REG - Kooth PLC - US pilot contract win

KoothAnnouncement

24/12/2024 07:00

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RNS Number : 1977R  Kooth PLC  24 December 2024

24 December 2024

 

Kooth Plc

 

("Kooth", the "Company" or the "Group")

 

US pilot contract win

 

Kooth (AIM: KOO), a global leader in youth digital mental well-being,
announces that it has agreed terms of a new pilot contract with the State of
New Jersey (the "State"), valued at $1.45m in its pilot year (the "Contract").

 

Under the terms of the Contract, Kooth will provide mental health support via
its Soluna platform to school districts within New Jersey, reaching 50,000
students aged 13 to 18. The Contract will run for an initial period of one
year, with services expected to launch in mid-January 2025. As a result of
Kooth's footprint in the US, the Contract will be delivered using existing
infrastructure and resources alongside in-state marketing expertise and
licensed practitioners for counselling. This announcement highlights Kooth's
commitment to expansion in the US, adding to its contract with California and
the Company's private sector partnership with Aetna Better Health in Illinois.

 

Soluna will offer eligible students round the clock access to self-guided
tools, content and activities, alongside peer support communities benefiting
from pre-moderation by trained behavioural health professionals. Kooth's
platform will also provide eligible students with access to confidential
counselling and coaching, seven days a week between the hours of 14:00 and
21:00, allowing students to access services after school and on the weekends.

 

The Company continues to be in discussions regarding the second pilot contract
in the US, referenced in the Company's interim results, which are expected to
be concluded in Q1.

 

Tim Barker, Chief Executive Officer of Kooth, said:

"We're delighted that, in partnership with the State of New Jersey, Kooth will
be providing 50,000 students with access to our platform, enabling them to
engage with vital mental health support and services. At Kooth, we're proud to
be able to offer young people access to safe and secure counselling and
coaching support. We're confident that we will continue to grow our presence
across the US, providing support to young people to help combat the growing
global youth mental health crisis."

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018. The person responsible for this
announcement is Sanjay Jawa, CFO.

 

- Ends -

 

 

 

Enquiries:

 

 Kooth plc                                             investorrelations@kooth.com

 Tim Barker, CEO

 Sanjay Jawa, CFO
                                                       +44 (0) 20 7710 7600

 Stifel, Nominated Adviser & Sole Broker

 Ben Maddison, Erik Anderson, Nick Harland, Ben Good
                                                       Kooth@fticonsulting.com

 FTI Consulting, Financial PR

 Ben Atwell, Alex Shaw

 

About Kooth plc:

 

Kooth (AIM:KOO) is a global leader in youth digital mental well-being. Our
mission is to provide accessible and safe spaces for everyone to achieve
better mental health. Our platform is clinically robust and accredited to
provide a range of therapeutic support and interventions. All our services are
predicated on easy access to make early intervention and prevention a reality.

 

Kooth is a fully safeguarded and pre-moderated community with a library of
peer and professional created content, alongside access to experienced online
counsellors. There are no thresholds for support and no waiting lists.

 

Kooth is the longest standing digital mental health provider to hold a UK-wide
accreditation from the British Association of Counselling and Psychotherapy
(BACP) and according to NHS England data for 2022/23 is now the largest single
access provider for mental health support for under 18s.

 

In 2021, Kooth began executing on its international expansion strategy, with
an initial focus on the US market. This focus is due to the growing
recognition of the importance of improving youth mental health in this key
global healthcare market, with 1-in-6 people aged 6-17 experiencing a mental
health disorder each year.

 

For more information, please visit www.koothplc.com (http://www.koothplc.com)
.

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