EWLL News OUT! eWellness Sign LOI with Lord Glo
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Posted On: 05/05/2020 9:27:21 AM
EWLL News OUT!
eWellness Sign LOI with Lord Global Corporation to Build a Strategic Marketing & Financing Partnership for PHZIO and MSK360Press Release | 05/05/2020
Ft. Lauderdale, Florida, May 05, 2020 (GLOBE NEWSWIRE) -- eWellness Healthcare Corporation (“eWellness”, “EWLL”, “the Company”), a provider of the state of the art PHZIO platform for the digital physical therapy (“PT”) and telehealth markets announced today that it signed a Letter of Intent with Lord Global Corporation (OTC: LRDG) for a strategic joint marketing and financing agreement.
eWellness’s PHZIO platform is the only publicly traded, telemedicine platform dedicated for physical rehabilitation. EWLL’s PHZIO treatment platform is the only dedicated physical therapy platform for the delivery of online physical therapy.
Due to the recent pandemic, the Federal government has eliminated interstate licensing requirements for physical therapists as well as allowing CMS to reimburse physical therapists under the Medicare and Medicaid programs. Prior to these pronouncements, it was estimated that the US physical therapy industry recorded revenue was in excess of $35 Billion. The market is forecast to grow 6.2% per year and reach in excess of $45 billion by 2023. Almost all of this revenue has been occurring in physical therapy clinics.
EWLL is the pioneer in developing a HIPAA compliant, dedicated platform that allows physical therapists to deliver a reimbursed visit via telemedicine. In the past month, EWLL has seen the average daily use of its platform grow from 1 visit per day to nearly 1000 visits per day. This growth is accelerating. Given the recent federal guideline changes, LRDG anticipates this growth to continue to grow exponentially. Presently the “shelter at home” rules throughout the country has meant that physical therapists and their clients have had their services disrupted.
LRDG through its 27health Inc. subsidiary believes that the PHIZIO platform will be aggressively accepted by the over 200,000 physical therapists in the United States. The bulk of these therapists are independent contractors which is the target market for Lord Global Corporation.
27health Inc. will receive a significant marketing fee for identifying physical therapists and their clients to use the PHIZIO platform. In addition, 27health Inc. will receive 25% of EWLL’s net revenue.
In return of this revenue share, Lord Global Inc. shall provide 50% of all financing it receives subsequent to the completion of the final contract. Lord Global will also issue a convertible preferred that converts into 2,000,000 shares of LRDG common stock with a 4.99% blocker.
eWellness Sign LOI with Lord Global Corporation to Build a Strategic Marketing & Financing Partnership for PHZIO and MSK360Press Release | 05/05/2020
Ft. Lauderdale, Florida, May 05, 2020 (GLOBE NEWSWIRE) -- eWellness Healthcare Corporation (“eWellness”, “EWLL”, “the Company”), a provider of the state of the art PHZIO platform for the digital physical therapy (“PT”) and telehealth markets announced today that it signed a Letter of Intent with Lord Global Corporation (OTC: LRDG) for a strategic joint marketing and financing agreement.
eWellness’s PHZIO platform is the only publicly traded, telemedicine platform dedicated for physical rehabilitation. EWLL’s PHZIO treatment platform is the only dedicated physical therapy platform for the delivery of online physical therapy.
Due to the recent pandemic, the Federal government has eliminated interstate licensing requirements for physical therapists as well as allowing CMS to reimburse physical therapists under the Medicare and Medicaid programs. Prior to these pronouncements, it was estimated that the US physical therapy industry recorded revenue was in excess of $35 Billion. The market is forecast to grow 6.2% per year and reach in excess of $45 billion by 2023. Almost all of this revenue has been occurring in physical therapy clinics.
EWLL is the pioneer in developing a HIPAA compliant, dedicated platform that allows physical therapists to deliver a reimbursed visit via telemedicine. In the past month, EWLL has seen the average daily use of its platform grow from 1 visit per day to nearly 1000 visits per day. This growth is accelerating. Given the recent federal guideline changes, LRDG anticipates this growth to continue to grow exponentially. Presently the “shelter at home” rules throughout the country has meant that physical therapists and their clients have had their services disrupted.
LRDG through its 27health Inc. subsidiary believes that the PHIZIO platform will be aggressively accepted by the over 200,000 physical therapists in the United States. The bulk of these therapists are independent contractors which is the target market for Lord Global Corporation.
27health Inc. will receive a significant marketing fee for identifying physical therapists and their clients to use the PHIZIO platform. In addition, 27health Inc. will receive 25% of EWLL’s net revenue.
In return of this revenue share, Lord Global Inc. shall provide 50% of all financing it receives subsequent to the completion of the final contract. Lord Global will also issue a convertible preferred that converts into 2,000,000 shares of LRDG common stock with a 4.99% blocker.
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