Syra Health to Subcontract for LUKE on a Defense Health Agency contract valued at $43 Billion

CARMEL, Ind., May 14, 2024 /PRNewswire/ -- Syra Health Corp. (NASDAQ: SYRA) ("Syra Health" or the "Company"), a healthcare technology company with a mission to improve healthcare by providing innovative services and technology solutions, announced today that the Company is a subcontractor for LUKE, a prime contractor on a 10-year $43 billion Defense Health Agency (DHA) Indefinite-Delivery, Indefinite-Quantity (IDIQ) contract, for the Medical Q-Coded Support and Services – Next Generation Program (MQS2-NG ), to provide medical staffing services at DHA facilities across the country.

LUKE as part of the unrestricted vendor pool, has been awarded all areas of responsibility for staffing five Defense Health Agency labor markets including physicians, nurses, dentists, ancillary services, and medical support personnel. In support of the contract's execution, Syra Health will serve as a subcontractor for LUKE and help perform the required services including providing contract workers across various healthcare labor categories in support of mission requirements within DHA hospitals, clinics, dental facilities, and health activities in the 50 United States, D.C., Puerto Rico, Guam, and U.S. territories and possessions. The contract is expected to run from June 2024 until May 31, 2034.

Task orders – some of which are anticipated to be received before year's end – will determine the portion of contract revenue for Syra Health.

"We are honored to partner with LUKE in support of the Defense Health Agency's needs. Staffing of medical roles to ensure preparedness for those serving our country is vital to our country's health," said Dr. Deepika Vuppalanchi, CEO, Syra Health. "I'm very pleased that Syra Health is being recognized for our commitment to providing exceptional healthcare services to federal agencies."

This is Syra Health's second federal government contract announcement. In addition to operating as a subcontractor for LUKE, Syra Health is also a subcontractor of Caduceus Healthcare.

ABOUT SYRA HEALTH

Syra Health is a healthcare technology company addressing some of healthcare's most significant challenges in areas such as behavioral and mental health, digital health, and population health, by providing innovative services and technology solutions. Syra Health's products and services are centered on prevention, improved access, and affordable care. Syra Health supplies its solutions to payers, providers, life sciences organizations, academic institutions, and government. For more information, please visit www.syrahealth.com.

FORWARD-LOOKING STATEMENTS

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements." These statements include, but are not limited to, statements relating to the expected use of proceeds, the Company's operations and business strategy and the Company's expected financial results. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on management's current expectations and are subject to substantial risks, uncertainty and changes in circumstances. Investors should read the risk factors set forth in our Form 10-K for the year ended December 31, 2023, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and, except as required by federal securities laws, the Company specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

For more information, please contact:

For Media Inquiries:
Christine Drury
Communications and Marketing Director
Syra Health
463-345-5180
[email protected]

For Investor Inquiries:
Ben Shamsian
Vice President
Lytham Partners, LLC
646-829-9701
[email protected]

SOURCE Syra Health