Calgary, Alberta, February 4, 2021 – FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF) (“FluroTech” or the “Company”), a leading developer of spectroscopy-based technology, together with FluroTest, LLC (“FluroTest”), a first-mover in surge-scale rapid antigen testing for the detection of COVID-19 and other pathogens, today announced that Brian Shield has joined FluroTech’s advisory board. Mr. Shield will help guide the Company’s business and innovation strategy, supporting FluroTest’s market access efforts and the planned rollout of its pandemic defense system across sports and entertainment industries, pending emergency use authorization (EUA) with the FDA.
In his current role, Mr. Shield is responsible for technology for the Boston Red Sox and Fenway Sports Management, leading the technology team on all phases of the Red Sox IT strategy and implementation. Mr. Shield co-founded BostonCIO and is the national chair of InspireCIO, the preeminent executive peer leadership network of Chief Information Officers (CIOs) across North America. He also serves as an advisor to Bindle Systems (software platform for COVID-19 health status), ISTA (International Sports & Technology Association), SEAT (Sports & Entertainment Alliance in Technology), and OvalEdge (data catalogue and governance platform).
“Across sports and entertainment executive thought circles, a sizable conversation shift has occurred when it comes to fan and franchise investment,” said Mr. Shield. “All of us have moved from the position of using tools and tech to entertain and delight, to the absolute necessity of triaging priorities in order for industry to open and, in my case, return fans to the stands. Digital ticketing, near-cashless transactions, IoT solutions to address social distancing and line management, hands-free entry systems, business analytics, and even contactless bathroom sanitization have all emerged as critical issues for any business operator to solve. But all of these investments are pointless if you can’t safely bring people together.”
“Brian is a rare breed of executive that truly understands the dynamic intersection between technology, business, and public sentiment — especially when trying to operate a business in the midst of a pandemic,” said FluroTest CEO Bill Phelan. “We’ll no doubt benefit from his significant industry connections, but more importantly, he has a track record and keen understanding of addressing business and consumer pain points through science, technology, and good old ingenuity. He’s what I’d call a true impact player.”
Prior to the Red Sox, Mr. Shield served as EVP and CIO of The Weather Channel where for 14 years he oversaw all technology, including weather.com, mobility, data systems and analytics, broadcast television and IT. Before this, he served as SVP and CIO of online delivery pioneer FTD.
“A network of trusted CIO relationships can move mountains,” Shield continued. “For me, this is personal, as my colleagues and I look for creative answers to bring empty or near-empty ballparks and stadiums back to capacity. Of course economics are involved, but we’re all craving and missing that social connection at work or at play. FluroTest can be an integral part of this societal solution.”
Readers are cautioned that, although FluroTest has achieved proof of concept prototype, the testing method and device is still in the early stages of research and development and accordingly FluroTest is not currently making any express or implied claims that the technology can, or will be able to, accurately detect the COVID-19 virus. The Platform is in the process of applying for FDA approval.
The goal of FluroTech’s research and technology is to develop detection methods which are sensitive, specific, and easy-to-use. By combining FluroTech’s proprietary spectroscopy-based technology with laboratory robotics automation and cloud computing, FluroTech, through the application of its technology and investment in Flurotest, has created a unique solution addressing the current and future pandemics. Using technology that was first developed at the University of Calgary, the FluroTest SARS-CoV-2 test is designed to identify patients with active virus infection; this is not necessarily the case for most of the currently approved tests that are meant to identify patients with SARS-CoV-2 nucleic acid. FluroTech’s laboratory is led by Dr. Elmar Prenner, the original developer of the technology. Dr. Prenner serves as senior science advisor of FluroTech and brings over 28 years of expertise in fluorescence spectroscopy. To learn more, visit FluroTech.com
About FluroTest LLC
FluroTest, a first-mover in surge-scale rapid antigen testing for the detection of SARS-CoV2 and other pathogens, is developing a pandemic defense and economic recovery system purpose-built for businesses and special-needs populations requiring fast and highly efficient testing for significant numbers of people. Unlike individual or low-throughput tests, FluroTest’s system is designed to be well-suited for high-traffic, high-risk pandemic environments including schools and colleges, hospitals and large healthcare facilities, athletic stadiums and performance venues, airline and cruise ship terminals, corporate campuses, shopping centers, manufacturing facilities, transportation and distribution hubs, and other large business and retail locations. Created to support executive business continuity efforts, the system combines and leverages the disciplines of robotics automation, biochemistry, fluorescence detection and cloud computing — processing thousands of tests per hour while delivering accurate, digitally verifiable results to a test taker’s mobile device within 5 minutes. To learn more, visit FluroTest.com
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Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, technology or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position. The forward-looking information in this news release includes disclosure about the ability of the Company’s testing devices to accurately and quickly detect COVID-19 and to process large numbers of samples in short time frames, the benefits of and demand for the Company’s testing devices, its efforts to obtain approval of the FDA and Health Canada, its potential partnership with a major U.S. based healthcare system and finalizing plans to conduct clinical trials and its intent to amalgamate with FluroTest Systems Ltd which owns a 95% interest in FluorTest LLC. The Company made certain material assumptions, including but not limited to prevailing market conditions and general business, economic, competitive, political and social uncertainties, the ability to obtain FDA and Health Canada approvals, the demand for its COVID-19 testing devices and their ability to perform as expected, its potential partnership with a major U.S. based healthcare system and finalizing plans to conduct clinical trials and its intent to amalgamate with FluroTest Systems Ltd which owns a 95% interest in FluorTest LLC and to obtain the regulatory approvals required in connection with the same, to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Actual results may vary from the forward-looking information in this news release due to certain material risk factors described in the Corporation’s Annual Information Form under the heading “Risk Factors”, the failure to develop and commercialize its testing devices in a timely manner or at all, the failure to recognize the anticipated benefits from the devices, the failure to obtain FDA or Health Canada approval for its products, the risk that regulatory approvals will not be received and the risk that changing circumstances will result in the decrease in demand for FluroTest’s products. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.
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