Press release reposted from Levitee Labs
VANCOUVER, British Columbia, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Levitee Labs Inc. (the "Company" or "Levitee Labs”) (CSE: LVT) (OTC: LVTTF) (FSE: 7H7) an integrative wellness company with a diversified portfolio of healthcare and wellness assets, is pleased to announce a partnership with Adracare Inc. (“Adracare”) a Well Health Technologies company (TSX: WELL) (“WELL Health” or “WELL”). WELL, an innovative healthcare company whose overarching objective is to leverage technology to empower and support healthcare practitioners and their patients, will provide Levitee Labs Inc. access to WELL’s comprehensive end-to-end practice management tools, including, but not limited to, a world-class telemedicine platform. Levitee Labs is excited to be joining the WELL Health network for the opportunity to further bolster its healthcare and wellness assets.
“We believe Adracare is a world-class partner with which to build out a telemedicine and integrated technology platform, with the goal of delivering psychedelic-inspired medicines and experimental therapies combined with digital therapeutics” said Pouya Farmand, CEO of Levitee Labs. Levitee Labs operates 5 clinics and 3 pharmacies (primarily based in Alberta), which see approximately 35,000 patients a year. By introducing psychedelic medicine services into traditional healthcare infrastructure, Levitee Labs will be able to precisely gauge the impact of psychedelic-assisted therapies on patients. Adracare’s technology platform provides services such as videoconferencing, which are making mental health services more accessible for patients and cutting the cost of delivering care for health care providers. The Adracare platform unifies several core functionalities under a single platform for Levitee Labs. This provides a unique entry point for patients to receive value-based digital care and allows providers to follow patients closely through their recovery process.
Levitee Labs recognizes that mental healthcare assets are not optimally digitized and protected. Through this agreement with Adracare, Levitee Labs seeks to leverage Adracare’s technology tools to provide a state-of-the art digital technology platform for mental healthcare delivery. This model will integrate ethical considerations of digital technologies into a platform that includes clinical workflows, evidence-based care, and shared decision making in a sustainable and scalable manner. This platform will also serve as an opportunity for Levitee Labs to scale psychedelic therapies to various communities across Canada, where there is critical shortage of in person care providers.
The agreement with Adracare will further enhance Levitee Labs’ ability to engage with its patients that carry the burden of addiction and mental health conditions by enhancing workflows and interactions with them as well as their providers of care. As Levitee Labs continues to grow its portfolio of assets through an accretive M&A strategy, its growing number of patients with addiction and mental health conditions will likely have multiple associated conditions that need to be addressed. By partnering with Adracare, Levitee Labs is now equipped with a telehealth strategy and platform to provide care to more patients and cover a gamut of multidisciplinary addiction and mental health services, including one-on-one counseling, group therapy, consultations, and psychedelic treatments.
Shervin Bakhtiari, GM of Digital Health Apps at WELL, commented: “We are delighted to partner with Levitee Labs, to empower them with a leading digital platform to support their growth. Adracare provides a strong turnkey practice management platform with native telehealth and patient engagement capabilities to deliver a personalized experience for mental health providers and patients.”
With the use of Adracare's telehealth solution, a wide range of services can also be conducted at home, giving patients the option to remain in place in a comfortable setting, alleviating any barriers of accessibility. Appointments are booked online, patient communications are sent via email and text messaging, and a virtual visit may occur, all within the same technology platform.
About Levitee Labs Inc.
Levitee Labs is establishing itself as a leader in the integrative wellness space. Through leveraging an M&A regimen that focuses on the centralization of complementary integrative wellness assets, Levitee Labs aims to transform mental health and addiction treatments through the integration of psychedelic medicines and alternative therapies. The company’s current portfolio of assets includes: Levitee Clinics™, a group of five operating addiction and pain treatment clinics in Alberta; Levitee Pharmacies™, three pharmacies operating in Alberta specialized in filling prescriptions for patients with substance use disorders, mental health conditions, and chronic pain; BlockMD, the first technology company in Alberta to receive provincial approval for electronic-prescriptions in the addiction treatment space; and Earth Circle Organics, a direct-to-consumer and wholesaler of supplements and superfood products with 180+ SKUs in its product lineup across three brands. Further information about Levitee Labs is available on its website at www.leviteelabs.com.
About Adracare Inc.
Adracare is a complete, yet simple virtual clinical solution designed for outpatient clinics, from small practices to enterprises. The platform is designed for specialty clinics, but optimizes and centers around patient engagement. We're on a mission to reduce workflow inefficiencies, by providing curated workflows adapted to each specialty practice. By eliminating manual processes, optimizing data access, and integrating with other mission-critical healthcare platforms, we save clinics time and money. Our suite of tools includes videoconferencing, simple online booking and messaging, in-session charting, and many more features that unify practice management while making healthcare more accessible and convenient. Please visit our Facebook page at https://www.facebook.com/adracare and our website at https://adracare.com/ for more details.
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance, or achievements that Levitee Labs anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, statements respecting Levitee Labs’ business plans and proposed products, and the benefits derived from mushroom-infused products. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. These statements and other forward-looking information are based on assumptions made by Levitee Labs based on currently available competitive, financial, and economic data and operating plans, strategies, or beliefs as of the date of this news release as well as management's current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature, and sources of funding thereof) and expenditures. These assumptions may also be based on information obtained from third-party industry analysts and other third-party sources. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Levitee Labs as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks associated with the following: Levitee Labs’ limited history of operations; ability to secure additional financing; negative cash flow from operating activities since inception; regulatory requirements; changes in consumer preferences; supply of raw materials; reliance on a limited number of products; brand awareness; the ability to develop, market and produce new products; dependence on certain key senior managers; reliance on third parties for manufacturing and packaging; potential product liability claims and product recalls; and significant competition. For additional information regarding these risks, please see the risk factors identified and reported in Levitee Labs’ public filings under its SEDAR profile at www.sedar.com. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement. Readers are cautioned not to place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date of this news release, and Levitee Labs assumes no obligation to publicly update or revise such forward-looking information, except as required by applicable securities laws. The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release and accepts no responsibility for the adequacy or accuracy hereof.
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