Acquisition Strengthens Marketing and Nationwide Distribution Network for Healthtech Subsidiaries
Combination of Companies Will Contribute to Healthtech Solutions' Growth and Profitability and Will Increase Shareholder Value
TUCKAHOE, NY / ACCESSWIRE / March 31, 2023 / Healthtech Solutions Inc. (OTC PINK:HLTT), via its subsidiaries, researches, develops, manufacturers and commercializes a line of wound care products including DermaBind™, a dehydrated placental membrane allograft wound covering produced using patented technology and processes. The company today announced the acquisition of 51 percent of World Reach Holdings, LLC. The World Reach group of companies, based in Chicago, IL, is a healthcare-focused collection of boutique, forward-thinking and consciously progressive manufacturing and distribution ventures that provide patented, FDA-approved, CE-approved medical products, devices and technology solutions to B2B and B2C consumers in government, public and private sectors. The transaction was completed for an undisclosed amount of cash and stock.
The acquisition of World Reach Holdings and its subsidiaries, including World Reach Health, LLC, enables the Healthtech Solutions family of companies to tap into an established global sales and distribution network. World Reach Health supplies various branches and agencies associated with the U.S. Government, hospital institutions, long-term care facilities and private corporations with brick-and-mortar facilities, as well as to a number of international partners. Throughout the heightened demands of the COVID-19 pandemic, World Reach Health was a trusted "go-to," high-volume distributor of a multitude of diagnostic products and testing services.
Healthtech Solutions, Inc. wound care subsidiary researches, develops, manufactures and commercializes a line wound care products, including DermaBind™, which is a patented dehydrated placenta membrane allograft wound covering. DermaBind™ is used by patients suffering from burns, for treating post-surgery incision sites, diabetic foot ulcers and chronic wounds involving the skin. As of 2023, some of the largest outlets where wound care products are utilized include nursing homes and podiatry offices.
Immediately following the consolidation of the involved companies, the respective entities began marketing and distributing new-to-market products, which, in addition to the wound care items, includes EnduraKit™, a long-lasting, opioid free local anesthetic, to customers throughout North America. In the coming months, the company plans to commercialize 3 new products, including a wound care kit.
As part of the transaction, Healthtech Solutions now operates two laboratories in the Salt Lake City metro area, which includes The Clia Lab, LLC, a CLIA-certified laboratory permitted to examine a person through waived tests to assess health, diagnose and determine treatment. The facilities comprise approximately 16,000 square feet of combined lab and office space - both labs are ISO 13485 certified and provide healthcare providers with myriad testing and diagnostic solutions. The Clia Lab creates a bespoke program for each customer by delivering accurate, reliable and timely patient test results.
"By combining Healthtech Solutions and World Reach Health, we have taken a tremendous step toward our future. With Jelena Olmstead and Jim Pesoli joining our management team, we can now devote our efforts to building our business with both existing products and complementary products," said Manuel Iglesias, President of Healthtech Solutions. "We anticipate the companies will see an increase in revenue and profit this calendar year on a consolidated basis."
"I have spent over 20 years in the distribution of medical products and services, and never before have I seen so many potential opportunities that, with proper marketing and distribution, could add substantially to the improvement of patient well-being while growing both companies," said Jelena Olmstead, CEO of Healthtech Solutions. "With the changes in testing, and healthcare in general, and the way the medical profession is addressing these changes, we expect continued growth and expansion. We strive to stay at the forefront of developing and/or acquiring rights to new-to-market products and expanding our overall scope of patient outcome-focused services; this ensures our growth will be consistent and trending upward."
About Healthtech Solutions
Healthtech Solutions Inc. (OTC: HLTT), which is currently being renamed and rebranded as World Reach Holdings, Inc., is an innovative portfolio-model life sciences company focused on building solutions for patients and the healthcare system through our subsidiary companies ranging in stage from pre-clinical to commercial growth. At Healthtech, we are driven by innovation and people. At our core, our philosophy is highly motivated people with ambitious goals can achieve breakthroughs with the right organizational support. By identifying and building visionary teams within an ecosystem that fuels their strengths, we believe we can collectively accelerate the next wave of advancements in healthcare. From our perspective, breakthroughs often occur at the intersection of multiple approaches, so we are agnostic to the solution - therapeutics, devices, diagnostics, digital technology, or a combination. In fact, we hypothesize that some of the most promising breakthroughs will occur at the interface of these traditional silos, which has already begun to occur. Healthcare, illness, and injury are multifactorial, and we believe the solutions often need to be multi-pronged to succeed. For more information please visit www.WorldReachHoldings.com.
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SOURCE: HEALTHTECH SOLUTIONS INC.