Revitalist Reports 2021 Financial Results and Provides Business Update
VANCOUVER, BC, May 2, 2022 – REVITALIST LIFESTYLE AND WELLNESS LTD. (“Revitalist” or the “Company”) (CSE: CALM) (OTCQB: RVLWF) (FSE: 4DO), one of the largest publicly listed US based ketamine clinic operations, reported its results for the year ended December 31, 2021, and provided a business update. All results are reported under International Financial Reporting Standards (“IFRS”) and in Canadian dollars, unless otherwise specified.
- Revitalist successfully raised over $11,000,000
- Commenced trading on the Canadian Securities Exchange and shortly thereafter on the OTCQB and FSE
- Received DTC eligibility, the largest securities depository in the world
- Expanded insurance coverage at all locations adding in-network coverage through commercial and federal programs including Blue Cross Blue Shield, Cigna, United Healthcare, Humana, Optum, Aetna, and Medicare
- Executed agreements allowing Revitalist the option to open 9 new clinics for a period of 3 years
- Introduced new service line offerings including Transcranial Magnetic Stimulation, Teletherapy and Mental Health Coaching, Intensive Outpatient Programs, Vitamin Health Lines, Athletic Mental Health Advocacy Certification
- Launched initiatives for Athletes, Veterans, LGBTQ+, and Adolescents including partnerships with Veterans Affairs, Athletes for Care, All Secure Foundation, Camaraderie Rescue Mission, Stand4Kind, Community Change Foundation, Gaffney Athletic Preparatory Academy and the American Association of Psychedelics
- Established Research/Scholarly Activities Division (RSAD) with a focus on quality initiatives of psychedelic and alternative medicines including specializations in Human Research, Evidenced Based, and Quality Improvement Projects across all clinic locations.
- Expanded internal marketing efforts with recruitment of internationally known marketing expert with over 30 years of experience in trailblazing markets
- Established contract with MetaChain Technologies creating virtual clinic platform, Revitaland.
- Creation of two global proprietary scales for use with mental health and psychedelic medicine
- Creation of nine proprietary trademarked service lines for future growth and development of the psychedelic wellness space
During the year ended December 31, 2021, Revitalist successfully acquired and opened clinics ending the year with 7 clinics across five states in the USA. Shortly after year end, the Company, opened an additional two clinics, bringing the total clinic count to 9 and propelling Revitalist to one of the largest publicly listed ketamine focused companies in the US based on clinic size. The Company negotiated 8 new clinic leases which were strategically located in areas with high demand for Revitalist services.
Current Revitalist Clinic Locations:
Knoxville, Tennessee (2 locations)
Johnson City, Tennessee
Raleigh, North Carolina
The Company formally announced its plans to enter the Metaverse with virtual clinics developed by their 60% owned subsidiary, Revitaland Meta Tech Inc. The Company is currently in alpha testing of its first virtual clinic.
Revitalist closed the year with over 5,000 patient visits, up 128% from 2020. Sales totaled $2,067,456, representing a 110% increase year over year. Net cash used in operations totaled $3.5MM reflecting the cost of achieving the growth initiatives and public listing achieved during the year. Net cash outflows were expected and consistent with forecasted outflows required to facilitate a public listing, hire and retain our team, implement strategic initiatives and build out 6 new clinics.
Monthly visits are summarized in the chart below.
As of December 31, 2021, Revitalist had cash of $3.9MM. On April 19, 2022, the Company closed is first tranche of a convertible debenture financing totaling $3,869,000. CEO, Kathryn Walker, proudly invested $2,332,000 into the financing and waived interest payments on debentures totaling $1.9MM.
Revitalist CEO, Kathryn Walker, states: “Revitalist accomplished a tremendous amount of growth in 2021. The investment made last year will facilitate growth forecasted for our future clinic operations, strategic initiatives, and overall advancement as leaders in disruptive healthcare. We have built a solid, comprehensive foundation which represents a significant contribution to humanity improving the lives of thousands.”
ABOUT REVITALIST LIFESTYLE AND WELLNESS LTD.
Revitalist Lifestyle and Wellness Ltd. (CSE: CALM) (OTCQB: RVLWF) (FSE: 4DO) is one of the largest publicly listed, ketamine focused clinic operations operating in the United States. Revitalist proudly offers hope to patients suffering from treatment resistant pain and mood conditions through ketamine assisted psychotherapy (‘KAP”). Each clinic enables access to psychedelic medicine, vitamin infusions and other lifestyle optimization services provided by medical professionals, mental health experts, and chronic pain specialists. Since opening their first clinic in 2018, Revitalist has provided thousands of ketamine infusions through its network of 9 clinics operating in 6 states. Its founder and CEO, Kathryn Walker, has witnessed firsthand the transformative impact of KAP and intends on offering other psychedelic treatments as they become available. For additional information and to be added to the Company’s mailing list, please click here.
On Behalf of the Board
Chief Executive Officer
For further information please contact:
Revitalist Lifestyle and Wellness Ltd.
Tel: (865) 585-8414
Forward Looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Revitalist to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release.
Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.