Victory Square Technologies Inc. (“Victory Square” or “VST”) (CSE:VST) (OTC:VSQTF) (FWB:6F6) is pleased to announce that its portfolio company, Hydreight Technologies Inc. (formerly Perihelion Capital Ltd.) (“Hydreight” or the “Company”) (TSXV: NURS) has received final approval for its qualifying transaction as principally described in its filing statement dated November 10, 2022, from the TSX Venture Exchange (the “TSXV”) and its common shares have commenced trading on the TSXV under the symbol ‘NURS’ effective at market open on December 1, 2022.
“The VST business model is focused on identifying opportunities early, mitigating risk and creating outsized returns. But the ultimate goal is to find an outlier (or outliers) within these investments. And, we believe that Hydreight is that outlier,” said VST CEO Shafin Diamond Tejani. “I am delighted for Shane and the entire team at Hydreight, this is an opportune time for Hydreight to continue its exponential growth and also provide value to VST and our shareholders as our latest incubated company to publicly list on the TSX-V.”
The public listing of Hydreight on the TSX-V follows the successful acquisition of Hydreight by the VST in February 2021 for an aggregate purchase price of USD $1,600,000. Hydreight then entered into a Definitive Agreement to Complete a Qualifying Transaction With Perihelion Capital Ltd. in July 2022 for a deemed transaction value of $22,575,000, of which approximately 78% is attributed to Hydreight and approximately 22% is attributed to PCL. On listing, Hydreight will have 37,842,847 common shares outstanding and VST will own approximately 73.72% of the issued and outstanding common shares of Hydreight Technologies Inc.
About Hydreight
Hydreight’s business was founded in April, 2018, in the State of Nevada, United States to fill an ever evolving void between patients, healthcare professionals and service advisors, and bridge the gap between the corporate practice of medicine, legal compliance and customer convenience. Hydreight’s licenses, medical director offering, and technology allow med-spas as well as healthcare professionals, such as nurses, to be able to offer their services, which includes IV drip, Botox, COVID-19 testing, and other medical and medispa treatments all in the comfort of home or at any other location of the customer’s choice (such as the office, hotels, or other locations outside of hospitals and medical clinics). Hydreight aims to be a one stop shop for service providers to monetize their credentials outside of a fixed setting such as a hospital or medical clinic.
Hydreight currently offers its mobile and telehealth medical services in 42 U.S. states and has established key relationships and supply network chains with major vendors including: Medline, Mckesson, Allergan (Botox), Galderma and numerous pharmacies. Hydreight aims to empower pharmacies to provide their products to service providers in a direct and easily accessible manner.
Hydreight had secured master vendor contracts with strategic 503B compounding pharmacies to facilitate the offering of its platform in all 50 states of the United States. Hydreight is acting as an Uber for nurses that can offer their services on a part time or full time basis directly to patients, allowing consumers to book appointments online, in person or through telehealth platforms with certified and registered health professionals.
In 2021 Hydreight welcomed approximately 101 new business partners, and in 2022, Hydreight has obtained approximately 537 new business partners as of the end of October, and expects to obtain an aggregate of 725 new business partners by the end of the year (an approx. 606% Growth Rate in YOY new business partner sign-ups).
“We couldn’t be more thrilled to begin trading on the TSXV,” Hydreight CEO Shane Madden said. “This is a major step for the growth of our company as we continue to provide business partners, service providers, medspas, facilities and vendor partners with interactive, accessible, mobile health and wellness services across the United States.”
Additional information regarding Hydreight can be viewed on its website at www.hydreight.com.
On behalf of the Board of Directors
Shafin Diamond Tejani
CEO and Director
Victory Square Technologies
For further information about Victory Square, please contact:
Investor Relations Contact – Abbey Vogt
Email: ir@victorysquare.com
Telephone: 604 283-9166
Peter Smyrniotis – Director
Telephone: 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 early-stage access to the next unicorns before they’re unicorns. Our portfolio represents a uniquely liquid and secure way for investors to get access to the latest cutting-edge technologies. Because we focus on market-ready solutions that scale quickly, we’re able to provide strong and stable returns while also tapping into emerging global trends with big upsides.
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. The Company’s mandate is to assist organizations through its time, talent and treasure. The Company 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. 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.
