Quipt Home Medical Commences Trading on Consolidated Basis

CINCINNATI, May 13, 2021 (GLOBE NEWSWIRE) -- Quipt Home Medical Corp. (“Quipt” or the “Company”) (TSXV:QIPT; OTCQX:PTQQD), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is pleased to announce that that further to its press release dated May 11, 2021, effective May 13, 2021, all of its issued and outstanding common shares (“Common Shares”) began trading on the TSX Venture Exchange ("TSXV") on a post-consolidation basis and under its new name and new TSXV symbol (QIPT).

On May 11, 2021, the Company announced that the Common Shares would be consolidated on the basis of one (1) post-consolidation Common Share for each four (4) pre-consolidation Common Shares (the “Share Consolidation”). The Share Consolidation represents another step towards the proposed listing of the Common Shares on The Nasdaq Capital Market (“Nasdaq”) by meeting the minimum share price requirement set by Nasdaq for an initial listing of shares.

The Share Consolidation has reduced the number of existing Common Shares from 122,575,285 Common Shares to 30,643,823 Common Shares. A letter of transmittal was sent by mail to registered shareholders advising that the Share Consolidation has taken effect. The letter of transmittal contains instructions on how registered shareholders can exchange their share certificates or Direct Registration System (“DRS”) statements evidencing their pre-consolidation Common Shares for new share certificates or new DRS statements representing the number of post-consolidation Common Shares to which they are entitled.

Quipt’s common shares will continue to trade on the OTCQX under the ticker symbol “PTQQD” for the next 20 business days denoting the Share Consolidation, prior to reverting back to “PTQQF”. Quipt plans to change its OTCQX ticker symbol to “QIPT” upon a Nasdaq up listing.

The Company also wishes to note the amended conversion price of its 8.0% unsecured convertible debentures due on March 7, 2024. The amended conversion price is $5.20 per share reflecting the Share Consolidation and will continue trading on the TSXV under the new symbol “QIPT.DB.A”.

ABOUT QUIPT HOME MEDICAL CORP.

The Company provides in-home monitoring and disease management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company’s organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient’s services and making life easier for the patient.

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as such term is ‎‎‎‎defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", ‎‎‎‎‎"will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate ‎‎‎‎to the Company, including: and the timing and ‎completion of the proposed listing on Nasdaq; are intended to identify ‎forward-looking information. All ‎statements other than ‎statements of ‎historical fact may be forward-looking ‎information. Such statements reflect the ‎Company's current ‎views and ‎intentions with respect to future events, and ‎current information available to the ‎Company, and are ‎subject to ‎certain risks, uncertainties and assumptions , including: the Company successfully ‎identified, negotiating and completing additional acquisitions, including accretive acquisitions. Many factors ‎‎could ‎cause the actual results, performance or achievements that may be expressed or ‎implied by such forward-‎‎looking ‎information to vary from those described herein should one or more of these risks ‎or uncertainties ‎‎materialize. ‎Examples of such risk factors include, without limitation: credit; market (including ‎equity, commodity, ‎‎foreign ‎exchange and interest rate); liquidity; operational (including technology and ‎infrastructure); ‎‎reputational; ‎insurance; strategic; regulatory; legal; environmental; capital adequacy; the ‎general business and ‎‎economic ‎conditions in the regions in which the Company operates; the ability of the ‎Company to execute on key ‎‎priorities, ‎including the successful completion of acquisitions, business retention, and ‎strategic plans and to ‎‎attract, develop ‎and retain key executives; difficulty integrating newly acquired businesses; ‎the ability to ‎‎implement business ‎strategies and pursue business opportunities; low profit market segments; ‎disruptions in or ‎‎attacks (including ‎cyber-attacks) on the Company's information technology, internet, network ‎access or other ‎‎voice or data ‎communications systems or services; the evolution of various types of fraud or other ‎criminal ‎‎behavior to which ‎the Company is exposed; the failure of third parties to comply with their obligations to ‎the ‎‎Company or its ‎affiliates; the impact of new and changes to, or application of, current laws and regulations; ‎‎‎decline of ‎reimbursement rates; dependence on few payors; possible new drug discoveries; a novel business model; ‎‎‎‎dependence on key suppliers; granting of permits and licenses in a highly regulated business; the overall difficult ‎‎‎‎litigation environment, including in the U.S.; increased competition; changes in foreign currency rates; increased ‎‎‎‎funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds ‎‎‎‎and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, ‎‎‎‎and methods used by the Company; the occurrence of natural and unnatural catastrophic events ‎and claims ‎‎‎‎resulting from such events; and risks related to COVID-19 including various recommendations, orders ‎and ‎‎‎measures of governmental ‎authorities ‎to try to limit the pandemic, including travel restrictions, border closures, ‎‎‎‎non-essential business ‎closures, ‎quarantines, self-isolations, shelters-in-place and social distancing, disruptions ‎‎‎to ‎markets, economic ‎activity, ‎financing, supply chains and sales channels, and a deterioration of general ‎‎‎economic ‎conditions ‎including a ‎possible national or global recession‎; as well as those risk factors discussed or ‎‎‎referred to in ‎the Company’s disclosure ‎documents filed with the securities regulatory authorities in certain ‎‎‎provinces of Canada ‎and available at ‎www.sedar.com. Should any factor affect the Company in an unexpected ‎‎‎manner, or should ‎assumptions ‎underlying the forward-looking information prove incorrect, the actual results or ‎‎‎events may differ ‎materially ‎from the results or events predicted. Any such forward-looking information is ‎‎‎expressly qualified in its ‎entirety by ‎this cautionary statement. Moreover, the Company does not assume ‎‎‎responsibility for the accuracy or ‎‎completeness of such forward-looking information. The forward-looking ‎‎‎information included in this press release ‎is ‎made as of the date of this press release and the Company undertakes ‎‎‎no obligation to publicly update or revise ‎any ‎forward-looking information, other than as required by applicable ‎‎‎law.‎

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in ‎the policies of ‎the ‎TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of ‎this release.‎

For further information please visit our website at www.protechhomemedical.com, or contact:

Cole Stevens
VP of Corporate Development
Quipt Home Medical Corp.
859-300-6455
[email protected] 

Gregory Crawford
Chief Executive Officer
Quipt Home Medical Corp.
859-300-6455
[email protected]