HealthSpace Data Systems Ltd. (the “Company” or “HealthSpace”) is pleased to provide an update of the Company.
Peter C. Smyrniotis, CEO of Healthspace comments, “I am pleased to provide an update on the progress of our Company. Since I took on the role of CEO this past November 2016, we have achieved a great deal within our organization and I see a tremendous opportunity for growth moving forward.”
HealthSpace’s list of accomplishments and strategic initiatives include the following:
The management team worked diligently in 2016 to reorganize, restructure and recapitalize the company. The result is a streamlined internal cost structure and a stronger balance sheet, which has put the Company on much stronger financial footing. On a normalized basis the Company is currently operationally EBITDA positive and fully expects to remain as such moving forward.
2.HS Cloud Suite Pro Launch:
The Company delivered to market for both government and commercial enterprise clients the first release of its new flagship Software-as-a-Service (SaaS) platform developed to work across browsers; available in native apps in iOS, Android, and Windows; and connected to a reporting and API integration tool, this technology stack is powerful and elastic in its market applications for environmental health auditing and reporting.
Working with its technology partner Keboola, the Company has prioritized designing and developing an enhanced HS Data application for existing government customers to address a market opportunity and in turn generate a dedicated revenue channel from this new application’s deployment.
4.Commercial Enterprise Market Launch:
With the completion of HS Cloud Suite Pro, Healthspace is now engaging with food & beverage, hospitality, assisted living, child-care, water monitoring and other prospective customers.
5.Expansion of the Advisory Board:
The Company has been able to connect and onboard new members to its advisory board, with more than 100 years of experience in food & beverage, hospitality, and franchises; experience scaling enterprise SaaS ventures both in Canada and internationally.
6.Food & Beverage Market:
This is the Company’s first commercial enterprise vertical engagement. Healthspace’s government customers inspect more of these types of sites than any other on a monthly basis. Further, Healthspace’s discoveries with prospective clients in this space has demonstrated to the Company that there is a trifecta of requirements from this vertical, as they have budget available to use technology to improve their businesses’ performance, multiple champions internally within organizations that service locations across multiple jurisdictions, and finally a use-case to gain visibility and predictability into their organization’s environmental health services positioning.
7.Cannabis Environmental Health Service:
This is a market opportunity that the Company is actively exploring. Healthspace has identified and are currently in discussions with several potential channel partners to provide its expertise in environmental health and safety inspection technology. As regulatory compliance becomes an increasing issue in this new high growth market Healthspace sees a tremendous opportunity for the application of our technology and expertise.
Peter C. Smyrniotis further comments, “In addition to all the above accomplishments having transpired or commenced, I am also pleased to update that HealthSpace continues to win new government opportunities across the US and Canada in which we currently service over 300 jurisdictions. Almost all of these new customers are onboarding our new HS Cloud Suite Pro platform, which delivers cloud-enabled, iterative, and multi-endpoint supported solutions. From these new customers to smaller renewals, all of our customers will benefit from our SaaS offerings going forward.
2017 is the year that we move our new software sales to the enterprise SaaS modality, which benefits our customers with responsive, iterative software; our employees with the ability to work on a contemporary technology platform which they can drive real value into; and to our shareholders who gain all the economic upside of a SaaS enterprise venture.
In summary, I believe that we now have the best possible combination of technology tools within our new platform to further increase our market penetration within the government sector. The coming quarters of 2017 should be an exciting time for our company as our management and advisory team focus their energies on the launch of our platform to commercial enterprise organizations such as food & beverage as well as the cannabis and water monitoring space. These commercial business segments dramatically increases our total available market opportunity and adds multiple new lines of revenue with faster sales cycles.
Taking all the above into account, I believe that the year ahead will be an exciting one for HealthSpace and an opportunity to build exceptional value for shareholders. I look forward to providing further updates and thank you for your continuing support of our efforts.”
HealthSpace Data Systems Ltd.
HealthSpace is an industry leading technology company currently providing inspection, information, communication and data management systems for federal, state, county and municipal governments. Over the last decade, HealthSpace has successfully developed both enterprise and mobile internet-based applications currently serving over 300 state and local government organizations across North America. HealthSpace currently offers the only integrated inspection, administration and analytics product suite across all platforms in North America. Further, HealthSpace now delivers its government grade technologies to private businesses enabling them to gain visibility and predictability into their own organizations and move from a reactive to a proactive operational status. HealthSpace continues to deliver focused service and innovative solutions to government organizations, while expanding into commercial enterprise verticals to enable new customers with proactive environmental health best practices and policies.
For more information please contact:
Peter Smyrniotis, CEO
Peter J. Kletas
PJK & Associates Inc.