VANCOUVER, British Columbia, May 23, 2024 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square”) (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that gives investor access to a portfolio of 25+ innovative companies from around the world in a single stock, is pleased to share that its portfolio company - Hydreight Technologies Inc. (“Hydreight” or the “Company”) (TSXV:NURS)(OTCQB:HYDTF)(FSE:SO6) a mobile clinical network and medical platform which enables flexible, at-home medical services across the United States, is pleased to announce that its over 3,000 nurses, 107 white-label locations and their patients now have access to Tirzepatide through the Hydreight platform and its associated Medical network in over 700 cities across 50 states in the United States.
Tirzepatide is an FDA-approved medicine used to treat type 2 diabetes mellitus and may be used off-label for the treatment of obesity due to its effective weight loss qualities. It functions as a dual GLP-1 and GIP agonist. Similar to other GLP-1 medicines, it is currently used as a second-line diabetic treatment and administered as a once-weekly subcutaneous injection. Tirzepatide is in the same product line as Semaglutide, which Hydreight launched at the end of 2023. Tirzepatide and Semaglutide injections are commonly used to treat type 2 diabetes. It can also be used together with diet and exercise to help control blood sugar and has become popular to help with weight management. Tirzepatide and Semaglutide is a glucagon-like peptide-1 (GLP-1) receptor agonist and is only available with a doctor’s prescription and needs to be injected on a regular basis.
Since the beginning of the year, the Company has seen significant growth and increased demand for its Semaglutide offering. Between January and February, there was a 250%+ increase in the number of Semaglutide orders. Semaglutide is injected on a monthly basis, and due to the recurring nature, the Company expects to see continued monthly growth.
Obesity, characterized by abnormal or excessive fat accumulation that poses risks to both physical and mental health, has nearly tripled worldwide since 1975, according to the World Health Organization (WHO). Currently, it ranks as the fifth-leading risk factor for mortality globally. Factors such as dietary habits, physical activity levels, and genetics contribute to the rising obesity rates, which are expected to continue increasing. According to the World Obesity Atlas 2023, if current trends persist, over half of the global population will be overweight or obese by 2035, compared to 38% in 2020.
According to Goldman Sachs, it is projected that by 2030, the global market for anti-obesity medications (AOMs) could grow by more than 16 times to $100 billion. Based on current trends, over half of the global population will be overweight or obese by 2035, compared to 38% in 2020, according to a World Obesity Atlas 2023 forecast.
"In our view, the chronic weight management market is at a turning point, with growth potential on the horizon. Weight loss and diabetes may just be the beginning for drugs like Semaglutide and Tirzepatide, as reports increasingly suggest they may have far-reaching benefits for treating conditions as diverse as heart and liver disease, Parkinson’s, anxiety and addiction, sparking research among firms competing in pharma’s latest gold rush," said Shane Madden, CEO of Hydreight.
The Company’s product offering aims to include various products and category options to ensure the customers’ needs are met. Hydreight is adding higher priced products that need to be taken on an ongoing basis, which is more lucrative for the nurses. Every time a product is added, nurses must go through extensive training and onboarding to ensure the product is administered safely and correctly All these products allow healthcare providers using the Hydreight platform to provide a higher level of medicine and provide a pathway to shift into medical essentials.
Hydreight recently filed its audited financial statement for 2023, and achieved Adjusted record revenue of $17.05 million, an increase of 102% compared to 2022. Full financials can be found on SEDAR.
Victory Square Investor Webinar With CEO Shafin Diamond Tejani
We invite you to May’s Q&A Investor Webinar with CEO Shafin Diamond Tejani.
Please see details for the webinar below:
Date: Thursday, May 23rd, 2024
Time: 12:15 pm PDT - 1:00 pm PDT (3:15 pm EDT - 4:00 pm EDT)
Location: via zoom
Register here:
https://us06web.zoom.us/webinar/register/WN_514Dm_N2TWWGzIlxzgQ2zA
Sign up to VST’s official newsletter at www.VictorySquare.com/newsletter
On behalf of the Board of Directors
“Shafin Diamond Tejani”
Director and Chief Executive Officer
Victory Square Technologies Inc.
www.victorysquare.com
For further information about Victory Square, please contact:
Investor Relations Contact – Abbey Vogt
Email: ir@victorysquare.com
Telephone: 604 283-9166
Peter Smyrniotis – Director
Telephone: 604 283-9166
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square is a Venture Builder that provides investors a liquid way to invest in early-stage technology companies without buying a venture fund that requires accredited investor status or multi-year commitments.
- A diverse portfolio of 25+ innovative companies from around the world (founders come from: Ireland, Sri Lanka, Bulgaria, Australia, India, Brazil, the Middle East and North America)
- Sectors include: Digital Health, Artificial Intelligence (AI), Machine Learning (ML), Blockchain/Web3, Virtual & Augmented Reality (VR/AR), Gaming, Climate Tech
- Owner-operated (approx. 15% Management Ownership)
Business Model:
The Victory Square business model is to buy, build and invest in early stage tech companies. We spend upwards of 48 months with those companies until they're ready to spin-off or stand on their own. There are a couple of unique elements to our business model…
- We have unparalleled access to startups through our internal incubator and International network with over 250+ founders, investors, tech accelerators and venture capital firms from more than 60 countries.
- Second, our management team and advisors are actively involved in our investments from incubation through monetization, providing them with financial, operational, and strategic support to scale globally.
- We drive value by monetizing investments and reinvesting the gains in new innovations. The strategy was to build a self-sustaining business.
VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSQTF).
For more information, please visit www.victorysquare.com.
ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)
The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets.
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square and its portfolio companies, including, without limitation, statements relating to future performance, execution of business strategy, future growth, business prospects and opportunities of Victory Square and its related subsidiaries and portfolio companies, including those items listed under the heading “Net Asset Value (“NAV”) Update”, “Notable Portfolio Highlights” and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “to be”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, “objectives”, “outlook” or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Although Victory Square believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statements has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Victory Square’s control, including, but not limited to, the risk factors discussed in the continuous disclosure materials of the Victory Square which are available under the Victory Square’s profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
