness’s PHZIO platform is the only publicly traded, telemedicine platform dedicated for physical rehabilitation. EWLL’s PHZIO treatment platform is the only dedicated physical therapy platform for the delivery of online physical therapy.
Due to the recent pandemic, the Federal government has eliminated interstate licensing requirements for physical therapists as well as allowing CMS to reimburse physical therapists under the Medicare and Medicaid programs. Prior to these pronouncements, it was estimated that the US physical therapy industry recorded revenue was in excess of $35 Billion. The market is forecast to grow 6.2% per year and reach in excess of $45 billion by 2023. Almost all of this revenue has been occurring in physical therapy clinics.
EWLL is the pioneer in developing a HIPAA compliant, dedicated platform that allows physical therapists to deliver a reimbursed visit via telemedicine. In the past month, EWLL has seen the average daily use of its platform grow from 1 visit per day to nearly 1000 visits per day. This growth is accelerating. Given the recent federal guideline changes, LRDG anticipates this growth to continue to grow exponentially. Presently the “shelter at home” rules throughout the country has meant that physical therapists and their clients have had their services disrupted.
LRDG through its 27health Inc. subsidiary believes that the PHIZIO platform will be aggressively accepted by the over 200,000 physical therapists in the United States. The bulk of these therapists are independent contractors which is the target market for Lord Global Corporation.
27health Inc. will receive a significant marketing fee for identifying physical therapists and their clients to use the PHIZIO platform. In addition, 27health Inc. will receive 25% of EWLL’s net revenue.
In return of this revenue share, Lord Global Inc. shall provide 50% of all financing it receives subsequent to the completion of the final contract. Lord Global will also issue a convertible preferred that converts into 2,000,000 shares of LRDG common stock with a 4.99% blocker.
Further details can be found in the 8k to be filed.
Joseph Frontiere, CEO of Lord Global Corporation, said “We are extremely excited to market this one of a kind telemedicine platform for physical therapists. Despite the unfortunate devastation caused by the COVID-19 pandemic, this crisis has been extremely beneficial to all forms of telemedicine. About 80% of all physical therapy sessions can be performed online. The PHIZIO platform is unique in its ability to allow physical therapists to monitor up to 30 clients per session. This HIPAA compliant advantage will allow the physical therapists to drastically increase their revenue compared to the traditional physician which is limited by regulations to a one to one setting. Physical therapists can now treat their clients from their home, while the client is in their own homes for the first time and receive insurance reimbursement. We are already seeing a dramatic interest from independent physical therapists to sign up for the PHIZIO platform. We will be marketing the platform for $4.99 per treatment to the physical therapist.
Douglas MacLellan, Chairman of the board of eWellness Inc. stated “ This strategic agreement with Lord Global allows us to access a significant financing opportunity simultaneously with a focus on marketing to physical therapists, the majority of which are independent contractors. We have successfully concentrated on penetrating the workman’s compensation insurance industry. We have seen our business dramatically grow due to the change in regulations at the federal level. It is time to focus on the over 200,000 physical therapists in the United States. Presently due to the COVID-19 crisis, most of these therapists are not working. Our platform allows them to continue generating revenue while they stay at home. We believe that 10 years worth of online market share has been accelerated into the last month. Once physical therapists and their clients have tasted the benefits of telemedicine, that is now reimbursable, we believe this market share will be permanent. The financing component of the deal will enable EWLL, within a short period of time, to fully eliminate its convertible debt as well as achieve a significant sales increase.”
EWLL has indicated to LRDG that a private market valuation, done by a major accounting firm’s consulting arm, indicates that the PHIZIO platform has a $150 million dollar enterprise valuation. This would indicate that LRDG’s 25% interest in EWLL’s revenue should have add $40 million to our market valuation. Currently there are only 1.1 million common shares outstanding of LRDG.
About eWellness
eWellness Healthcare Corporation (EWLL) is the first physical therapy telehealth company to offer real-time distance monitored assessments and treatments. Our business model is to have large-scale employers use our MSK360 and/or our PHZIO platform as a fully PT monitored corporate musculoskeletal (“MSK”) wellness program. The Company’s MSK360 and PHZIO home physical therapy assessment and exercise platform has been designed to disrupt the $30 billion physical therapy market, the $4 billion MSK market and the $8 billion corporate wellness industry. PHZIO re-defines the way MSK physical therapy can be delivered. PHZIO is the first real-time remote monitored 1-to-many MSK physical therapy platform for home use.
For more information on eWellness Healthcare go to:
http://www.ewellnesshealth.com/
Safe Harbor Statement
This news release includes certain information that may constitute forward-looking statements. Forward-looking statements are typically identified by terminology such as “could,” “may,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “proposed,” “planned,” “potential” and similar expressions, or are those, which, by their nature, refer to future events. All statements, other than statements of historical fact, included herein, including statements about eWellness’ beliefs and expectations, are forward-looking statements. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Although eWellness believes that such statements are reasonable, it can give no assurance that such forward-looking information will prove to be accurate. eWellness cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors. Accordingly, due to the risks, uncertainties and assumptions inherent in forward-looking information, readers and prospective investors in the Company’s securities should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof and is subject to change. The Company assumes no obligation to revise or update forward-looking information to reflect new circumstances, whether as a result of new information, future events or otherwise, except as required by law.
For additional information on eWellness Healthcare Corporation and its PHZIO telehealth products please contact the Company at: 1-855-470-1700.
